Italian Wine Exports Reach €8.1 Billion in 2024 but Face 0.9% Decline Amid U.S. Tariffs and Rising Inventories

In Italy, the week of November 17-21, 2025, brought a clear picture of the country’s wine sector. Data from industry meetings and organizations such as Nomisma, ICQRF, OIV, UIV, Confcooperative, and recent financial statements show that wine remains a key part of the Italian economy. The sector includes about 30,000 processing companies and 240,000 agricultural businesses, employing 74,000 people. In 2024, the wine industry generated 16 billion euros in turnover, making up 9% of Italy’s food and beverage sector. Exports reached 8.1 billion euros in 2024, accounting for 14% of all agri-food exports. Italy is the world’s leading wine exporter by volume and second by value, behind France. Over the past decade, exports have nearly doubled from less than 5 billion euros in 2014 to over 8 billion in 2024. This growth happened despite global crises, wars, inflation, and health emergencies.

However, in 2025 the situation has become more complicated. In the first seven months of the year, exports fell by 0.9%. Several factors contributed to this decline: new U.S. tariffs of 15% on European wine imports, an unfavorable euro/dollar exchange rate, and slowing consumption in major producing countries. The U.S. remains Italy’s top market for wine exports with almost 2 billion euros in sales in 2024—a growth of over 10%. But starting in 2025, the new tariffs are expected to impact prices and competitiveness. Many Italian companies shipped extra stock to the U.S. ahead of the tariff increase to build up inventories there. The real effects on price lists are expected to be seen in 2026. There is concern that American producers could gain a competitive edge as a result.

To reduce dependence on the U.S., Italian wine exporters are diversifying into other markets such as Canada (up by over 15%), Russia (up by 40%), South America, Eastern Europe, and Asia. Global wine e-commerce is also growing and is estimated to reach $6.7 billion in value this year. Geopolitical tensions and trade policies continue to create volatility for Italian wine abroad. The European Union is working on new trade agreements with regions like Mercosur and India and is increasing funds for international promotion—up to 80% co-financed—to help offset these challenges.

On the domestic front, long-term trends show a steady decline in wine consumption within Italy itself. Since 1995, total consumption has dropped by about 30%, now standing at around 23 million hectoliters per year. Production remains high at about 46–47 million hectoliters annually—meaning half of all Italian wine is exported. The types of wine consumed are also changing: sparkling wines now make up over 15% of consumption (almost double since 2010), white wines remain stable at nearly 40%, while red wines have dropped from almost 44% to just over 37%. Fewer Italians drink wine daily—down from more than half in 2008 to just under half last year—and there is greater focus on quality, sustainability, moderation, freshness, and lower alcohol content. The no- or low-alcohol segment is expected to grow significantly and could reach a fifth of the market by 2029.

Meanwhile, Italian wineries are holding large stocks of unsold wine. As of October 31, there were more than 44 million hectoliters of wine in storage along with over 14 million hectoliters each of must and new fermenting wine (VNAIF). Compared to last year at this time, stocks have increased across all categories: wine up by over five percent; musts up nearly seven percent; VNAIF up more than six percent. Most inventory is concentrated in northern Italy—especially Veneto—and more than half consists of DOP wines (protected designation of origin). Just twenty denominations account for nearly sixty percent of all GI (geographical indication) stocks nationwide.

This buildup puts pressure on prices and profit margins throughout the supply chain but especially affects smaller producers who lack scale advantages.

Financial data from Studio Impresa – Management DiVino and Corriere Vinicolo analyzed results from nearly nine hundred companies with revenues above one million euros. In general, sector revenues grew by two percent compared to last year (less than one percent after inflation). Average EBITDA was just over ten percent but almost half the companies saw their profitability decline.

Company size played a key role: large firms with revenues above fifty million euros made up only six percent of those surveyed but generated more than half the total revenue analyzed (13.4 billion euros). These big players saw revenue growth above eight percent over three years and rising EBITDA margins. Medium-sized firms (20–50 million euros) had moderate revenue growth but flat profits; smaller firms (10–20 million euros) saw revenues fall but some managed to restructure successfully; micro-enterprises under ten million euros—making up seventy-one percent of all companies but only seventeen percent of sector revenue—suffered sharp declines in profitability.

The overall message from this week’s reports is that while Italian wine remains a global leader and a pillar of national agriculture and exports, it faces new challenges both at home and abroad: shifting consumer habits, rising inventories, international competition and tariffs, and uneven economic performance across company sizes. Industry leaders say that working together as a system will be essential for navigating these changes in the coming years.