After a sharp slowdown in global wine consumption in 2023, following the pandemic-driven boom in 2022—2024, the negative trend has been confirmed, particularly in international trade. Among the 12 key import markets, which account for over 60% of global wine imports, only the US, Canada, China, and Brazil posted growth. Within this landscape, imports from Italy have outperformed the average, buoyed largely by sparkling wines. In the 12 key markets, Italian sparkling wine exports grew 4.8% in value, compared to a 5.1% aggregate decline. Gains were strongest in the US (+11%), Australia (+10%), and Canada (+9%), according to data released by Nomisma at the 11th Wine Monitor Forum.
“Unfortunately, major import markets ended 2024 with further declines, and those showing growth still reflect underlying weakness in wine consumption,” said Denis Pantini, Head of agri-food and Wine Monitor at Nomisma. “In the US and China, for instance, a 38% rebound in imports is entirely due to the return of Australian wines, which were subject to a 218% tariff following a 2021 Chinese ban.”
This comeback has helped Australian wine exports grow 30% in 2024. By contrast, French wine has failed to recover, declining a further 2.4%, dragged down by Champagne exports falling 10%.
Amid rising protectionism and tariff threats, Italian wine producers are increasingly focused on diversifying into new markets. Over the past three years, exports have surged in Eastern Europe and Latin America, with Poland (+26% vs 2022), the Czech Republic (+47%), Romania (+22%), Mexico (+3%), and Ecuador (+56%) standing out as key growth markets.
Brazil also offers promise. With more than 200 million consumers and part of the EU-Mercosur free trade agreement, the country is increasingly receptive to Italian wines. “Red wines from Tuscany and Piedmont are especially popular with Brazilian consumers,” said Fabio Benassi, project manager at Nomisma Wine Monitor.