The global wine trade marked a mixed performance in 2024, offering a cautiously optimistic outlook for the sector.
According to customs data analyzed by the Spanish Interprofessional Wine Organization (OIVE), global wine exports totaled 9.96 billion liters, reflecting a 1.4% increase in volume. This modest rise breaks the downward trend of the past two years, signaling a partial recovery in demand and logistics stabilization after years of turbulence.
However, total turnover declined slightly by 0.3%, closing the year at EUR 35.98 billion. This figure still stands as the third-highest annual revenue since reliable global trade records began, trailing only 2022 and 2023. The dip in turnover is primarily attributed to a 1.6% drop in the average price per liter, now at EUR 3.61, caused by price adjustments across several wine categories.
Long-Term Growth Amid Recent Fluctuations
Since the turn of the millennium, the wine trade has expanded significantly. From 6.06 billion liters in 2000 to nearly 10 billion liters in 2024, the market has seen a 2.1% annual growth in volume and 4.1% annual growth in value. Prices have followed an upward trajectory too, climbing from EUR 2.27 to EUR 3.61/liter.
Yet, recent years have tested the resilience of the global wine sector. After a sharp decline in 2020 due to the COVID-19 pandemic, there was a rapid rebound. But 2023 reintroduced uncertainty with inflationary pressures, shifting consumer habits, and logistic issues. The year 2024 saw marginal improvement, especially in volume, but the value remained under pressure.
Category Performance: Bulk Wine Leads the Way
Among product categories, bulk wine outperformed all others:
- +5% in volume
- +10% in value
- Total: 3.4 billion liters, EUR 2.6 billion
- Average price: EUR 0.77/liter
Sparkling wine exports grew by just 0.4% in volume, but value fell by 3.9%, due to a 4.3% drop in average price, totaling EUR 8.53 billion.
Bottled still wine (excluding sparkling and bag-in-box) maintained its dominance in value:
- Volume: 5.03 billion liters (-0.6%)
- Value: EUR 24 billion (+0.2%)
- Average price: EUR 4.78/liter, up for the fourth consecutive year
Bag-in-box wines saw a decline in both volume (-3.8%) and value (-4.8%), with an average price of EUR 1.90/liter.
Exports of must (tariff code 220430) rose significantly, +15% in volume and +2.7% in value, indicating growing demand for concentrated juice in food and beverage industries.
Country Rankings: Italy Takes the Lead in 2024
Italy stood out in 2024 as the strongest performer among the big three exporters:
- Volume: +1.4%, surpassing 2.17 billion liters
- Value: +4.7%, over EUR 8.1 billion
France maintained its position as the top wine exporter by value, generating EUR 11.7 billion, but declined by 2.4%. Its volumes slightly increased (+0.8%) to 1.29 billion liters, with an unmatched average price of EUR 9.09/liter.
Spain remained the second-largest exporter by volume at 1.98 billion liters, although this marked a decline of 57 million liters (-2.8%). Still, it saw a 2.8% growth in value, totaling EUR 3.02 billion—thanks largely to a 5.8% increase in average price per liter.
Historically, Spain’s volume export performance has been remarkable, with +3.3% annual growth since 2000.
Other Key Players
- Chile: 4th in volume, stable performance.
- Australia: Regained ground following China’s tariff removal; +22% in average price.
- United States: Increased exports in volume, despite a 12% drop in average price.
- Portugal and Argentina: Both recorded growth in volume and value.
- New Zealand and Germany: Declined in both metrics, with average price losses of 5% and beyond.
Sparkling Wine: Rising Prestige
Sparkling wine continues to gain in global trade importance:
- From 5% to 11% of total volume since 2000
- From 17% to nearly 24% of total value
While 2024 was a challenging year for its average prices, the category’s long-term trajectory remains promising, driven by global appetite for celebratory and premium wines.
Outlook
The 2024 wine trade report paints a picture of resilience and adaptation. While values plateaued and prices softened in many categories, growth in volume reflects ongoing consumer demand and a market gradually realigning itself to economic realities. The divergence in performance between countries and categories suggests that diversification, pricing strategy, and market agility will be key in 2025 and beyond.