Global Scenario
Globally, the wine sector faces a number of challenges, including the decline in vineyard area (-0.5%) and lowest production since 1961. The reduction in production is influenced by extreme weather conditions and widespread fungal diseases. Despite this, wine prices are rising, affected by global inflationary pressures.
Grubbing up vineyards
The issue of grubbing up vineyards is gaining attention, with the Italian government considering the issue with a view to improving wine quality. However, the timing and methods of implementation of this measure remain uncertain.
Trend in large-scale distribution
Despite an uncertain start to 2023, large-scale retail wine sales show signs of stabilizing in 2024, with some categories recording increases in volumes. However, the correlation between prices and volumes remains elastic. Rosé wines show a growth of 1.5%, while red wines lose volume shares in favor of whites.
Outlook for 2024
Despite slowing inflation, wine prices could remain stable or continue to rise in 2024. Targeted marketing and promotion strategies may be preferable to shelf promotions alone. It remains to be seen whether these perspectives will translate into concrete actions later in the year.
In conclusion, the wine sector in Italy and around the world is faced with significant challenges, but also with opportunities for adaptation and innovation to face a constantly evolving landscape.
