Italian wine inventories remain stubbornly high in mid-2025, showing only a marginal downward adjustment compared to the same period last year — an unwelcome sign as the new harvest gets underway.
According to the August 2025 “Cantina Italia” report by the ICQRF (Central Inspectorate for the Protection of Quality and the Suppression of Fraud in Agri-food Products), based on data from electronic wine registers and published by the Ministry of Agriculture, Italian wineries held 39.8 million hectoliters of wine in stock as of July 30, 2025.
This represents an 8.8% decrease (-3.8 million hectoliters) compared to June 30, 2025, but still 0.5% higher (+204,058 hectoliters) than July 31, 2024. The figure does not include an additional 2.3 million hectoliters of must and 58,747 hectoliters of new wine still in fermentation (Vnaif), which also contribute to the total volume in storage.
Year-on-Year Comparison: A Negative Signal
The stock situation is less favorable compared to last year’s trajectory. On July 31, 2024, inventories stood at 39.6 million hectoliters, already down 13.1% compared to the same date in 2023. The current 2025 data, therefore, signals a slowdown in stock reduction despite earlier efforts to balance supply with demand.
Compared to July 2024, current inventory levels are:
- Wines: +0.5%
- Vnaif*: +58.4%
- Musts: -8.5%
Month-on-month (June to July 2025), stocks declined for:
- Wines: -8.8%
- Musts: -14.5%
- Vnaif: -8.1%
Geographic Distribution and Appellation Concentration
Northern Italy holds the majority of stocks (57.9%), with Veneto alone accounting for 25.2% of the national total. In terms of classification, PDO wines represent 56.3%, PGI wines make up 25.2%, varietal wines just 1.5%, and generic wines around 17%.
Inventories of wines with Geographical Indication (GI) are highly concentrated: among Italy’s 526 denominations, the top 20 account for 56.8% of total stock.
The top five denominations by volume are:
- Prosecco DOC – 3.2 million hectoliters (10% of total stock)
- IGT Toscana – 1.5 million hectoliters (4.8%)
- IGT Puglia – 1.3 million hectoliters (4.3%)
- Chianti DOCG – 1.2 million hectoliters (3.8%)
- Montepulciano d’Abruzzo DOC – 980,047 hectoliters (3%)
Challenges Ahead: Lower Yields and Tariff Pressures
The persistence of high stock levels is particularly troubling as several appellations have already announced lower yields for the 2025 harvest to curb production and restore market equilibrium. Adding to the pressure is the 15% U.S. tariff on Italian wine, which could slow exports and further exacerbate inventory burdens.
With the harvest season in full swing, the industry faces a delicate balancing act: managing stock reduction while maintaining quality and market positioning in an increasingly competitive global wine market.
Source: WineNews
*Vnaif stands for Vino Nuovo Ancora In Fermentazione — in English, "new wine still in fermentation".