Analyzing figures, concerns and future of the Italian wine world, also Piedmontese winemakers of course

Analyzing numbers, concerns and future of the Italian wine world, including Piedmontese winemakers of course

The drop in consumption worries seven in 10 wine producers. The traffic rules? A threat. The difficulties of the wine sector in Mediobanca's 2025 report

The economic uncertainties and the problems associated with generational change are driving business sales. In the ranking based on sales, Cantine Riunite-Giv is the biggest player nationally, followed by Argea and Iwb

Italian sales stagnated in 2024, companies worried about the drop in consumption, but the outlook for 2025 is positive, according to Mediobanca's new report on the sector, which once again confirms that the cooperative group Cantine Riunite-Giv leads in terms of sales, followed by Argea and Italian Wine Brands. The research department of the institute in Piazzetta Cuccia published on Tuesday, May 27, the analysis of the economic and financial performance of 255 Italian capital companies with a turnover of more than €20 million and a total turnover of €11.7 billion, accounting for almost 95% of the sector's national turnover.

The decline in 2024

Mediobanca's report confirms the stagnation of the Italian wine sector. The year 2024 ended with no significant changes in sales (only +0.3% compared to 2023), with a slightly higher increase in foreign markets (+0.7%) and a positive out-of-country performance for sparkling wines (+9.1%). Compared to 2023, the net operating margin (Ebit margin) increased by 0.5% and the ratio of net income to sales also increased slightly (+0.2 points).

Then we come to the negative figures of 2024: volumes sold decreased by 2.5% across all channels (except sparkling wines, by +4.1%). On-site sales also fell (-4.9% compared to 2023), with the value of the on-trade reaching 17.6% of the market. Wine stores and wine bars also fared poorly, with a decline of 8.4% and a market share of 5.7%. Direct sales are up slightly (+1.3% over 2023), reaching 8.2% of the market. Wine tourism is growingin 2024 (+9% compared to 2023) and three quarters of Italian companies offer wine cellar tours.

Wine producers' concerns

Given the general context of less disposable income for Italian families, seven in 10 companies (70%) say they are concerned about the expected decline in wine consumption due to generational renewal and the spread of healthier lifestyles. There is also concern about uncertainty over the U.S. government's intention to introduce import taxes on wine. Half of business owners (50% of those surveyed by Mediobanca) see the new traffic law as a threat to the sector. And 30% fear the effects of climate change.

Economic difficulties boost sales

Between 2024 and April 2025, Tuscany (with 6 deals) and Friuli-Venezia Giulia (with 3) registered the highest number of mergers and acquisitions. The islands (with a total of 4 transactions between acquisitions and mergers) also proved attractive. "Consumption uncertainty," Mediobanca writes in the report, "has slowed the interest of investment funds."

While the relationship between Italy and the United States is consolidating, with 4 transactions overseas (including Antinori and Herita Marzotto). The purchases and sales are fueled both by the general economic difficulties and the generational change, which "is underway at about 40% of companies," according to Mediobanca's report, "is being evaluated at 16% and has already been addressed and resolved at 30%." The ownership structure of the Italian wine sector remains predominantly family (65% of net assets) and this share rises to 81.5% if cooperatives are included. This is followed by financial investors (10.7%), banks and insurance companies (5%) and private equity funds (4.1% of net assets).

Italian sales stagnated in 2024, companies worried about the drop in consumption, but the outlook for 2025 is positive, according to Mediobanca's new report on the sector, which once again confirms that the cooperative group Cantine Riunite-Giv leads in terms of sales, followed by Argea and Italian Wine Brands. The research department of the institute in Piazzetta Cuccia published on Tuesday, May 27, the analysis of the economic and financial performance of 255 Italian capital companies with a turnover of more than €20 million and a total turnover of €11.7 billion, accounting for almost 95% of the sector's national turnover.

Wine producers' concerns

Given the general context of less available income for Italian families, seven in ten companies (70%) say they are concerned about the expected decline in wine consumption due to generational renewal and the spread of healthier lifestyles. There is also concern about uncertainty over the U.S. government's intention to introduce import taxes on wine. Half of business owners (50% of those surveyed by Mediobanca) see the new traffic law as a threat to the sector. And 30% fear the effects of climate change.

Economic difficulties boost sales

Between 2024 and April 2025, Tuscany (with 6 deals) and Friuli-Venezia Giulia (with 3) registered the highest number of mergers and acquisitions. The islands (with a total of 4 transactions between acquisitions and mergers) also proved attractive. "Consumption uncertainty," Mediobanca writes in the report, "has slowed the interest of investment funds."

While the relationship between Italy and the United States is consolidating, with 4 transactions overseas (including Antinori and Herita Marzotto). The purchases and sales are fueled both by the general economic difficulties and the generational change, which "is underway at about 40% of companies," according to Mediobanca's report, "is being evaluated at 16% and has already been addressed at 30% and resolved." The ownership structure of the Italian wine sector remains predominantly family (65% of net assets) and this share rises to 81.5% when cooperatives are included. This is followed by financial investors (10.7%), banks and insurance companies (5%) and private equity funds (4.1% of net assets).

The projections for 2025

Sentiment among Italian wine producers is generally positive for the end of the current year. The largest wine producers surveyed by Mediobanca expect total sales growth of 1.7% for 2025, with a 2% increase for exports. Turnover for the sparkling wine segment is +4.4%, mainly abroad (+6.1% for exports). For non-sparkling wines, expectations are more moderate, with increases of 0.9% and 1.2% for exports.

Boosting demand again

For more than three-quarters of Italian wine companies, demand difficulties can be overcome by opening up to new markets. In terms of restructuring supply, companies are looking to the development of low-alcohol categories, considered a "priority" by 50% of respondents. The future lies in investment in human capital, considered essential by about 55% of entrepreneurs. This percentage is higher than that for technological investments, focused on artificial intelligence and automation, which are important for one-third of the companies included in the Mediobanca survey.

Source: Gambero Rosso