IN BREVE
In 2025, the Italian wine sector saw a 2.8% drop in sales, primarily due to declining exports and slowing consumption.
Italy remains the world’s leading producer with 44.4 million hectoliters, but per capita consumption is decreasing.
Nevertheless, 70% of producers consider the sector attractive, focusing on diversifying their offerings and opening up to new markets.
Tuscan companies stand out for the best EBIT margin, while Veneto leads Italian wine exports.
The 2025 Mediobanca Italian wine sector survey highlights the importance of PDO and PGI designations, which represent 79% of the national wine value.
In 2025, the Italian wine sector recorded a 2.8% drop in overall sales compared to 2024. This was mainly driven by exports, which fell by 3.4%, and a slowdown in consumption. The domestic market saw a contraction of 2.2%. These findings come from the Survey of the Italian Wine Sector by the Mediobanca Research Area, which focused on 255 major Italian joint-stock companies with a 2024 turnover exceeding 20 million euros.
The sample represents aggregate revenues of 12 billion euros, half of which were generated abroad. The data indicates a sector that remains significant on the global stage but has entered a more selective phase. Smaller companies appear more exposed to the slowdown. Sparkling wines and premium wines are performing better, showing greater resilience than the average.
ITALY IS THE WORLD’S TOP WINE PRODUCER
In 2025, global wine production is estimated at 227 million hectoliters, up 0.6% from 2024. Global consumption, however, stands at 208 million hectoliters, a 2.7% decrease.
Italy confirms its position as the world’s leading producer, with 44.4 million hectoliters. This figure represents 19.7% of the total and remains close to the previous year’s levels, with a 0.7% growth.
The contraction in domestic consumption is more pronounced. In Italy, per capita consumption dropped from 38 liters per year in 2022 to 35.6 liters in 2025, a 9.4% decrease.
The Italian trade balance remains positive. Over twenty years, it has grown at an average annual rate of 5%, rising from 2.7 billion euros in 2005 to 7.2 billion in 2025. Italy is also the world’s top wine exporter by volume, with 21 million hectoliters, and the second by value, with 7.8 billion euros, behind France.
WINE CONSUMPTION DOWN FOR 80% OF PRODUCERS
The change in consumption patterns is a central element of the Mediobanca survey. Over the last five years, 80% of Italian producers have noted a reduction in wine consumption. For about two-thirds of companies, this trend is expected to continue in the coming years.
Despite the slowdown, 70% of producers still consider the sector attractive. However, the outlook is for a more selective market, where company size, positioning, and the ability to manage markets become decisive factors.
The primary response indicated by companies is diversification of the offering, considered a key lever by 72% of firms. This is followed by opening or developing new markets, cited by 64%. Strengthening marketing and communication is deemed essential by 60% of producers.
ITALIAN WINE 2025: US EXPORTS DOWN 6.3%
In 2025, major Italian wine producers ended the year with sales down by 2.8%. The contraction is more pronounced abroad, where turnover fell by 3.4%, compared to the -2.2% recorded on the domestic market.
Among international markets, the most critical data concerns the United States. Exports to the US fell by 6.3%. In European Union countries, the decline was 2.8%, while the United Kingdom showed substantial stability, with a limited drop of 0.7%.
Company size impacts performance. Companies with a 2024 turnover of less than 30 million euros recorded a 3.5% drop in sales. Results also worsened for capital-intensive firms, with tangible assets exceeding 30% of 2024 assets: for these companies, turnover fell by 3.7%.
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MARGINS WORSENING FOR WINE PRODUCERS
2025 also marks a retreat in margins. According to Mediobanca, the EBITDA of major Italian wine producers fell by 4.2% compared to 2024. EBIT dropped by 9.5%, while net profit decreased by 7.5%.
Pressure is also felt in sales channels. Ho.Re.Ca. lost 2% in value and represents 17.2% of the market. Wine shops and wine bars fell by 5.1%, with a 5.5% share. Direct sales dropped by 1% to 7.8%.
Online sales also show negative signs. Company websites recorded a 2.4% decline, while third-party platforms fell by 3.6%.
SPARKLING AND PREMIUM WINES HOLD UP BETTER
Not all Italian wine segments were affected equally by the contraction. Sparkling wines show greater resilience, with overall sales down by 1.5%, compared to -3.3% for other wines.
Organic wines reached 6.2% of the market, with sales declining by 0.8%. No-Low Alcohol wines remain marginal, sitting below 0.5%.
By price range, the intermediate segment suffered the most, falling by 3.1%. Basic wines dropped by 2.7%, while premium wines limited their loss to 2.2%. This data confirms the greater resilience of products positioned in the high end of the market.
CANTINE RIUNITE-GIV IS THE TOP ITALIAN WINE GROUP
The leadership in 2025 sales remains with Cantine Riunite-GIV, with a turnover of 635.1 million euros, down 4.6% from 2024. Argea holds second place with 462.9 million euros and a 0.3% decline. Third is IWB, with 395.9 million and a 1.5% drop.
Caviro recorded revenues of 351.3 million euros, an 8.8% decrease. Also exceeding 200 million euros are Antinori, Herita Marzotto Wine Estates, Cavit, La Marca, Terre Cevico, Mezzacorona, Mack & Schühle, and Gruppo Collis.
Some companies show strong international exposure. Fantini Group reaches an export share of 95.7%, Argea 93.8%, while Ruffino and Fratelli Castellani exceed 90%.
VENETO IS THE TOP ITALIAN WINE REGION
In 2024, Veneto confirmed its status as Italy’s leading wine region. It accounts for a quarter of the wine quantities produced nationally and exceeds 35% of the total value.
Following in value are Emilia-Romagna with 8.8% and Piedmont with 7.6%. Puglia shows the largest gap between quantity and value: it represents 15.2% of volumes but only 7.4% of value.
Veneto also leads in exports, with over 35% of Italian wine exports. Piedmont and Tuscany each stand at around 15%.
Significant territorial differences emerge from the 2024 financial statements. Tuscan companies recorded the highest EBIT margin at 15.5%. The best ROI belongs to Abruzzo companies at 8.1%, ahead of Piedmont and Veneto. Producers from Piedmont, Tuscany, and Abruzzo are among the most export-oriented.
WINE COMPANIES BETWEEN FAMILY, COOPERATIVES, AND THE MARKET
The ownership structure of Italian wine remains tied to the family dimension. Families hold 66% of the companies’ net equity. This share rises to 82% when cooperatives are included.
Financial investors participate in 10.2% of equity. Banks and insurance companies account for 4.8%, while private equity funds reach 3.6%. The relationship with financial markets remains limited. Only two companies have been listed on the AIM since 2015: Masi Agricola and IWB.
Lean structures prevail in boards of directors. 87.4% of boards do not exceed five members. In 52% of cases, operational powers are concentrated in a single individual.
PDO AND PGI ACCOUNT FOR 79% OF ITALIAN WINE
For the first time, the survey includes a contribution from the Qualivita Foundation dedicated to the PDO and PGI wine sector and the role of Protection Consortia. The Geographical Indications system counts 522 PDO and PGI designations and represents 79% of the national wine value. The in-depth study also analyzes changes to production specifications in the 2022-2025 four-year period.
Over 440 amendments relating to more than 160 Italian designations were examined, based on official data from MASAF and the European Commission. The analysis identifies four main areas of transformation: production, territory, market, and consumers.
The PDO and PGI sector is thus confirmed as a central lever for consolidating the value of Italian wine and its international reputation, in a phase marked by weaker consumption and greater competitive selection.
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