Promising prospects for Italian wine exports in 2024

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Promising prospects for Italian wine exports in 2024

In 2023, Italian wine exports suffered a setback after years of steady growth. However, industry players are looking optimistically to the future, predicting a recovery starting in the second half of 2024 and further momentum in 2025. This picture was presented by Edoardo Freddi International at Vinitaly. The company, leader in Italian wine export management, reported managed sales of more than 86 million euros in 2023 and marketed 35 million bottles.

Edoardo Freddi explains that from their Italian Wine Export Observatory come encouraging signs about future trends, bringing hope for the second half of 2024 and 2025. In particular, he predicts a recovery of great quality red wines in the next 18 months, with renewed interest from foreign wine lovers and winelovers, especially in the United States, traditionally the most important market for this type of bottle. Freddi notes that the U.S. economy is continuing to prosper in the run-up to November's presidential election, with the Fed set to cut rates due to subdued inflation: "Moreover, in Asia where in 2023 we Efi recorded an impetuous growth in exports +20%, even all of so-called "Greater China" continues to buy our quality Italian wines, starting with Amarone, Brunello and Barolo (for reds) and Lugana, Trebbiano and Pinot Grigio/White (for whites). In China in particular, an evolved middle class has consolidated, which now buys our wines to consume them and not just to give them as gifts as in the past. These new Eastern consumers appreciate all Made in Italy, starting with our tricolor bottles. Our sparkling wines basically hold up all over the world, with Prosecco growing steadily especially in France (substitution effect with Champagne) although no longer in "double digits" as in the Pandemic years”.

Freddi points out that after the brief setback of 2023, which follows many years of steady growth (you can't grow all the time), our high-quality red wines will continue to be protagonists in Italian enology starting in the second half of 2024. However, to offer a unique experience to connoisseurs and enthusiasts, wineries will have to listen more and more to younger consumers, without compromising their history and terroir.

This is likely to lead to wines that are less "muscular" than in the past, but much more attentive to environmental and social sustainability, as Generation Z, who will be the future of consumers, pays close attention to these aspects.

After a swinging 2023, the second half of 2024 promises to be a transitional phase for Italian wine exports, offering great opportunities for those who know how to interpret in advance and more effectively the weak signals coming from the markets. All of these issues are being discussed with the more than 50 partner wineries, including Lady Amarone Marilisa Allegrini, an icon in the wine world and renowned producer of high-quality wines.

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