According to WineMonitor and Denis Pantini of the Nomisma wine market observatory, numerous factors have influenced the sector, including the economy, inflation and wine stocks. However, a recovery is expected starting in early 2024, with a focus on Asia as an emerging market for high-quality wines.
Over the holiday period, 333 million bottles of Italian bubbly are expected to be uncorked worldwide, with over 95 million of them consumed in Italy. Italian consumers, due to economic uncertainty, are opting for cheaper sparkling wines over Italian "flagship" denominations such as Prosecco and classic method. Despite this, Italian bubbles have seen an increase in average prices due to increased production costs and inflation, leading to revenues of around 1 billion euros during the holidays.
Italian wine exports showed stability in volumes, but a slight decline in values due to the change in the product mix. China and other regions of the Eastern World recorded a significant drop in consumption, while Russia represented a market growing by 45%.
Another major challenge was the mandatory labeling of nutrients, ingredients and allergens, which caused confusion and delays in marketing.
Global red wine consumption has declined over the past 20 years, while white and rosé wines have become increasingly popular. White wine, especially sparkling wine such as Prosecco, has driven this growth.
Overall, 2023 was a difficult year for Italian wine, with many challenges to face. However, the industry is optimistic about the outlook for 2024, with hopes of a recovery and renewed interest in high-quality wines.
