Spain’s wine producers set a revenue record in 2024

Spain’s wine-producing companies reached a record level of revenue in 2024, even as the sector shrank in size and operated with fewer firms, lower input costs and only marginal change in employment.

According to an analysis by the Interprofessional Wine Organization of Spain, known as OIVE, based on Structural Business Statistics from Spain’s National Statistics Institute, the sector’s total turnover rose to €8,566.8 million in 2024 from €8,490.2 million in 2023. That was an increase of €76.6 million, or 0.9%.

The stronger result was accompanied by a much larger rise in the sector’s estimated gross operating result, which increased to €941.9 million from €727.6 million. That was a gain of €214.3 million, or 29.5%. OIVE said the improvement was linked to lower operating expenses and a decline in raw material consumption. Total operating costs fell by €351.2 million, or 4%, while spending on raw materials dropped by €287.7 million, or 5.9%.

The data point to a year in which Spain’s wine industry improved profitability more through cost control than through strong sales growth. Revenue rose only slightly, but lower expenses widened the gap between sales and operating costs. The operating figure cited in the analysis is a sector estimate and should not be read as the sum of companies’ net profits.

Foreign sales were one of the main supports for the increase in revenue. Export sales rose to €4,348.2 million in 2024 from €4,262.6 million a year earlier. That was an increase of €85.6 million, or 2%. Domestic sales moved in the opposite direction, slipping by €9.1 million to €4,218.6 million, a decline of 0.2%.

That meant export sales were slightly higher than sales in Spain’s home market. The difference was modest, but it marked a clear sign of the sector’s dependence on international demand. Exports exceeded domestic sales by €129.6 million in 2024.

At the same time, the number of wine-producing companies continued to decline. The total fell to 3,988 from 4,038, a reduction of 50 companies, or 1.2%. The figures suggest further consolidation in a sector that has long been made up of many small and medium-sized producers, with pressure to gain scale, improve efficiency and defend margins in a competitive market.

Employment was broadly stable despite the drop in the number of companies. The sector employed 32,144 people in 2024, showing little change from the previous year. The near-flat employment figure indicates that the reduction in the number of firms did not translate into a large loss of jobs at the sector level, at least over the period covered by the statistics.

OIVE’s reading of the data highlights a wine industry that brought in more money overall, sold more abroad and improved its operating performance sharply, while relying on fewer businesses to do so. The combination of steady turnover growth, stronger exports and lower costs helped the sector post its highest revenue on record.

The figures cover Spain and refer to business activity in 2024. They were released and analyzed now, but they do not describe the sector’s current trading trend. They also reflect structural business statistics, which measure turnover, operating results, spending, destination of sales, number of companies and employment, rather than short-term commercial movements.