{"id":45112,"date":"2026-07-17T14:28:17","date_gmt":"2026-07-17T12:28:17","guid":{"rendered":"https:\/\/www.vinexposium.com\/?p=45112"},"modified":"2026-07-28T09:43:21","modified_gmt":"2026-07-28T07:43:21","slug":"rethinking-bulk-wine-markets-in-a-changing-world","status":"publish","type":"post","link":"https:\/\/www.vinexposium.com\/en\/actus\/bulk\/rethinking-bulk-wine-markets-in-a-changing-world\/","title":{"rendered":"Rethinking bulk wine markets in a changing world"},"content":{"rendered":"

Author: <\/strong>Sharon Nagel<\/p>\n

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.\u00a0<\/strong><\/p>\n

What were the most significant trends you observed in the bulk wine market during the first quarter of 2026? <\/strong><\/span><\/h2>\n

The figures are disappointing. In the first quarter of 2026<\/strong>, the value of global bulk shipments fell by 18.8% while volumes declined by 18.9%. Total shipments stood at 7 million hectolitres worth \u20ac566 million, with average prices remaining relatively stable, edging up by 0.1%. More broadly, the market has been on a downward trend since 2021.<\/p>\n

Subscribe now to access the full report and gain exclusive industry insights<\/strong><\/span><\/p>\n

What are the main reasons behind these negative figures? <\/span><\/strong><\/span><\/h2>\n

There are two main factors<\/strong>. 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\u2019s harvest. In 2025, Italy\u2019s crop was sufficient to meet its consumption and export needs, so there was little need to import additional wine from Spain in particular.<\/p>\n

The situation was broadly similar in France. As a result, Spain\u2019s 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, both trade between producer countries and shipments to final destination markets weakened during the quarter. Another factor to bear in mind is the higher price of Spanish bulk wine following the smaller 2025 harvest.<\/p>\n

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Read the report<\/span><\/a>: by Del Rey AWM<\/span><\/strong>
\n<\/span><\/strong><\/p>\n

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Some countries, such as Portugal, bucked the downward trend. How do you explain this?<\/strong><\/span><\/h2>\n

Portugal has been successful at developing new markets and increasing sales<\/strong> across a range of existing ones for all categories of wine. It imports large volumes of bulk wine, particularly from Spain, before adding value in different ways. Some of that wine is bottled before being exported, while some of it is re-exported in bulk. Both segments are performing well.<\/p>\n

Alongside New Zealand, Portugal is the only country to increase its exports during the period. It is a good example of how reducing dependence on trade with other producer countries can pay off. Spain, by contrast, remains heavily reliant on demand from major producer countries such as France and Italy.<\/p>\n

Among the major bulk importers and exporters, which countries had the greatest impact on the overall decline in trade? <\/span><\/strong><\/span><\/h2>\n

On the export side, Spain had by far the biggest impact, followed by Australia, which saw sales drop by 11% and Italy, which recorded a 34% fall. On the import side, the largest contributors to the downturn were Italy, which also reduced imports of grape must, followed by France, the United States and Canada. US bulk wine imports fell by 22% in volume during the first quarter, making it one of the most significant declines.<\/p>\n

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Here is the report<\/a><\/span> prepared by Del Rey AWM<\/span><\/strong>
\n<\/span><\/strong><\/p>\n

\n

Your report shows that all the leading bulk wine markets have decreased by volume and value over the past three years. Is this simply a post-pandemic correction or does it point to something more structural?<\/strong><\/span><\/h2>\n

It’s difficult to say. One of the biggest challenges in analysing market trends is distinguishing between structural shifts and temporary factors. Both are at play. On the structural side, the decline in global consumption has affected every category of wine, albeit to varying degrees, since the post-pandemic recovery.<\/p>\n

The more short-term factors include harvest size and prices, which are closely linked. Spain\u2019s short crop last year pushed up prices, prompting countries like France and Italy to reduce their purchases of Spanish wine.<\/p>\n

\"Many @vinexposium<\/p>\n

Climate instability has come even into even sharper focus this year. How is it likely to affect the Northern Hemisphere harvest? <\/span><\/strong><\/span><\/h2>\n

We have certainly experienced much warmer weather over the past few weeks and months and this may affect the European harvest. Although there was plenty of rainfall over the winter and early spring, it is still too early to assess how the current heatwave will affect the crop. Paradoxically, an average or even a good harvest could create fresh challenges for the market.<\/p>\n

In Spain, for example, an average harvest would amount to around 42 million hectolitres, while annual sales are closer to 30 million. A particularly large harvest would therefore be a cause for concern. The warmer weather could also influence demand by wine style, encouraging greater consumption of white wines and other lighter, more refreshing drinks including spritzes.<\/p>\n

