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Fine wines, the segment is solid, and looking ahead to 2023 optimism reigns. Confidence in Italy

From 2022 Global Fine Wine Report the views of 943 market players: 26% recommend targeting the productions of Tuscany and Piedmont
The fine wines market

Looking at the future of the fine wines market, optimism and confidence prevail. At least from the judgments of the 943 protagonists and experts in the world of fine wines (Masters of Wine, Master Sommeliers and others) on which rest the conclusions of the “2022 Global Fine Wine Report”, signed by wine industry research firm Liquid Icons, the soul of “The Golden Vines Awards” 2022, awarded yesterday in Florence at the gala ceremony that hosted the auction and charity dinner in favor of the Gerard Basset Foundation, the charity founded by the family and colleagues of the Master Sommelier, Master of Wine and Best Sommelier in Europe and the World who passed away in 2019. Returning to the report, when asked what the sentiment is with respect to the performance of the fine wines market in 2023, 60% said “positive”, and 30% “very positive”, while 6% said “neither positive nor negative”, and only 4% gave a “negative” rating.

The main drivers, for 90% of the experts who preach optimism, are much the same as in 2021: the strength, overall, of the fine wine segment; the growing demand for fine wines around the world; the increase in the quality of fine wines consumed around the world; the growing levels of investment in the fine wines market; the increasing knowledge and experience of fine wine drinkers; and an unprecedented level of interest in fine wines, thanks to the work of a new generation of producers using innovative practices. Then there are other reasons for optimism, less directly related to the fine wine sector, but equally important: the normalization of the global epidemiological situation with the resulting waves of economic recovery around the world; positive effects in the increase of direct-to-consumer practices; and the digitization of the wine sector. Among the elements pointed out by those who gave negative outlook to 2023 of the fine wines market, on the other hand, there are: the slow recovery of the economy after the Covid-19 pandemic; the unfavorable conditions of the global geopolitical and macroeconomic environment; the adverse effects of global warming; and the growth of energy prices worldwide.

Among the wine regions with the greatest potential for 2023, the focus is still on France, with 43.2% of professionals indicating French territories among those with the greatest potential in the fine wines market. This is followed by Italy, indicated by 26.03% of responses as a country to keep an eye on for next year, while for 9.41% something surprising will come out of the United States, and another 8.19% suggest looking closely at Australia, with 6.31% to be divided among Spain, Hungary, South Africa, Portugal, Greece Germany and England, and the remaining 6.85% pointing to other countries around the world. Among the individual territories whose wines seem poised to guarantee great performance in 2023, Champagne (18.57%) stands out above all others, thanks to the enormous interest in the most prestigious Cuvées, followed closely by Burgundy (16.88%) and Piedmont (16.49%), more distant Tuscany (9.55%), California (9.41%) and Australia (8.19%). The remaining 20.91 percent is to be divided among Spain, Tokaj, South Africa, Portugal, Rhone Valley, Greece, Germany and England.

Finally, the other side of the coin that emerges from the “2022 Global Fine Wine Report” concerns the countries and territories that risk the greatest decline, in the fine wines market, in 2023. In first place again is France, with 44.51% of respondents who indicated as investments at risk precisely those related to certain territories in the Hexagon, followed by Australia (22.69%) and the U.S. (15.86%), with just 12.06% predicting a potential decline for fine wines produced in Italy, and 4.88% indicating a different country. Focusing on individual territories, the different wine regions of Australia are perceived by 22.69% of experts as having the greatest downside risk in the fine wines market. On the downward trajectory, for 22.29% of respondents, is therefore Bordeaux, but fears of downward pressure on prices from 2022 also exist for California (15.86%), Burgundy (14.33%), Champagne (7.89%), Tuscany (7.27%) and Piedmont (4.8%). The remaining 4.88%, however, can be attributed to other wine regions around the world-Spain, South Africa, Chile, Russia, Tokaj, Greece, Portugal, Germany, Lebanon, New Zealand, Ukraine, Rhone Valley, Austria, Greece, and Argentina.

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