A theory also supported by Carlo Alberto Sagna, millennial manager of the Piedmontese family company of the same name, historic and prestigious wine distributor (nearly 40 million turnover in 2023), of which he is commercial director. What role does time have in wine refinement today? “In a historical phase in which the interest in fresh and simple, but not banal, white wines prevails in the glass, there will always be a part of the market passionate about old vintages and long refinements. Let's think about the Penfolds reds, which need at least 20 years before giving their best: they will always have their admirers. And what about the Spanish wines of Marqués de Murrieta? They range from the immediate pleasure of the Rioja Reserva to the Castillo Ygay for which it is worth waiting at least ten years."
France and Italy dominate the wine market, but beyond the Alps they win in value and in key countries
France and Italy are the world leaders in wine, but the "challenge", if framed within certain parameters, is a competitive derby. France holds the absolute record in wine exports, with a value of 11.9 billion euros, despite a 3% decline in 2022. Italy follows with 7.7 billion euros (-0.8%), Spain with 2.9 billion (-3.2%), Chile with 1.4 billion (-22.4%) and Australia with 1.2 billion euros (-10% compared to 2022).
France dominates in 51 countries, while Italy follows closely behind with 46 markets in its favor. The discrepancy between France and Italy derives, first of all, from a substantial difference in the average price of exported wine: in the case of bottled still wines, France expresses a value of 7.81 euros/litre compared to 4.38 euros/litre for wines Italians. But there is also a gap in leadership in the most profitable markets: France dominates in key ones such as the United States, Canada, the United Kingdom, Japan and Switzerland, while Italy establishes itself above all in Eastern Europe.
In Italy, what are the trends and areas to keep an eye on?
“Italy and France have an equal level regarding reds, but regarding whites, which are the most requested wines at the moment, in our country there is a great untapped potential and a notable margin for growth: we can draw from a large pelvis. The entire market today is attentive to the freshness of wines. In general, there is great interest in whites and rosés, once considered less intriguing than reds, and a certain search for lower alcohol content is also emerging, especially in consumer wines.
We have an advantage because Sagna has always had a catalog full of great whites. In Italy I see potential in the whites of Etna to do great things over time, there is a revival of Friuli, the Fiano from Campania and the Verdicchio from the Marche are also interesting. With Sagna we also have a good response in the whites of the Aosta Valley, even if in small quantities".
Italian wine, exports at 9.5% in value and 8.2% in volume in the first 2 months of 2024 (compared to 2023)
The performance of Italian wine exports remains clearly positive, at least in the first two months of 2024, which, globally, reached 1.14 billion euros, at 9.5% on the same period of 2023, for 297.6 million of litres, at 8.2%. The United States is in positive territory, at 5.9%, for 278.5 million euros, as is Germany, at 3%, for 174.8 million euros, and above all the United Kingdom, which continues to grow by over 20%, for 108.8 million euros. Russia is impressive, at 120%, for 47 million euros, which outpaces France, despite growing by 4%, at 40.4 million euros. The Netherlands did very well, at 15.5%, for 37.1 million euros, and Belgium also remained in positive territory, at 2.7%, for 35.2 million euros.
Looking at Northern Europe, Sweden leaves something on the ground, with -1.8%, to 30.3 million euros. In the East, Japan continues to grow robustly, at 11% for 28.7 million euros, and China continues to show positive signs, at 43% for 12.8 million euros.
“Cantina Italia”, wine stocks decreasing, but still high, in April 2024
Italian wineries are starting to think about making room for the 2024 harvest, which will come into full swing in 3-4 months. As of April 30, 2024, stocks are still abundant: 49.9 million hectoliters of wine, -11.8% on the same date 2023, to which add 4.1 million hectoliters of musts (-27.9%) and 64,000 hectoliters of new wine still in fermentation (-9.6%). Most of the wine (59.2%) is held in the Northern Regions, with Veneto in the lead (13 million hectolitres).
55.6% of the wine held is PDO, 25.7% is PGI, while varietal wines make up just 1.3% of the total, with 17.4% represented by other wines. The concentration of PDO and PGI wines also remains, with 20 denominations out of 529 worth 58.3% of the total stocks, with Prosecco Doc in the lead, with over 5 million hectolitres, 12% of the total.
Conclusions
This week we highlight the untapped potential of Italian white wines, which could compete with the French. Despite France's leadership in value, Italy continues to maintain a strong presence in global markets. The export data is encouraging and signals constant growth, although it is still too early to say whether this positive trend will be maintained in the long term. Italian wineries, meanwhile, are preparing for the next harvest, with stocks still abundant but decreasing compared to the previous year.
