Italian Wine Knocks Spanish Sales Off The Top Spot

Italy has wrestled the global wine sales ‘by volume’ crown from Spain.

A report from the Spanish Wine Market Observatory (OEMV) reveals that in the cumulative twelve months leading up to March 2023, Italy achieved total sales of €2,191 billion, outstripping Spain’s €2,139 billion.

Despite a decline in sales for major producers caused by escalating prices, Italy experienced a mere two per cent dip, while Spain’s sales plummeted by 6.3 per cent.

Nevertheless, the competition remains fierce, and depending on forthcoming months and year-end outcomes, Spain could regain its lead by the close of the first quarter, as per OEMV data.

France retains a solid grip on the third position in terms of volume, with a considerable lead over Chile, Australia, and South Africa.

In terms of value, however, the situation is radically different, and France is a very prominent leader.

French wineries generate revenues six times greater than their Spanish counterparts.

Collectively, France exported €12,397 billion, whereas Italy and Spain brought in €7,937 billion and €3.1 billion respectively.

A notable surge in sales value was observed in New Zealand, which experienced a remarkable 24.9 per cent increase in the cumulative twelve months up to March 2023, amassing €1,428 billion and securing the fifth position, trailing France, Italy, Spain, and Chile.

The report reiterates that all exporting nations have raised prices in response to the cost of inflation witnessed over the past year.

Specifically, the average price of French wine settled at €2.35 per litre after a year-on-year fall of 34 per cent until March.

Conversely, Italy’s price rose by 6.1 per cent, reaching €2.12 per litre, while Spain saw a steeper increase of 13.8 per cent, reaching €1.30.

Nevertheless, Spain’s price remains significantly lower than its rivals due to the prominence of bulk wine sales.

In fact, when it comes to bulk sales in Spain, the country has established itself as the main world supplier in a very clear way, reported El Economista, on Friday, August 18.