Wine Report of October 21, 2025

Key points

• In the first six months of 2025, the global wine market recorded a contraction of -2.3% in value (€16.7 billion) and -3.7% in volume (4.6 billion litres).
• Italian wine exports in the first six months of 2025 showed modest growth: 1.5% in value (≈ €2.8 billion) and 2.1% in volume (≈703.5 million litres).
• However, for the US market, Italy is recording a drastic decline: exports to the United States in July-August 2025 recorded a drop of -28% in value , despite average price cuts.
• On the harvest front: for Italy the 2025 estimate is around 47.4 million hl (≈ 8% compared to 2024), returning to a world production record.
• In the bulk wine market, Italy is seeing decreasing prices compared to some counterparts (e.g. Spain) which are instead showing increases due to reduced harvests.
• Italian (and non-Italian) companies are reporting an increasingly intense process of geographical diversification of exports in response to US tariffs: focus on Asia, the Middle East, and South America.
• On the M&A front, the European alcohol and wine landscape shows that deal activity is at a 27-year low: low operating liquidity, more active premium segments.

M&A Radar

Operation reported

• Shares : Enartis acquires Parsec (Italy)
• Size/Value : Not disclosed
• Geography : Italy (winemaking and winemaking automation operations)
• Strategic angle : fusion between winemaking solutions and automation / process control, a sign of vertical integration and tech upgrade in the winery sector.

Prices & Harvest

• Estimated harvest Italy 2025: ~47.4 million hl (8% vs 2024).
• In Tuscany, a voluntary reduction in yields is forecast: from ~2.7 million hl to ~2.4 million hl to protect quality and reputation.
• Bulk wine prices in Italy have been reported to be decreasing compared to other European countries.
• Weather signals: intense heat and drought are causing concern in some regions (Puglia, Sicily) regarding water supplies.