{"id":46436,"date":"2026-10-06T18:15:14","date_gmt":"2026-10-06T16:15:14","guid":{"rendered":"https:\/\/www.vinexposium.com\/?p=46436"},"modified":"2026-10-07T14:03:37","modified_gmt":"2026-10-07T12:03:37","slug":"a-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge","status":"publish","type":"post","link":"https:\/\/www.vinexposium.com\/en\/actus\/bulk\/a-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge\/","title":{"rendered":"A tougher year for bulk wine, but pockets of growth emerge"},"content":{"rendered":"<p><strong>Author: <\/strong>Sharon Nagel<\/p>\n<p><strong>Global bulk wine shipments experienced double-digit declines in volume and value during the first half of 2026, hit by falling consumption, geopolitical disruptions and shifting trade flows. Yet behind the headline figures lie a number of unexpected developments, as Rafael del Rey explains in this interview based on his latest report. \u00a0<\/strong><\/p>\n<h2><span style=\"font-size: 0.8em; color: #84273b;\"><strong>The latest data for H1 2026 shows a sharp contraction in the global bulk wine trade.<br \/>\nHow severe is this downturn compared to the rest of the wine industry? <\/strong><\/span><\/h2>\n<p><span class=\"NormalTextRun SCXW179196624 BCX8\">According to th<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">e data,<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">bulk wine has been hit harder than<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> any other categor<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">y<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">, and despite its traditional resilience, it has not<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> escape<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">d<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> the <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">broader<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> decline<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> affecting the wine sector<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">.<\/span><br \/>\n<strong><span class=\"NormalTextRun SCXW179196624 BCX8\">T<\/span><\/strong><span class=\"NormalTextRun SCXW179196624 BCX8\"><strong>wo main factors<\/strong> explain <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">the<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">contraction during the first half of the year.<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">The first is the sharp<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> reduction <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">in<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">trade<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">between<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> producer<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> countrie<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">s<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">, which accounts for a <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">significant<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> share of the decline<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">This is <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">especially important<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> for Spain<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">,<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> whose exports to<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> both<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> Italy and France <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">fell substantially<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">.<\/span><\/p>\n<p><span class=\"NormalTextRun SCXW179196624 BCX8\">Spain&#8217;s bulk export<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">s <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">are <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">heavily<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> dependent on <strong>four <\/strong><\/span><strong><span class=\"NormalTextRun SCXW179196624 BCX8\">key <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">markets<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">: <\/span><\/strong><span class=\"NormalTextRun SCXW179196624 BCX8\"><strong>France, Italy, Germany and Portugal<\/strong>. <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">When demand weakens in one or two of these destinations<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">, <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">the impact on Spanish shipments is immediate<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">. <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">Both Italy and<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> France <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">currently hold relatively<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> high<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> inventories<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">as<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> production <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">continues to outpace<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> sales<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">,<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">reducing their need for imported<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> wine<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">.<\/span><\/p>\n<p><span class=\"NormalTextRun SCXW179196624 BCX8\">In<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> Italy, <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">demand can fluctuate dramatically from<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">one year <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">to the next<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">, while<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> France<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> tends to be more stable. E<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">ven <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">during periods of<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">crisis and <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">distillation<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">, it continues to import<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> around 3 million hectolit<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">re<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">s of Spanish wine<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> annually<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">. <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">B<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">ulk wine shipments to <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">end<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> markets<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> also faced several headwinds during<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> H1.<\/span><\/p>\n<p><span class=\"NormalTextRun SCXW179196624 BCX8\">Trade<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> from Canada to the <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">United States<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">declined amid<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">ongoing<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> commercial tension<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">s<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">New Zealand<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">\u2019s exports also fell<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">, p<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">articularly in value<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> terms, as producers prioritised<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> volumes<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> over prices<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">. <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">Likewise,<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">Chile <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">recorded a sharp drop in<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> bulk exports<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">, <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">especially<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> to Germany, the United States<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> and<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> China. <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">Part of this decline<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">was <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">offset<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">by<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">stronger<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">shipments<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> to Spain<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">,<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> which <\/span><span class=\"NormalTextRun SCXW179196624 BCX8\">was dealing with<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> a<\/span> <span class=\"NormalTextRun SCXW179196624 BCX8\">particularly<\/span><span class=\"NormalTextRun SCXW179196624 BCX8\"> small harvest.