Author: Sharon Nagel
What lies ahead for the global bulk wine market? Rafael del Rey, market analyst at Del Rey AWM, takes stock of first-quarter 2026 trading and explains why, despite falling shipments, new and sometimes surprising export destinations could help partially offset weaker demand in traditional markets.
What were the most significant trends you observed in the bulk wine market during the first quarter of 2026?
The figures are disappointing. In the first quarter of 2026, the value of global bulk shipments fell by 18.8% while volumes declined by 18.9%. Total shipments stood at 7 million hectolitres worth €566 million, with average prices remaining relatively stable, edging up by 0.1%. More broadly, the market has been on a downward trend since 2021.
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What are the main reasons behind these negative figures?
There are two main factors. The first is the decline in bulk wine trade between producer countries, particularly Spanish exports to Italy and France. These flows are highly dependent on the size of each country’s harvest. In 2025, Italy’s crop was sufficient to meet its consumption and export needs, so there was little need to import additional wine from Spain in particular.
The situation was broadly similar in France. As a result, Spain’s bulk wine exports fell by 23% in the first quarter of 2026. The second factor concerns the Pacific countries, particularly Australia and New Zealand and their shipments to the United Kingdom and the United States. The US remains a difficult market for all categories of wine, including bulk, with bulk imports down by 22% by volume in the first quarter. The UK also imported less bulk wine, although the decline was more modest at 3.7%.Overall, bo...
