In 2024, the global wine trade faced a complex environment shaped by low production volumes, high average export prices, and weakened international demand.
As a result, global wine export volumes stagnated at 99.8 million hectolitres (mhl), marking the lowest level since 2010, according to International Organisation of Vine and Wine (OIV). This represented a marginal decline of just 0.1% compared to 2023.
Despite the overall stagnation, some major exporters, such as Chile (+1.0 mhl), Australia (+0.4 mhl), Portugal (+0.3 mhl), and the USA (+0.3 mhl), showed signs of recovery from the sharp declines experienced in 2023. Conversely, Spain (-0.9 mhl), Canada (-0.2 mhl), and Germany (-0.2 mhl) recorded notable drops.
Value Holds Firm Despite Volume Challenges
The total global wine export value in 2024 is estimated at 35.9 billion EUR, a slight decrease of 0.3% from 2023’s record levels. The average export price remained robust at 3.60 EUR per litre, reflecting a marginal 0.3% dip. These figures highlight that while export volumes struggled, value was preserved, largely due to ongoing premiumisation trends and inflation-driven price adjustments that have persisted since the pandemic era.
Key Product Trends: Bottled Wine Dominates
Bottled wine (<2 litres) continued to dominate international trade, accounting for 50.8% of global export volume and 67.0% of value. However, the category experienced a 1.8% decline in volume, while maintaining stability in value (+0.1%). Notably, the average export price for bottled wines rose to 4.7 EUR per litre (+1.9% over 2023).
Sparkling wine, despite its premium positioning, faced a 3.7% decrease in trade value and a slight 0.3% drop in volume, with average prices falling to 7.9 EUR per litre (-3.4%).
Bag-in-Box® (BiB) wines saw a significant 5.0% decline in volume and a 4.8% drop in value, though the average price remained stable at 1.9 EUR per litre.
Bulk wine exports (>10 litres) provided a bright spot, with volumes rising by 3.3% and export value surging by 9.8%. Bulk wines now represent 34.7% of global wine volume exports and 7.4% of the total value, with an average price of 0.8 EUR per litre (+6.3%).
Country Highlights
Italy reaffirmed its status as the world's leading wine exporter by volume, reversing three years of decline with a 3.2% increase to 21.7 mhl and a 5.6% growth in value to 8.1 billion EUR. Sparkling wine, particularly Prosecco, was a major growth driver.
Spain remained the second-largest exporter by volume (20.0 mhl), despite seeing a drop to its lowest volume in a decade. Nonetheless, export value grew by 1.4% to 3.0 billion EUR, thanks to a shift towards higher-value products.
France maintained the top position in export value, with 11.7 billion EUR, despite a 2.4% year-on-year decline. The sparkling wine sector underperformed, affecting overall growth.
Other key developments:
- Chile saw strong recovery with a 14.4% increase in export volume.
- Australia rebounded impressively, posting a 30.6% jump in export value, mainly driven by bottled wine.
- South Africa experienced modest volume and value gains, although still below historical averages.
- Portugal grew across almost all categories, excluding BiB.
- Germany and New Zealand recorded continued export declines.
- USA exports grew in volume, but gains were primarily driven by bulk wine.
- Argentina saw steady growth in both volume and value.
- Canada faced sharp declines, largely due to the re-export nature of its trade.
Import Markets: Shifts Among the Giants
Germany, the UK, and the USA remained the top wine importers, collectively accounting for 38.3% of global imported volume and 37.2% of value.
Germany imported 12.7 mhl in 2024, a sharp 6.9% drop, marking the lowest level in two decades, heavily impacting all wine categories.
The UK reversed its negative trend, recording a 2.4% increase in volume imports to 12.6 mhl, largely due to a rise in bulk wine imports.
The USA maintained its significant role in the global market, although trends varied widely across different wine types.
Other importers:
| Country | Volume (mhl) | Volume YoY | Value (EUR) | Value YoY |
|---|---|---|---|---|
| France | 5.8 | +4.4% | 1.1 billion | +5.4% |
| Russia | 4.7 | +11.3% | 840 million | +16.2% |
| Netherlands | 4.2 | -7.7% | 1.4 billion | -5.6% |
| China | 3.6 | -26.8% | 1.2 billion | -11.0% |
| Canada | 3.2 | -6.4% | 1.5 billion | -5.3% |
| Japan | 2.4 | -9.5% | 1.2 billion | -3.3% |
Conclusion
The global wine trade in 2024 remained under pressure from weakened international demand, economic uncertainty, and high price levels. However, selective recovery signs—particularly in certain export markets and import destinations—offer cautious optimism for the future.
Exporters adapting to premiumisation trends and shifting consumption patterns, while maintaining competitive pricing and quality, will be better positioned to navigate the ongoing challenges of the international wine market.
Source: OIV