Wine Exports Generate $40.66 Billion in 2024, Third Highest on Record

Global wine trade ended 2024 with a 1.4% increase in volume, reaching 9.96 billion liters, according to customs data analyzed by the OIVE. This marks the first growth after two years of decline. However, global revenue fell slightly by 0.3% to $40.66 billion, despite being the third-highest figure since comparable records began, following 2022 and 2023.

The average price per liter dropped by 1.6% to $4.08, with several wine categories experiencing a reduction in value. Some segments managed to maintain or increase prices, but the overall decline weighed on total revenue. The trade has yet to regain its previous momentum following the uncertainty that began in 2023, although the rise in volume and near-stable value in 2024 suggests a slow path to recovery.

Compared to 2023, the industry shipped 115.8 million more liters but earned $150.97 million less. Monthly data shows that export value increased in February, April, and from September through December. Export volume fell during March, May, June, and August. The average price rose only in July, September, October, and December.

Between 2000 and 2024, the global wine trade grew at an average annual rate of 4.1% in value and 2.1% in volume. In that time, total volume rose from 6.06 billion to nearly 10 billion liters per year, while the average price climbed from $2.56 to $4.08 per liter.

Bulk wine was the strongest performing category in 2024, with a 5% rise in volume and a 10% increase in value. Total exports reached 3.4 billion liters, earning $2.96 billion at an average price of $0.87 per liter. Sparkling wine saw a modest increase in volume (+0.4%) but a 3.9% decrease in value due to a 4.3% drop in average price, totaling 1.08 billion liters and $9.64 billion. Bottled wine excluding sparkling and bag-in-box lost 0.6% in volume but remained the top category by value, with exports exceeding 5 billion liters and $27.14 billion. Its average price increased to $5.40 per liter. Bag-in-box exports fell in both volume (-3.8%) and value (-4.8%), with the average price slightly down to $2.14. Wine musts under the 220430 customs code rose by 15% in volume and 2.7% in value.

Since 2000, all product categories have increased in both volume and value. Sparkling wine has seen the biggest growth in relative importance, now representing 11% of global export volume and nearly 24% of total value, up from 5% and 17%, respectively.

Eleven countries accounted for 86% of global wine exports in 2024. Among them, Italy posted the best performance among the top three exporters. It increased both volume (+1.4%) and value (+4.7%), shipping 2.17 billion liters and earning more than $9.15 billion. France remained the largest exporter by value with $13.22 billion, though that figure declined by 2.4% compared to 2023. French export volume rose slightly to 1.29 billion liters (+0.8%). Spain ranked second in volume with 1.98 billion liters but third in value with $3.41 billion. Although Spain's export volume declined by 57 million liters, its revenue rose by 2.8%.

Historically, Spain has posted one of the highest volume growth rates, averaging 3.3% annually since 2000. Its annual exports have nearly doubled from under 1 billion to almost 2 billion liters.

Other notable countries included Chile, the fourth largest exporter by volume, and Australia, which improved its position following the end of a 200% tariff imposed by China. The United States increased exports mainly in volume, while Portugal and Argentina saw gains in both volume and value. In contrast, New Zealand and Germany reported declines in both metrics.

Average export prices in 2024 showed the largest increases in Australia (+22%), Spain (+5.8%), Italy (+3.2%), and South Africa (+1.8%). The United States and New Zealand saw their prices drop by 12% and 5%, respectively. France remained the highest-priced wine exporter at $10.27 per liter, up from $4.12 in 2000. Italy also saw a strong rise in average price over the years, from $1.59 to nearly $4.52. Spain, however, recorded only a slight increase in that period, from $1.59 to $1.73 per liter.