The Italian wine industry saw moderate growth in 2024, according to the latest report from Area Studi Mediobanca. The study, which ranks the top 25 Italian wine companies by revenue and value added, shows that the sector’s total revenue increased by 3% to €5.9 billion. Value added, a key indicator of profitability and efficiency, rose by 9% to €1.3 billion.
Cantine Riunite/CIV/GIV maintained its position as the largest wine group in Italy by revenue, reporting €666 million for 2024. However, this figure represents a slight decrease of 1% compared to the previous year. The company’s performance has remained relatively stable over the past five years, with only minor fluctuations.
Argea secured second place with €453 million in revenue, marking a 4% increase from 2023. Italian Wine Brands followed in third with €402 million, but experienced a 6% decline compared to last year. Antinori ranked fourth with €395 million, benefiting from a full year of contributions from its recent American acquisition. This resulted in a notable 12% increase in revenue for Antinori. Caviro rounded out the top five with €385 million, though it saw a significant drop of 9%.
Other notable companies include Cavit (€253 million), La Marca (€251 million), Santa Margherita (€248 million), Collis Veneto WG (€219 million), and Mezzacorona (€212 million). Several companies reported double-digit growth rates, such as Mack & Schuhle (up 19%), Mionetto (up 18%), and Tenute Piccini (up 11%).
When considering value added—the difference between total revenue and external purchases—Antinori leads the ranking. The company retained €239 million of its €395 million in revenue, representing about 60%. This high ratio highlights Antinori’s focus on production and brand value rather than bulk trading or bottling of purchased wine. In contrast, companies like Argea, which primarily buy bulk wine for bottling and sale, have a lower value-added ratio of around 22%.
Cantine Riunite/CIV/GIV also performed strongly in terms of value added despite its cooperative structure. Other leaders in this metric include Herita (Santa Margherita), Argea, and Frescobaldi.
The report notes that only about half of the top companies achieved revenue growth in 2024. The overall increase was driven by strong performances from a few large players and acquisitions, particularly by Antinori. Some companies faced headwinds due to changing market conditions or declining sales volumes.
The data reflects ongoing consolidation within the Italian wine sector and highlights differences in business models among leading firms. Companies focused on premium brands and direct production tended to show higher value added relative to their sales. Meanwhile, those operating as bottlers or traders of bulk wine reported lower margins.
The rankings are based on financial results for companies with annual revenues above €100 million. The figures provide insight into the health and direction of Italy’s wine industry at a time when global competition remains intense and consumer preferences continue to evolve.
Area Studi Mediobanca’s analysis offers a detailed look at both the scale and efficiency of Italy’s largest wine producers. As the sector adapts to new challenges and opportunities, these rankings will remain an important benchmark for industry observers and participants alike.
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