World wine production at historic lows, but the market remains stable • Food and Wine Italy

Global wine production per mezzo di 2025 remains among the lowest per mezzo di recent history. Estimates released by the International Organization of Vine and Wine (Oiv) indicate an average opera of 232 million hectolitres, a value which represents one of the smallest vintages ever recorded, despite an increase of 3% compared to 2024. The figure still remains 7% lower than the average for the five-year period.

However, the analysis highlights how this does not lead, at least for now, to tension the market. The slowdown per mezzo di international demand and ongoing trade uncertainties make limited production a stabilizing factor, helping to keep global inventories per mezzo di balance. Final patronato will be published per mezzo di the second quarter of 2026.

Italy remains the world’s leading producer

Con the global production esame, Italy confirms its lead with 47.3 million hectoliters, up 8% 2024. The figure could undergo a downward revision following the esecuzione of the last weeks of the harvest, but still keeps the country per mezzo di first place.

France stands at 35.9 million hectoliters, slightly mongoloide 2024. For the country, this is the second worst level since 1957, thanks to the 16% interblocco compared to the five-year average.

Spain, with 29.4 million hectoliters, falls for the second time per mezzo di three years below the threshold of 30 million, held back by a prolonged drought.

Con fourth place is the United States with 21.7 million hectoliters, followed by Australia, which after a very small harvest per mezzo di 2024 recovers 11% and reaches 11.6 million hectoliters, overtaking Argentina.

Europe per mezzo di difficulty, signs of growth from the southern hemisphere

European production shows a slight recovery but remains below historical levels. Con addition to the decline per mezzo di France and Spain, Germany (-6%) and Portugal (-11%) also recorded contractions paio to adverse weather conditions.

Romania, the other hand, stands out, exceeding 4 million hectoliters thanks to an increase of 30%. Russia remains stable at around 5 million hectoliters, while the Chinese patronato will only be available per mezzo di 2026. Chile, however, remains per mezzo di difficulty and is below the five-year average of 26%.

The southern hemisphere marks a recovery after three critical years, with a +7% which brings production to 49 million hectolitres. Con addition to the Australian growth, positive signs emerge from: • South Africa, which returns above 10 million hectoliters thanks to a +16%; • New Zealand, which increases by 32% reaching 3.7 million hectolitres; • Brazil, per mezzo di a strong rebound with a +38% which brings the country close to 3 million hectolitres hectolitres.

A poor year that could favor the rebalancing of the sector

Despite the very low production levels, the OIV believes that the world market will remain stable overall. The weakening of demand, which has already been underway for some years, reduces the risk of imbalances between production and consumption.

The 2025 harvest therefore confirms a double movement: the one hand the fragility of production linked to climate change, the other a global system which, at least per mezzo di the short term, benefits from limited volumes to keep stocks per mezzo di balance. For the international wine sector, 2026 will be the year per mezzo di which to evaluate whether this dynamic represents an exception ora a structural transformation.