<\/span><\/p>\n<p><span style=\"font-size: 1em; background-color: #fdf2ec;\"><strong>Subscribe now to access the full report and gain exclusive industry insights<\/strong><\/span><\/p>\n<h2><span style=\"color: #84273b;\"><strong><span style=\"font-size: 0.8em;\">Did any of the data surprise you? <\/span><\/strong><\/span><\/h2>\n<p><span class=\"NormalTextRun SCXW105713903 BCX8\">The increase in<strong> bulk imports into Denmark<\/strong> was<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> certainly unexpected<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">. In the 12 months to June 2026, <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">Denmark<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> imported <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">193 million litres of wine<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> across all<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> categories<\/span> <span class=\"NormalTextRun SCXW105713903 BCX8\">and export<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">ed<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> 44.4 million. <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">Interestingly, while <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">55% of its total<\/span> <span class=\"NormalTextRun SCXW105713903 BCX8\">wine exports are in <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">BIBs, <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">only 7.7% of <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">its<\/span> <span class=\"NormalTextRun SCXW105713903 BCX8\">imports <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">arrive<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> in this format. <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">By contrast<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">,<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> 38%<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> of total Danish wine imports<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">, equivalent to <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">74 million<\/span> <span class=\"NormalTextRun SCXW105713903 BCX8\">litres<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">, <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">are<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\"> in bulk<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">. This suggests that <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">Denmark <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">is <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">acting <strong>as a packaging<\/strong><\/span><strong><span class=\"NormalTextRun SCXW105713903 BCX8\"> and re-export <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">hub<\/span><\/strong><span class=\"NormalTextRun SCXW105713903 BCX8\">, <\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">processing a significant share of its bulk wine imports before shipping them on to neighbouring markets, principally<\/span> <span class=\"NormalTextRun SCXW105713903 BCX8\">Sweden, Germany and Norway<\/span><span class=\"NormalTextRun SCXW105713903 BCX8\">.<\/span><\/p>\n<hr \/>\n<p><strong><a href=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/Report-to-Vinexposium-Bulk-Wine-Markets-09-2026.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #84273b;\">Read the report<\/span><\/a><span style=\"color: #000000;\">: by Del Rey AWM<\/span><\/strong><strong><span style=\"color: #000000;\"><br \/>\n<\/span><\/strong><\/p>\n<hr \/>\n<h2><span style=\"font-size: 0.8em; color: #84273b;\"><strong>Is the overall trend a temporary cyclical drop due to recent harvests, or part of a longer structural decline? <\/strong><\/span><\/h2>\n<p><span class=\"TextRun SCXW268281328 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW268281328 BCX8\">I <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">would view the current downturn primarily<\/span><strong><span class=\"NormalTextRun SCXW268281328 BCX8\"> as a cyclical <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">rather than a structural issue<\/span><\/strong><span class=\"NormalTextRun SCXW268281328 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW268281328 BCX8\">The wine sector is undoubtedly facing<\/span> <span class=\"NormalTextRun SCXW268281328 BCX8\">a<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\"> range of <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">long-term<\/span> <span class=\"NormalTextRun SCXW268281328 BCX8\">challenges<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">, including <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">declining consumption<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\"> in many markets. However, trade is also being affected by significant fluctuations<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\"> in production volumes<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">, often driven by <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">weather<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">-related factors. These supply shocks tend to have a greater impact on bulk wine than on bottled wine because the bulk market is particularly sensitive to price movements.<\/span><\/span><\/p>\n<p>While such disruptions are generally<span class=\"NormalTextRun SCXW268281328 BCX8\"> temporary<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">, their effect on trade can be<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\"> immediate<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">. <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">When production <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">falls and<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\"> prices rise<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">, buyers become more cautious. If inventories are already sufficient and customers have limited purchasing needs, <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">the impact on sales can be dramatic, <\/span><span class=\"NormalTextRun SCXW268281328 BCX8\">as we have seen<\/span><span class=\"NormalTextRun SCXW268281328 BCX8\"> this year.<\/span><span class=\"EOP Selected SCXW268281328 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<h2><span style=\"color: #84273b;\"><strong><span style=\"font-size: 0.8em;\">One country that stands out this year for volume and value gains is South Africa. Do you have an explanation for this? <\/span><\/strong><\/span><\/h2>\n<p><span class=\"TextRun SCXW130171909 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130171909 BCX8\">I have not <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">looked closely enough at the data to identify a <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">definitive explanation<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW130171909 BCX8\">However, <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">South Africa<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">\u2019s two <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">largest<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\"> bulk wine <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">markets <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">are <strong>the United Kingdom and Germany<\/strong><\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">, <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">and<\/span> <span class=\"NormalTextRun SCXW130171909 BCX8\">both posted strong growth<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">.<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW130171909 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130171909 BCX8\">A<\/span><\/span><span class=\"TextRun SCXW130171909 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130171909 BCX8\">t the same time, <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">Chilean <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">bulk wine <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">exports to Germany <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">fell<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\"> sharply<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">, suggesting that<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\"> some degree of <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">substitution <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">occurred<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">, <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">whether <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">because of<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\"> pric<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">ing, availability or<\/span> <span class=\"NormalTextRun SCXW130171909 BCX8\">buyer-supplier<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\"> relations<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">hips<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">. <\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">Ultimately, a great deal of bulk wine trade is shaped by the specific<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\"> relationships between sellers and buyers<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">, which can have a significant impact on sourcing decisions<\/span><span class=\"NormalTextRun SCXW130171909 BCX8\">.