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Review the study<\/span><\/a>: by Del Rey AWM
\n<\/span><\/strong><\/p>\n

\n

Your report shows that European bulk exports of white wine are no longer performing as strongly as they once did\u2026<\/strong><\/span><\/h2>\n

In reality, all categories of bulk wine are in decline, so there is no clear growth story. That said, there are some encouraging exceptions. Germany, for example, continues to import significant volumes of white wine for Sekt production.<\/p>\n

Performance tends to be highly market-specific. Portugal increased its bulk wine imports, but so did Angola, Morocco, Japan, Croatia, Finland and Poland, with some recording particularly strong growth. During the first quarter, Morocco\u2019s bulk imports soared by 261%. Although this was from a relatively small base, the increase is still impressive. These markets may not yet rank among the largest by volume, but they deserve close attention. They offer good opportunity for diversification.<\/p>\n

Bag-in-box sales have performed well for several years, but their momentum now appears to be stalling \u2026 <\/span><\/strong><\/span><\/h2>\n

Unfortunately, bag-in-box<\/strong><\/a><\/span> has not escaped the broader downturn, but its decline is less dramatic than for bulk wine. Over the first quarter, it dropped by 9.7% by volume and 11% by value. The category performed extremely well during the pandemic before stabilising and now declining.<\/p>\n

Sales remain heavily concentrated in Scandinavia as well as Germany and Great Britain. One interesting development is Spain, where bag-in-box exports are growing. This could indicate a gradual shift away from straight bulk wine towards higher value packaging. More generally, prices of boxed wines are relatively resilient, declining by just 1.5% this year to \u20ac1.95 a litre.<\/p>\n

In recent years, average prices have consistently outperformed those for bulk wine. It has always seemed somewhat paradoxical that Spain, the world\u2019s largest bulk wine exporter, was not exporting more wine in bag-in-box format, given the additional value it can generate. In the first quarter of 2026, Italy was the main driver behind the global decline in bag-in-box exports, with volumes down 16%, while Spain \u2013 now the world\u2019s leading exporter of boxed wines by volume \u2013 and South Africa both recorded growth.<\/p>\n

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Find out<\/a><\/span> about the report prepared by Del Rey AWM<\/strong><\/p>\n

\n

Current indicators remain subdued, but are there any signs that a recovery may lie ahead? <\/strong><\/span><\/h2>\n

If we focus on final destination markets, everything ultimately depends on consumer demand, which remains weak. We could take a cautiously optimistic view and hope that the decline in consumption has slowed but there are still no clear signs of recovery. The factors affecting consumption \u2013 global uncertainty, economic pressures, increasingly negative attitudes towards alcohol and ongoing health concerns \u2013 remain firmly in place.<\/p>\n

Trade between producer countries will depend largely on the size of the upcoming harvest: if the crop is low, producers will need to supplement their own production with imported bulk wine. If, however, output is normal or above average while sales remain sluggish, their import requirements are likely to remain limited. Spain, in particular, needs to reconsider its dependence on a small number of export markets.
\nNearly 80% of its bulk wine exports are shipped to just four countries \u2013 France, Germany, Italy and Portugal \u2013 which represents a significant commercial risk.<\/p>\n

Any final thoughts? <\/span><\/strong><\/span><\/h2>\n

I would keep a close eye on the smaller importing countries. Trade flows can sometimes prove short-lived, but they can also reveal important new opportunities. Take the Ivory Coast, for example.<\/p>\n

Last year it became Spain\u2019s fourth largest bulk wine market. I can\u2019t say what happened to all that wine, but it certainly challenged the assumption that Spain relies on four traditional markets.<\/p>\n

Although imports have fallen this year, it will be interesting to see whether developments in countries such as Morocco, Croatia or even Togo prove to be lasting trends. Some of the most encouraging opportunities may ultimately emerge from these less traditional destinations.<\/p>\n

\"Cover<\/a>

Report Vinexposium X WBWE Rafael del Rey Bulk on June 2026<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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 (\u2026)<\/p>\n","protected":false},"author":14,"featured_media":45097,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[365],"tags":[],"class_list":["post-45112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulk","format-article"],"acf":[],"yoast_head":"\nRethinking bulk wine markets in a changing world – Vinexposium<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vinexposium.com\/en\/actus\/bulk\/rethinking-bulk-wine-markets-in-a-changing-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rethinking bulk wine markets in a changing world – Vinexposium\" \/>\n<meta property=\"og:description\" content=\"Author: Sharon Nagel What lies ahead for the global bulk wine market? 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