The growth or stability of Piedmontese wines and the consequences of the war situation

The year 2021 has brought great satisfaction to Italian wine: more than EUR 7 billion in value for exports in 2021: 12.4% more than in 2020. The giants remain, in order of importance, Veneto, Piedmont and Tuscany, which alone account for 67% of the total value generated.

However, Veronika Crecellius of Meininger's Wine Business International assesses that, apart from the successes, the sharp price increase of wines, both IGT and DOC, that occurred in the middle of last year, when the harvest was still in its final phase, was not timely: the causes were "the encouraging results of 2020 and downward harvest expectations".

Although the outlook for 2022 is encouraging, no one is actually thinking of a full recovery, as purchasing power will remain as it is, if not lower taking into account a 10-20% price increase per bottle.  Moreover, the AGEA's provisional figures for 2021, published in March, "show a large gap between estimate and reality: instead of the announced volumes of between 43.7 and 45.3 million hectolitres, the AGEA has calculated 49.98". In practice, "despite the late frosts and the drought in the summer, the market is about 5 million hectolitres more than announced".

Good results, but downward revisions of estimates, rising prices, reduced purchasing power and the Russian-Ukrainian conflict threaten to undermine the trajectory.