Wine Trade Tops €36 Billion in 2024

The global wine and must trade remained nearly stable in 2024, with a slight increase of 0.8% in volume, reaching 100.2 million hectoliters, and a small decrease of 0.5% in value, amounting to €36.038 billion. The figures, compiled by S&P Global and analyzed by AWM using official customs data, suggest a pause in the downward trend of previous years and point to a certain level of stabilization. The sector continues to operate below pre-pandemic volumes but maintains revenue levels above those recorded before 2020.

Since 2017, global wine export revenue has grown by 18.3%, with an increase of more than €4.67 billion. However, the recovery in volume remains incomplete. That year saw exports surpass 111 million hectoliters, and after a brief post-pandemic rebound to nearly 113 million, the current figures reflect a steady decline. This drop is partly due to inventory accumulation in markets like the United States, where consumption was expected to grow but failed to do so. Inflation, slower economic activity, and overall uncertainty have contributed to the slowdown, though 2024 marked a pause in this negative trend.

By product type, the situation varied. Bulk wine was the only category that increased in value, growing 9.3%, or €224 million more than the previous year. Sparkling wines lost 3.9% in value, still wines in bottles remained stable, and bag-in-box (BiB) wines fell 4.8%. In terms of volume, sparkling wines held steady with a slight increase of 0.1%, while bottled still wines dropped 1% and BiB wines declined 3.9%. A 3.9% rise in bulk wine exports, reaching 34.4 million hectoliters, offset these losses and led to a total export volume increase of 0.7%.

The structure of the global wine trade continues to show a strong contrast between volume and value. Bulk wine accounts for more than a third of the total volume exported but only 7% of total value. Bottled still wines make up over half of the volume and generate more than two-thirds of revenue. Sparkling wines represent just over 10% of volume but bring in nearly a quarter of the income. This disparity is explained by average prices: over €7.90 per liter for sparkling wines, €4.76 for bottled still wines, €1.90 for BiB, and only €0.77 for bulk wine.

Among the major exporting countries, Italy showed the strongest performance. Its exports increased 4.7% in value to €8.136 billion and 1.7% in volume to 21.7 million hectoliters. With an average price of €3.74 per liter, Italy remains the world leader in volume and second in value behind France. France, which continues to lead in revenue with €11.7 billion from fewer than 13 million hectoliters exported, saw a 2.4% drop in income due to a 2.9% decline in average prices. Spain, the third-largest exporter, recorded a modest 1.6% increase in value, reaching just over €3 billion, despite a 4.5% decrease in volume to 20 million hectoliters. This was supported by a 6.4% increase in its average price, which remains below the global average.

Other countries that improved their position in 2024 included Chile, Australia, and the United States. Chile increased its volume by 14.4% and its value by 6.2%, despite a lower average price. Australia, following the lifting of Chinese tariffs imposed in 2020, raised its export revenue by 30.5% and its volume by 6.7%. The United States increased its export volume by 15.5% and its value by 1.7%, strengthening its position though still far from the top ranks in international trade.

In contrast, New Zealand and Germany saw declines in exports. Germany's drop especially affected its European markets. Meanwhile, Portugal, Argentina, and South Africa saw increases in both volume and value, although they still represent smaller shares of the global market compared to the leading exporters.

Regarding main export destinations, the United States, United Kingdom, and Germany remained the top three markets. Together, they accounted for 38% of global wine import revenue, and the top ten markets represented nearly two-thirds of the total. The United States increased its imports by 1.6% in value and 0.2% in volume, indicating a possible stabilization after a sharp decline in 2023. The UK imported 2.4% more in volume but paid lower prices, reducing its total spending by 0.7%. Germany posted declines in both volume, down 7.1%, and value, down 9.1%, continuing a negative trend that began in 2018.

The U.S. market continues to draw attention. After a significant stock buildup and reduced purchasing in 2023, the 2024 figures suggest some recovery. However, analysts warn that potential tariffs on European wines could disrupt both foreign exporters and the domestic U.S. market.

Beyond the top three importers, China reported a sharp rise in imports, with a 37.6% increase in value and a 13.7% increase in volume. This rebound particularly benefits Australia, whose trade recovery is closely linked to the Chinese market. Canada also slightly increased its purchases. Other markets such as Japan, the Netherlands, Switzerland, Belgium, France, and Sweden reduced their imports in value, though not always in volume. Some countries, including Denmark, Japan, the UK, and China, grew in volume despite spending less overall.