Italian exports are declining, especially for still wines, while sparkling wines are showing greater resilience. The United States remains the main question mark, but July and August showed some signs of recovery. At the same time, alternative markets, such as Brazil, are gaining interest.
Domestically, wine tourism is taking on an increasingly strategic role: not just as a complementary activity to wine sales, but as a true component of the value of wineries.
In this scenario, a clear message emerges: the market is increasingly placing less and less value on mere production capacity and more and more on positioning, branding, distribution, experience, and the ability to identify new consumer opportunities.
1. ITALIAN EXPORTS: THE FIRST HALF OF 2026 CLOSES WITH A DECLINE
The main data of the week concerns international trade.
In the first half of 2026, Italy exported wine worth approximately 3.6 billion euros , with a contraction of 6.2% in value and 4% in volume , for a total of 989.6 million litres.
The problem is not just about the quantity sold: the average price has also decreased by 2.8% compared to the same period in 2025.
This means there is simultaneous pressure on volumes, value and prices, which makes it more difficult to defend margins.
The international comparison shows different strategies and situations.
France closed the first half of the year with wine exports worth approximately €5.4 billion , down 2.2% in value and 1.5% in volume. The decline is therefore significantly less than Italy's.
Argentina , thanks also to an abundant harvest, significantly increased export volumes (16.3%), obtaining however only 4.2% in value and sacrificing the average price, which fell by 10.4%.
Chile and Spain, on the other hand, suffered from lower production and higher prices, with repercussions on exports.
The picture shows that selling more wine doesn't necessarily mean creating more value . In the coming months, the ability to defend prices, margins, and positioning will likely be at least as important as volume growth.
2. SPARKLING WINES: THE MOST RESILIENT PART OF ITALIAN WINE
Within an overall negative export, sparkling wines continue to represent one of the most solid sectors.
In the first half of 2026, Italian sparkling wines reached exports worth approximately 1 billion euros , with a positive variation of 0.4% compared to the same period in 2025.
Volumes are substantially stable: 252.2 million litres , down 0.7%.
Even more significant is the role of Prosecco DOP , which with 825.4 million euros represents approximately 82% of all Italian sparkling wine exports.
Prosecco lost just 1.3% in value and 0.3% in volume: a decidedly better performance than Italian wine as a whole.
In the United States, exports of Prosecco DOP are worth 236.9 million euros, despite registering a 7.2% decrease.
Germany, on the other hand, shows a positive trend for Italian sparkling wines, with exports worth 64.4 million euros and a growth of 2.7%.
The signal to watch for
The greater resistance of the bubbles does not seem to be a coincidence.
The international market is progressively shifting part of its consumption towards fresher, more versatile, convivial products with an average lower alcohol content , which can also be used in mixology and on different consumption occasions compared to traditional table wine.
For producers and wine groups, this means carefully observing not only denominations, but also formats, packaging, consumption occasions and new beverage categories .
3. UNITED STATES: THE FIRST POSITIVE SIGNS ARE COMING, BUT IT'S TOO EARLY TO TALK ABOUT A TURNING POINT
The United States remains the most sensitive market for Italian wine.
After a difficult few months, July saw an increase in Italian exports of nearly 10% in value , with volumes up 1.3% and an average price higher by more than 8%.
August should also confirm a positive trend.
The recovery is gradually reducing the gap accumulated during the year: from -14% recorded in June, it has dropped to around -11% in the first seven months , with a possible reduction of the gap to around -9.5% in August.
However, these numbers must be read with caution.
The comparison takes place against an already particularly weak summer of 2025, and several pressures remain on the American market: tariffs, inflation, the dollar, purchasing power, and above all, a structural change in consumer habits.
The last “marketing year”, August 2025-July 2026, remains one of the worst in recent years for Italian wine in the USA.
American consumers are also increasingly distributing their spending between sparkling wines, cocktails, ready-to-drinks and other beverages , placing a premium on practical, easily consumed products that are consistent with new lifestyles.
For Italian companies, the United States remains fundamental, but requires much more selective commercial strategies than in the past.
4. THE ITALIAN EXPORT MAP IS CHANGING: NOT ALL REGIONS ARE RUNNING AT THE SAME SPEED
The national data hides very significant differences between territories.
Veneto remains Italy's leading exporter, with approximately €1.3 billion in the first half of the year, but recorded a contraction of 8.4%.
Piedmont , on the other hand, grew by 2.4% , reaching 566 million euros and overtaking Tuscany.
Tuscany drops to 543 million euros, a decrease of 7.4%.
Emilia-Romagna (5.6%) and Friuli-Venezia Giulia (2.5%) are positive, while Molise, Basilicata, Liguria and Valle d'Aosta are recording significant percentage increases, although starting from lower absolute values.
