The Italian wine sector continues to demonstrate its strength despite global challenges. According to the Minister of Agriculture, Francesco Lollobrigida, the record export of Italian wine is a testimony to the quality of Made in Italy. In 2024, Italian wine exports reached 8.1 billion euros, marking a growth of 5.5% compared to 2023. However, the risk of international duties could represent a brake on the development of the sector.
Export 2024: A Success Despite Uncertainties
Italian wine exports recorded record numbers, with growth in both value (5.5%) and volume (3.2%). The sparkling wine segment drove the market, with an increase of 12% and an export value of 2.3 billion euros. The United States remains the leading outlet market with imports of 1.9 billion euros (10.2%), followed by Germany (1.18 billion, 3.71%) and the United Kingdom (851 million, 1%). While Canada recorded a strong increase (15.3%), Switzerland and France saw slight declines. Among the emerging markets, Russia (45.6%) and the Netherlands (10.1%) stand out, while China suffered a decline of -10.2%.
Concerns about Consumption and Sustainability of Growth
Despite the export record, there are signs of a slowdown in the main markets, especially in the United States, where the drop in consumption could affect future prospects. Sparkling wine remains the most dynamic segment, with Prosecco alone covering over 75% of the sector's exports.
Women and Wine: A Growing Sector
Women are gaining an increasingly important role in the world of wine, both as consumers and as professionals. According to the Signorvino Observatory, 41% of customers in wine shops are women, with a preference for red wines from Veneto and sparkling wines from Lombardy. At the entrepreneurial level, 31.5% of Italian agricultural companies are led by women, contributing significantly to national production.
New Markets and Opportunities for Italian Wine
With uncertainty over tariffs and declining consumption in some traditional markets, the Italian wine sector is exploring new opportunities, including India. Italian wine currently has a 17% market share in Indian imports, with strong growth expected for sparkling wines. The free trade agreement between India and the EU could lead to further increases in exports.
Wine Stocks in Italy: Levels Still High
Wine stocks in Italy, although down -1.3% compared to the previous year, remain high, with 55.4 million hectoliters in stock. Prosecco Doc dominates with over 5.3 million hectoliters in stock, followed by IGP Puglia and IGT Toscana.
Wine Tourism as a Growth Driver
The wine tourism sector continues to grow, with 53% of wineries reporting an increase in revenue, thanks to the enhancement of wine-related experiences. However, rising costs are worrying the sector, with increases that are reducing profit margins.
US Tariffs: An Uncertainty for the Future
The Italian Wine Union warns of the risk of US duties, which could hit Italian wine, threatening over 470 million euros of exports. Contrary to popular belief, Italian wine in the US is a mass consumer product and not a luxury good, making it vulnerable to protectionist measures.
Conclusion
2024 confirms itself as a year of success for Italian wine, but future challenges are not lacking. Between the risk of duties, the decline in consumption in historical markets and the need for diversification, the sector must continue to invest in quality and expansion into new markets. The growth of wine tourism and the increasingly important role of women in the sector represent positive signs for the future of Made in Italy wine.
