Spain’s harvest volumes are lower than expected, with significant losses in the east. Meanwhile, prices for new campaigns are rising, while France and Italy see mixed trends in wine pricing.
Despite a steady global bulk wine market, a looming white wine shortage in Chile is driving prices up, with 2025 grape contracts already being signed at significantly higher rates.
The major Northern Hemisphere wine-grape harvests are now well underway. As is typical during harvest, the bulk wine and grape markets were quiet through August into early September.
This year’s tricky growing season in many countries is likely to boost demand for a number of styles from less traditional sources. The WBWE fair in Amsterdam stands to benefit.
Grape prices in Italy, particularly in Puglia, have fallen significantly, while Veneto Pinot Grigio prices are rising. Spain expects a strong harvest, while France anticipates a smaller crop than usual.
The introduction to our Global Report of August 2023 stated that “pockets of activity exist but these feel like exceptions in an altogether quiet landscape.” Last year’s “pessimism in all major producer countries about the long-term drift away from wine consumption” is continuing through 2024, but the bulk wine market seems a little more active than last year.
Full cellars and continuously low demand are driving down red wine prices in Europe. While there is still a surplus of some varieties, some remain scarce.
As the Northern Hemisphere gears up for autumn with promising harvests, the global bulk wine market remains calm amidst fluctuating prices and cellar clearouts.
It’s got a wine-growing history that dates back to the Roman world. It’s got more than 220 authorised grape varieties over 55,000 hectares of vineyards, and it’s one of the most exciting wine-growing countries in Europe.
