In the past two decades, the 18 wineries affiliated with the Istituto Grandi Marchi (IGM) have seen their combined revenues double, reaching €660 million, with over 55% of this figure attributed to exports. This growth is highlighted in a new study commissioned by IGM and conducted by Nomisma Wine Monitor to mark the Institute’s 20th anniversary. The report examines the evolving landscape of fine Italian wines, particularly through the lens of IGM members, and explores emerging trends, particularly in the U.S. market.
GLOBAL GROWTH AND THE U.S. MARKET’S LEAD
The research reveals that 70% of foreign revenue for the IGM wineries comes from outside the EU, with the Asian market experiencing a dramatic 130% increase in wine imports over the last 20 years. Despite global economic challenges, the U.S. remains Italy’s top wine market. Imports of fine Italian wines rose by 5% in value (for still wines) and sparkling wines by 10% in 2024, defying the trend of declining foreign wine imports.
SHIFTING CONSUMER BEHAVIOR
The report also surveys 2,400 U.S. wine consumers, revealing that 30% now consider themselves regular drinkers of fine wines, with Millennials and upper-class men at the forefront. Fine Italian wines rank second in consumption among Americans, following local options, bolstered by an increasing reputation for quality. Perceptions of premium Italian wines as symbols of elegance and refinement have grown, with 27% of U.S. consumers now associating these attributes with Italian wines, up from 20% in 2017. Additionally, 76% of non-consumers express interest in trying Italian fine wines, suggesting significant potential for market expansion.
ITALIAN FINE WINES: A PREMIUM MARKET IN THE U.S.
Growth prospects for fine Italian wines in the U.S. appear strong, with 44% of U.S. consumers planning to increase their wine purchases in the next three years, while 50% expect to maintain current levels. Only 6% anticipate cutting back.
For U.S. consumers, the decision to purchase Italian fine wines is often tied to a personal connection to Italy, whether through heritage or recent travel. This affinity, along with brand prestige, industry accolades, and the unique appeal of family-run wineries, remains central to the continued success of premium Italian wines in the U.S. market.
