Italian Wine Exports Reach 21.8 Million Hectoliters but Lag Behind France in Value

The Italian wine sector is facing a series of strategic challenges, as highlighted during the first vertical edition of the Food Industry Monitor (FIM), an observatory on the performance of Italian food and beverage companies. The event took place recently at the Biblioteca Internazionale “La Vigna” in Vicenza, an institution known for its extensive collection of 62,000 volumes dedicated to viticulture and agri-food culture. The initiative was organized by Ceresio Investors in collaboration with the University of Gastronomic Sciences of Pollenzo, with support from Confindustria Veneto and the leadership of Remo Pedon, president of the Vicenza institution.

Gabriele Corte, general director of Ceresio Investors, explained that after 16 years of analyzing the agri-food sector as a whole, this is the first time the group has focused exclusively on wine, considered Italy’s most important food sector. Carmine Garzia, professor of Management at the University of Pollenzo and scientific director of FIM, presented the findings. The analysis covered 165 companies representing about 5 billion euros in revenue, a significant sample within an estimated total sector value of 16 billion euros.

Italy remains a leader in wine export volumes, with 21.8 million hectoliters exported in 2024. However, the average price per liter for Italian wine is much lower than that of France—3.7 euros compared to France’s 9 euros per liter. This price gap places Italian wine in a different market segment and highlights a key challenge: increasing value rather than just volume.

Inflation has stabilized in Italy, with food and energy prices showing that recent increases were mainly due to energy costs. As inflation has returned to one of the lowest levels in the European Union, this has been partly achieved by companies cutting consumer prices. However, household spending on food and wine has only grown by 1.8%, matching inflation and resulting in no real growth for the sector.

Globally, the wine industry is valued at around 90 billion euros at production level, which is less than the annual revenue of some large Swiss food companies specializing in coffee capsules. Despite this, Italian wine exports have grown at an average annual rate of 4.8% between 2019 and 2024. Yet internationalization remains limited: only a few Italian companies directly control their distribution abroad, making them vulnerable to changes in trade policy and geopolitical tensions.

The financial analysis showed that revenues for the sampled Italian wineries grew by 2.5% in 2024. The average commercial profitability (Return on Sales) was 5.9%, while the average Return on Invested Capital stood at 5.3%. Debt levels remain under control, indicating solid financial health. Among different business models, traders (bottlers) were found to be the most profitable, with an average ROIC of nearly 9% from 2020 to 2024, outperforming integrated producers and cooperatives. This suggests a structural shift where market presence and distribution management are becoming more important than agricultural production alone.

A roundtable discussion followed the data presentation, moderated by Professor Michele Antonio Fino from the University of Pollenzo. Marzia Varvaglione, president of CEEV-Comité Européenne des Entreprises Vins and producer in Puglia, noted that the last quarter of the year is crucial for producers of sparkling and red wines. She pointed out global concerns: in California, low demand has led to grapes being left unharvested; U.S. tariffs have hurt Italian exports; and internal market pressures are rising as U.S. wines face export challenges to Canada.

In Europe, Burgundy maintains its reputation for exclusivity while Bordeaux faces discussions about reducing vineyard area and Champagne is cutting production. Italy struggles not only with lower export prices compared to France but also with extreme fragmentation among producers.

Filippo Polegato, newly appointed vice president of Unione Italiana Vini and CEO of Astoria, said that while sparkling wines are holding up in Italy, profit margins are shrinking due to reduced household purchasing power. Companies are forced to use aggressive pricing strategies to maintain market share. Red wines are suffering more, especially in regions like Tuscany and Puglia—a problem linked not just to economics but also to ineffective communication with consumers.

Polegato emphasized that younger consumers prefer fresher wines with lower alcohol content and easier-to-understand profiles—a trend that benefits Prosecco, Italy’s most successful wine internationally. Luca Giavi, director of Consorzio Prosecco Doc, explained that Prosecco’s success is due to its versatility, suitability for mixing, moderate alcohol content (now being produced at around 9% ABV), and favorable price positioning—such as $16 per glass in Aspen compared to $22 for Champagne.

Giavi also announced new transparency measures: soon, bottles produced by non-registered entities will be labeled “Nr” (Not Registered) to inform consumers about their origin.

Alessandro Santini, head of corporate advisory and investment banking at Ceresio Investors, observed that while economic fundamentals have made wine less attractive to investors recently, it remains appealing over the long term. He stressed that Italy’s wine industry is highly fragmented—85% consists of small companies with limited resources—and called for greater consolidation to compete internationally and attract talent.

Santini warned that short-term investment approaches typical of private equity funds could harm brand identity and culture in a sector where success requires a long-term vision of at least seven to ten years.

Varvaglione added that wine should not be treated solely as a commodity or luxury good for quick resale; its cultural roots and identity must be preserved, ideally through family ownership or stewardship.

Antonio Fino concluded by highlighting that behind the global wine industry’s economic figures are territories and traditions that help prevent rural abandonment and environmental degradation.

The event ended with a screening of a documentary about Demetrio Zaccaria, founder of Biblioteca Internazionale “La Vigna” in 1981—a center recognized by Italy’s Ministry of Culture for its exceptional contribution to viticulture and rural studies. The film tells Zaccaria’s story and his role in preserving Italy’s wine heritage for future generations.