The big names in Italian wine were economically stable in 2023. The Pambianco report

We have often said that due to inflation, skyrocketing energy costs, wars, and more, 2023 was a very challenging year for the wine market as well. However, it was not a disastrous year, as exports closed essentially at record 2022 levels; that is, 7.7 billion euros (-0.8%), according to the Italian statistics institute, ISTAT, data, while the Italian mass retail trade lost slightly in volume (-3.3%) but grew in value (+2.5%), according to the market research company, CIRCANA. Data from the financial statements of the 15 largest Italian companies in turnover, drawn up by Pambianco, confirmed the general trend. The report pointed out that “in 2023, the Italian wine industry had to deal with a series of unprecedented challenges that influenced the entire supply chain. In spite of the post-Covid-19 euphoria of previous years, the market was hit hard by the consequences of an adverse global economic situation, especially events such as the war in Ukraine, the Middle Eastern crisis and a significant increase in financial costs. Even though energy and raw material prices have decreased, inflation has continued to impact consumers’ decisions, who have preferred to adopt a cautious and savings-oriented position”.
Considering this situation, the Pambianco report emphasized that the performances of the top fifteen Italian wine companies by turnover in 2023 were satisfactory, but did not reach exciting levels. They totaled 4.3 billion euros, which was a 2.4 million euro increase compared to the previous year. It is, however, necessary to emphasize the pivotal role of several companies that maintained the stability of the sector. For instance, Terre Cevico, which registered an excellent + 14.5% increase, and the new entry, Mionetto, which registered +10% growth, conquering the fourteenth position on the ranking. Cantine Riunite & CIV (which also includes Gruppo Italiano Vini - GIV, ed.) maintained its leading position, registering 671 million euros in turnover, although slightly lower (-4%) compared to the previous year. In second and third place, Argea (449.4 million euros, -1.2%) and IWB-Italian Wine Brands (429.1 million euros, -0.3%), which confirmed their stability in spite of economic difficulties. The CAVIRO Group closes the quartet of the over “four hundred million euro” companies, highlighting +1.4% growth, and 423 million euros, mainly driven by exports. In fifth place, Cavit, the giant of the Trentino Cooperative, registering + 0.9% growth in turnover in 2023, reaching 267.1 million euros, thanks to the success of its sparkling wines and exports, which represent 76% of the total. The Santa Margherita Gruppo Vinicolo, took sixth place, at 255.1 million euros in turnover, registering a - 2% decrease compared to the previous year, mainly due to difficulties encountered in Canada and Australia. Marchesi Antinori continued its growth path registering a turnover of 249 million euros (+3.7%), thanks to the consolidation of the HORECA (hotels, restaurants, catering) channel and travel retail. Fratelli Martini maintained eighth position, and turnover estimated at 233 million euros, registering - 2% decrease, while La Marca Vini e Spumanti and Gruppo Mezzacorona closed the “Top 10” at 225 million euros and over 217 million euros in turnover, respectively. Terre Cevico, in eleventh position, stood out as the top performer of the year, registering +14.5% increase in turnover, to reach 217 million euros. The Cooperative from Lugo (Ravenna) gained a position in the ranking, surpassing the Zonin1821 Group, at 195 million euros. Vivo Cantine registered the second best performance of the year, +4.5% increase in turnover totaling more than 171 million euros. The new entry, Mionetto, also registered + 10% increase in revenue, reaching 153.9 million euros, while the Lunelli Group, and its top brand, Ferrari Trento, as well as others, consolidated 145.8 million euros in 2023 in spite of registering - 4.6% decrease. As for 2024, the Pambianco report says expectations focus on normalizing the Middle Eastern situation and on hoping for recovery on the Asian and US markets.