The 115 big names in wine
The beating heart of the sector remains the core of the 115 leading Italian companies, which alone account for over 63% of the total turnover: €14.5 billion in 2024. In 2025, the top players' total turnover reached €9.1 billion (up 1.1% from 2023), with exports growing (1.8% to €5.3 billion) and a substantially stable domestic market. Twenty-seven brands exceed €100 million in turnover, confirming the role of more structured companies as a shield in difficult times.
The 2025 harvest: quality, yes, but tastes evolving.
The harvest has begun in Piedmont, with Pinot Noir and Chardonnay in excellent condition after a balanced summer. A promising year, therefore, but the market is changing: demand for low-alcohol or dealcoholized wines is growing, especially among younger consumers who are attentive to a moderate lifestyle. Some historic appellations (Moscato, Barbera, Dolcetto) are in crisis, with millions of liters of unsold wine and defensive strategies: reducing yields and diversifying into juices and derivatives.
The knot of the stocks
Italian wineries hold nearly 40 million hectoliters of unsold wine, equivalent to an entire harvest. Tuscany and Veneto lead the regional inventory rankings, with Prosecco DOC at the top in volume. Excess inventory depresses prices and forces many producers to sell off, risking eroding margins and perceived value. The proposal to reduce yields per hectare and limit new vineyard permits aims to rebalance supply and demand, turning a problem into an opportunity to reposition itself on quality.
Exports: Between hindrances and new opportunities
The United States remains the largest market, but the 15% tariffs introduced by Trump have slowed imports: after an initial surge in inventories, the second quarter of 2025 saw a 7% decline. Italian exports, however, closed the first half of the year at 2.5%, thanks precisely to early purchases. Germany and Canada are growing (10% and 11%), while the United Kingdom, Switzerland, South Korea, and China are slowing. Sparkling wines are growing moderately (1% in value), driven by Japan and the United States, while Italian still wines are recovering, especially in Germany.
Geopolitics of wine
The trade game is shifting to new areas: the EU-Mercosur agreement opens up significant opportunities in Brazil, Argentina, and Mexico, growing markets that could become crucial for diversifying US-related risk. Meanwhile, the legal dispute over US tariffs is fueling uncertainty, with companies forced to work on 2026 price lists still burdened by tariffs.
Fine wine and investments
The market for fine collectible wines is experiencing a downturn. Bordeaux is struggling, while Italy is holding up better thanks to Brunello, Chianti Classico, Supertuscan, and Piedmontese reds, prized for their longevity and reliability.
Strategic vision
The sector is experiencing a crucial transition: identity rhetoric is no longer enough. It requires realism, the ability to understand changing consumer behavior, and long-term strategies based on market diversification, yield control, and innovation. The challenge is to defend the value of Italian wine without simply chasing volumes, turning the crisis of inventories and tariffs into leverage for a more solid future.
In this context, Italian wine continues to be a symbol of excellence, but today more than ever it must combine tradition and vision, to avoid being trapped by the weight of its own glory.
