Italian wine continues to be a universe composed of thousands of wineries, farms, families, territories, and appellations. At the highest end of the market, however, a different reality is emerging: the economic and commercial scale of Italy's major winemaking groups continues to grow, and the process of concentration is becoming increasingly evident .
In 2024 , 27 Italian wine companies exceeded 100 million euros in turnover and 14 surpassed the 200 million threshold .
The numbers emerge from the analysis of the balance sheets of the main Italian wine companies carried out by journalist Anna Di Martino and previewed by Corriere della Sera .
A photograph that does not only serve to establish who sells the most.
Above all, it allows us to understand how the economic structure of Italian wine is changing and which models today seem to have the necessary strength to compete on international markets.
Cooperatives, family businesses, listed companies and large private groups follow different strategies, but they share some factors: commercial size, exports, brand strength, distribution, financial capacity and organisation .
The 5 largest Italian wineries by turnover
Cantine Riunite & Civ remains at the top of the ranking, reaching a turnover of 676.6 million euros in 2024, compared to 670.6 million the previous year.
Within the group, Gruppo Italiano Vini (GIV) alone represents 428 million euros in revenues .
The weight of international markets is particularly significant: Riunite & Civ records 478.4 million euros in exports , over 70% of turnover, while for GIV the incidence of foreign markets is almost 79%.
1. Cantine Riunite & Civ – €676.6 million
It is the largest Italian operator in the ranking and represents one of the most important examples of the cooperative system's ability to reach industrial and international dimensions.
2. Argea – 464.2 million
Argea reaches 464.2 million euros , up 3.27% compared to 449.5 million in 2023.
The group has a very strong international vocation: 418.1 million comes from exports , over 90% of the turnover.
The profitability indicated in the analysis is also important: EBITDA of 74.5 million euros , higher than 16% of revenues.
3. Italian Wine Brands – 401.9 million
Italian Wine Brands ranks third with 401.9 million euros , down 6.34% compared to the 429.1 million of the previous year.
Here too, internationalization represents a determining factor: exports are worth 328.2 million , over 81% of revenues.
4. Caviro Group – 385.2 million
Caviro Group reaches 385.2 million euros in turnover .
The result is lower than the 423.1 million of 2023, but the group retains an industrial scale that keeps it firmly among the main players in the Italian wine sector.
5. Marchesi Antinori – approximately 262 million
The fifth position introduces a completely different model.
Marchesi Antinori , the first large private family-owned company in the ranking, achieved a turnover of approximately 262 million euros , compared to 245 million the previous year.
Growth is close to 7%, but the figure that stands out most is the one relating to profitability.
The EBITDA reported in the analysis exceeds 139 million euros , with an incidence of over 53% .
Added to this is a 3,350-hectare estate of owned vineyards .
The 14 Italian wineries above 200 million euros
The upper end of the market is not limited to the top five operators.
In 2024, in fact, there will be 14 groups that will exceed 200 million euros in turnover :
Among the most interesting dynamics is that of Mack & Schuhle Italia , which went from 172.4 to 205.6 million euros, with a growth of 19.25% .
From Mionetto to Frescobaldi: the second group of big names
Just below the 200 million threshold we find companies and brands of great national and international importance.
Mionetto reaches 180.9 million euros , growing by 17.87% compared to 153.5 million in 2023. Almost 82% of revenues come from exports.
The following are:
The case of Marchesi Frescobaldi is particularly significant: 165 million in revenues and an EBITDA indicated at 64.3 million , almost 39% of the turnover, accompanied by approximately 1,700 hectares of owned vineyards .
The Conegliano Vittorio Veneto Winery's boom: 54.4%
One of the most interesting findings in the ranking comes from the heart of the Prosecco region.
The Conegliano Vittorio Veneto winery will in fact go from 97 million in 2023 to 149.8 million euros in 2024 , recording an increase indicated at 54.4% .
This is a particularly significant result considering the economic importance of the Conegliano Valdobbiadene area and, more generally, the Prosecco system within the Italian wine industry.
Wine cooperatives are getting bigger and bigger
The ranking highlights another phenomenon that deserves attention: the growing economic strength of Italian wine cooperatives .
Among the 27 companies above 100 million euros there are 12 cooperatives , one more than the previous year.
Overall, they generate a turnover of approximately 2.9 billion euros and exports of 1.5 billion .
The cooperative model therefore demonstrates that it can perform a function that will probably become even more important in the coming years: aggregating production without necessarily erasing the widespread structure of the Italian vineyard .
Its size allows it to build commercial networks, support investments, organize exports, and address markets that are difficult for a single producer to reach.
27 companies represent 41% of the Italian wine market
This is probably the number that best captures the transformation underway.
The 27 largest companies together generate revenues of over 6 billion euros .
The value is equivalent to approximately 41% of an Italian wine market estimated at 14.5 billion euros in 2024 .
The concentration becomes even more evident when looking at exports.
The 27 operators generate approximately 3.8 billion euros in exports , equal to 47.5% of the 8.1 billion euros of Italian wine exports .
In essence, just over two dozen companies represent almost half of the Italian wine sold on international markets .
Turnover and value of a winery are not the same thing
However, the ranking presents an interpretative risk.
Being bigger does not necessarily mean being more profitable and, above all, turnover and company value do not coincide .
The data show very significant differences.
Antinori's EBITDA margin exceeds 53% of the figures reported in the survey, Frescobaldi's margin is close to 39%, and Herita Marzotto Wine Estates' margin exceeds 32%, while other large operators show lower margins.
To understand how much a winery is really worth, you need to look at many elements simultaneously:
Brand, denominations, owned vineyards, margins, product mix, distribution, exports, real estate, production capacity, direct sales, hospitality, wine tourism, and commercial positioning.
Two wineries with the same turnover can have profoundly different economic values.
Export: for large groups the market is now global
The ranking also highlights how much the major Italian operators now depend on international markets.
Ruffino generates more than 93% of its turnover abroad.
Argea exceeds 90%.
The Brand is approaching 88%.
Mack & Schuhle Italia and Zonin are around 85%.
Italian Wine Brands exceeds 81%.
For a significant portion of Italy's leading companies, therefore, simply speaking of the "Italian wine market" becomes almost reductive.
The real competition is played simultaneously in the United States, Germany, the United Kingdom, Canada, Northern Europe, Asia and other international markets .
Does Italian wine need to get bigger?
This is the strategic question that emerges from the numbers.
Italy has an extremely fragmented production structure.
It is one of its greatest strengths because it represents territories, biodiversity, denominations, families, grape varieties, traditions, and thousands of different identities.
But this same fragmentation can turn into a weakness when it is necessary to invest millions of euros in international distribution, brands, commercial networks, digitalisation, wine tourism, technology and exports .
The solution, however, is not necessarily to sell all the companies or create a few giant groups.
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