Among others, Trentino-Alto Adige, Abruzzo, Sicily, Lazio, Umbria and Sardinia are suffering.
The regional photograph confirms an important principle: there is no longer a single market for Italian wine .
Name, positioning, product type, geographic exposure, and commercial structure are producing very different results even among historically strong territories.
5. FRANCE: LESS VOLUMES, BUT A GREATER ABILITY TO DEFEND VALUE
The comparison with France remains particularly interesting.
In the first half of 2026, Paris exported 5.4 billion euros of wine , compared to approximately 3.6 billion in Italy.
French exports decreased by 2.2% in value and 1.5% in volume.
French sparkling wines, on the other hand, reached 1.9 billion euros , growing by 2.6% in value and 6% in volume.
The most interesting fact, however, concerns the model.
Despite experiencing the same international difficulties, France continues to demonstrate a strong overall ability to transform reputation, names and positioning into economic value .
For Italy, the comparison should therefore not be limited to the quantity exported.
The central question is how much value we can generate for each bottle and for each litre sold .
6. BRAZIL: STILL A SMALL MARKET, BUT ONE TO KEEP UNDER MONITORING
The need to reduce dependence on traditional markets is bringing attention to new destinations.
Among these, Brazil stands out.
In the first half of 2026, Italian wine imports reached 20.1 million euros , an 8.1% growth compared to the same period in 2025.
The absolute value remains limited compared to the United States, Germany or the United Kingdom, but the direction is interesting.
Brazil combines three favorable elements: growing interest in Italian wine, the presence of a segment of consumers with good spending power, and a strong cultural connection with Italy.
Added to this is tourism.
The flow of Brazilian travelers to Italy is growing, and food and wine represents an important component of the travel experience.
The second edition of the Merano WineFestival Brazil , scheduled in São Paulo from 6 to 8 October 2026, confirms the growing interest in this market.
For Italian companies it does not yet represent a dimensional alternative to the United States, but it could become an interesting piece of an international diversification strategy.
7. WINE TOURISM: FROM AN ACCESSORY ACTIVITY TO A COMPONENT OF CORPORATE VALUE
One of the most important transformations concerns the relationship between wine and hospitality.
The new Michelin Keys show how Italian wineries are becoming protagonists of quality hospitality.
Of the 224 awarded Italian properties, 19 are directly connected to the world of wine , including wine resorts, wineries, and properties immersed in vineyards.
Tuscany is the focus, but the phenomenon now involves several Italian regions.
The data must be read beyond the tourist recognition.
More and more companies are transforming the winery, vineyards, territory, catering and hospitality into a single economic ecosystem .
This allows you to increase the perceived value of the brand, develop direct sales, build relationships with the end consumer and create new sources of revenue.
For those evaluating acquisitions and investments in the wine sector, therefore, the wine tourism capacity of a property is becoming a concrete element of the asset's valuation .
8. NEW RESOURCES FOR WINE TOURISM
The Government has announced the signing of the national decree dedicated to the promotion of wine tourism , within the sectoral intervention of the Common Agricultural Policy.
The measure aims to support initiatives that increase awareness and reputation of wine-growing regions through events, meetings, visits, and promotional activities.
The expected beneficiaries are mainly protection consortia, producer organisations and inter-professional organisations .
For the 2026/2027 financial year, the deadline for submitting applications is December 15, 2026 .
This is a further sign of the progressive recognition of wine tourism as an economic driver of the supply chain and not simply a collateral activity.
9. WINE ALSO NEEDS NEW SKILLS
Market transformation ultimately concerns people.
Wine companies are looking for people who can combine product knowledge with commercial, financial, digital, international and sustainability skills.
The Wine Business Program promoted by Italia del Vino together with the Luiss Business School goes precisely in this direction.
The topic is broader than a single training program.
A modern winery can no longer rely solely on production and oenology.
We need people who understand international markets, distribution, marketing, hospitality, data, and Artificial Intelligence.
The future competitiveness of Italian wine will therefore also depend on its ability to attract a new generation of professionals.
10. BEYOND THE “WINE CRISIS”: THE WAY WE PERCEIVE IT IS CHANGING
Alongside the economic data, a cultural theme emerges.
Wine risks being described using overly technical language, made up of scores, rankings, and descriptions that are understandable primarily to insiders.
A part of contemporary reflection instead proposes to bring territory, people, agriculture, experience and story back to the centre.
It's a theme that is directly linked to changes in consumers, especially younger ones.
If wine wants to maintain cultural as well as commercial relevance, it will probably need to be able to tell its story in a simpler and more contemporary way, without losing its identity and value.
