How will the Italian wine industry fare in 2024: predictions from top brands and the revenue ranking

Feb 10 2024, 17:03
The economic performance of top Italian wine brands in 2023 resembles more of a slowdown when compared to the growth rates we were accustomed to

The uncertainty stemming from geopolitical issues, notably the wars in Ukraine and Israel, along with the reduction in consumer spending capacity, has impacted the balance sheets of large Italian wine brands between 2022 and 2023, with a negative trend. According to the customary survey by the Tre Bicchieri Weekly of Gambero Rosso, conducted in February 2024 and involving both cooperatives and private enterprises, several negative signs emerge, and revenue increases have certainly been less significant when compared to the strong rebound in the pre and post-pandemic periods.


The slowdown of top brands

The economic performance of top brands in 2023 resembles more of a slowdown when compared to the growth rates we were accustomed to. This reflects the difficulties faced by the entire wine sector, which struggled both domestically and, especially, internationally to balance the books. The improved positioning in premium wines and the recovery of the restaurant channel compensated, but not always, for the challenges faced by large organized distribution and the downsizing of an e-commerce sector that had boomed during the pandemic.


Positive sentiment for the current year

Despite the challenges of the previous year, the survey by Tre Bicchieri Weekly on expectations for 2024 reveals a generally positive sentiment (stable or slightly growing balances) for most surveyed companies. There is hope, in particular, for a return of inflation to more acceptable levels, a decrease in interest rates, and consequently, increased consumer spending capacity. To intercept new trends in the global beverage industry, resources and projects on the sustainability of wines and low-alcohol products are increasing, one of the elements companies are focusing on the most. Markets to keep an eye on include the United States, where younger demographics are increasingly attentive to products with reduced alcohol content. But attention is now turning concretely to Eastern Europe and South America.


Revenue ranking

At the top of the revenue ranking, considering the first five positions, Cantine Riunite & Civ cooperative maintains its position, with its controlled company Gruppo Italiano Vini, boasting a turnover of 700 million euros. Following is the young wine hub of Argea (including historic brands like Botter and Mondodelvino), which drops to 450 million euros compared to the 455 million in 2022. Next are the listed Italian Wine Brands (429.1 million, down from 2022) and two cooperative groups: the Romagna-based Caviro (423 million) and the Trentino-based Cavit (267.1 million euros).

cross linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram