The Italian wine market in 2024: trends and forecasts
The Italian wine market in 2024: trends and forecasts
Italy remains one of the key players in the global wine market. The study conducted by Mediobanca’s Research Department on the Italian wine sector for 2024 highlights growth trends and significant changes in consumer behavior. Below, we present the most relevant data for the Italian market and predictions for 2024.
Increasing sales and exports
According to the study, wine sales in Italy are expected to increase by +2.6% in 2024. Exports will play a key role in this growth, with a projected increase of +3%. Sparkling wines, in particular, are a strength of the Italian market, with revenues growing by +3.7% and further expansion in exports (+6.8%).
Decline in volumes sold, but growth in premium wines
Despite overall sales growth, 2023 saw a decline in volumes sold (-4.5%). However, there is a clear trend toward higher-quality wines: the ultra-premium segment grew by +12.7%. This trend reflects market polarization, where consumers are shifting toward high-end products, leaving mid-tier wines behind (-10.1%).
Growth in wine tourism and sustainability
Another significant growth factor is wine tourism, with revenues increasing by +15% in 2023. However, only 35% of Italian wine companies have issued a sustainability report, indicating a need for improvement in this area.
Performance of major Italian wine companies
In 2023, Cantine Riunite-GIV maintained its leadership with revenues of €670.6 million (-3.4% compared to 2022). Argea followed in second place with €449.5 million (-1.2%), and IWB ranked third with €429.1 million (-0.3%).
Data tables
Forecasted sales and exports for 2024
| Category | Sales Growth | Export Growth |
|---|---|---|
| Total sales | +2.6% | +3% |
| Sparkling wines | +3.7% | +6.8% |
| Still wines | +2.3% | +2.2% |
Price range performance in 2023
| Price Range | Growth/Decline | Market Share |
|---|---|---|
| Low-end wines | -1.7% | 44.2% |
| Mid-tier wines | -10.1% | N/A |
| Ultra-premium wines | +12.7% | 18.6% |
Performance of major Italian wine companies in 2023
| Company | 2023 Revenue (€ mln) | Growth/Decline |
|---|---|---|
| Cantine Riunite-GIV | 670.6 | -3.4% |
| Argea | 449.5 | -1.2% |
| IWB | 429.1 | -0.3% |
| Caviro | 423.1 | +1.4% |
This analysis of the Italian wine market highlights growth in sales and a positive trend for high-end wines, with exports continuing to play a crucial role in 2024. However, the challenge of sustainability remains, with a need for the industry to adopt more environmentally friendly practices.
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