Burgundy wine enthusiasts may find themselves with more options after the plentiful 2022 and 2023 vintages helped replenish winery stocks.
Following these generous harvests, Burgundy winemakers have significantly restocked their cellars. The regional Bourgogne Wine Board (BIVB) reported that winery stocks were about 12% above the five-year average at the start of the 2023-24 campaign. "Bourgogne has not seen a situation like this for over 20 years," the BIVB noted, highlighting that this surplus allows the industry to better manage future uncertainties and maintain its market share.
Increased stocks might also lead to lower prices for some bottles, according to BIVB co-president François Labet, who spoke at a press conference ahead of the Grands Jour de Bourgogne event. However, a spokesperson clarified that pricing decisions ultimately rest with individual producers and négociants, and other factors such as taxes, inflation, and import costs also affect final consumer prices.
Burgundy’s 2023 vintage produced nearly 1.9 million hectoliters, equivalent to around 253 million bottles, including 149.6 million bottles of white wine. This represents a 9% increase over the 2022 crop and is 29% above the five-year average. In stark contrast, the 2021 vintage was 33% below the five-year average due to frost and mildew, illustrating the significant impact of climate fluctuations on regional yields.
"These sudden variations seem to have become more pronounced in recent years," the BIVB stated in its recent market report. "As a result, the average of the harvests has hardly changed at all, but the standard deviations have risen sharply."
Despite a 6% decline in Burgundy wine exports by volume last year, totaling around 87 million bottles, export value only dipped by 0.3%, reaching EUR 1.5 billion (GBP 1.3 billion). This marks the fourth consecutive year that exports have exceeded EUR 1 billion. While Chablis, Petit Chablis, white wines from the Mâconnais appellations, and Grand Cru white wines from the Côte d’Or saw rising export revenues, this was not enough to counterbalance the decreased sales of red wines.
Top 10 Export Markets for Burgundy Wines by Value in 2023:
- US: EUR 292.9m | +0.6%
- UK: EUR 236.8m | +0.7%
- Japan: EUR 139.2m | +1.4%
- Hong Kong: EUR 96.6m | +3.4%
- Switzerland: EUR 76.6m | +0.4%
- Canada: EUR 68.7m | –14.1%
- [Mainland] China: EUR 65.6m | -15.2%
- Belgium: EUR 58.2m | +5.8%
- Denmark: EUR 40.3m | -4.4%
- Sweden: EUR 37.8m | -8.5%
Several UK merchants reported robust interest in the recent Burgundy 2022 en primeur campaign, which started in January 2024. Will Hargrove, head of fine wine at UK merchant Corney & Barrow, commented on the Burgundy market, "I think after a real pinch point of a tiny 2021 crop combined with a red-hot market, there is a return to more normality. Many people kept their 2022s at the same price as 2021s and a few went up a little."
Source: Decanter