\u00a0<\/span><\/span><span class=\"EOP Selected SCXW130171909 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<hr \/>\n<p><strong>Here is the <span style=\"color: #84273b;\"><a style=\"color: #84273b;\" href=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/Report-to-Vinexposium-Bulk-Wine-Markets-09-2026.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a><\/span> <span style=\"color: #000000;\">prepared by Del Rey AWM<\/span><\/strong><strong><span style=\"color: #000000;\"><br \/>\n<\/span><\/strong><\/p>\n<hr \/>\n<h2><span style=\"font-size: 0.8em; color: #84273b;\"><strong>The US harvest is expected to be relatively short this year and yet there was a sharp decline in bulk wine imports. Can you explain this?<\/strong><\/span><\/h2>\n<p><span class=\"TextRun SCXW253067517 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW253067517 BCX8\">There are<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> two <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">clear <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">factors affecting the US<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> bulk wine market<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">. <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">The first is the continued<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> decline in wine consumption<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">, <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">which is impacting<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">both domestic<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">and <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">overseas<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">producers<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> alike<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">The second <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">consists <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">of<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> what are<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> hopefully more temporary <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">factors<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">, <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">notably<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> tariffs<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> and broader trade tensions<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">. <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">These have had a<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> marked impact<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">on<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">trade flows<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> between the <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">United States<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> and Canada. <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">A<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">substantial volume of<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">bulk <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">wine enters the US<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> from Canada at <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">exceptionally<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> low prices<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">, <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">sometimes as little<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">as<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> 25 cents per lit<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">re<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">.<\/span><\/span><\/p>\n<p><span class=\"NormalTextRun SCXW253067517 BCX8\">Importantly,<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> these <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">are<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> probably<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> not<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> Canadian-produced wines. <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">What is striking is that<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> these <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">volumes<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> have <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">not been <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">replaced by<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">shipments<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> from <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">other <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">origins,<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> suggest<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">ing<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> that <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">they<\/span> <span class=\"NormalTextRun SCXW253067517 BCX8\">serve <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">a market <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">segment that<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> cannot<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\"> easily <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">be <\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">sourced elsewhere<\/span><span class=\"NormalTextRun SCXW253067517 BCX8\">.\u00a0<\/span><span class=\"EOP Selected SCXW253067517 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"wp-image-46453 size-full\" src=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/A-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge.webp\" alt=\"Cellar where bulk wines are gathered.\" width=\"100%\" height=\"auto\" srcset=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/A-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge.webp 900w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/A-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge-300x167.webp 300w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/A-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge-768x427.webp 768w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/A-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge-200x111.webp 200w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/A-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge-292x162.webp 292w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/A-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge-450x250.webp 450w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/> Credit: Unsplash<\/p>\n<h2><span style=\"color: #84273b;\"><strong><span style=\"font-size: 0.8em;\">Are there emerging markets that bulk wine exporters should be focusing on more to offset declines in traditional markets?<\/span><\/strong><\/span><\/h2>\n<p><span class=\"TextRun SCXW30902431 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW30902431 BCX8\">In Spain<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">\u2019s case, as<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> the <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">world\u2019s <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">largest bulk <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">wine <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">exporter, <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">two markets that stand out are C\u00f4te d\u2019Ivoire <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">and Morocco. <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">Both<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> have become <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">major<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> importers of Spanish bulk<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> wine<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW30902431 BCX8\">That said, it is<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> still <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">to<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">o<\/span> <span class=\"NormalTextRun SCXW30902431 BCX8\">early to <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">know<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> whether <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">this <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">signals<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> a <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">lasting<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> trend or <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">a<\/span> <span class=\"NormalTextRun SCXW30902431 BCX8\">temporary <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">surge driven by specific market conditions<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW30902431 BCX8\">The key question is whether demand remains consistent<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> over a longer period<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">. If it does, the implications<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> for Spain <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">could be <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">substantial<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">.<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> Last year,<\/span> <span class=\"NormalTextRun SCXW30902431 BCX8\">C\u00f4te d\u2019Ivoire<\/span> <span class=\"NormalTextRun SCXW30902431 BCX8\">became<\/span> <span class=\"NormalTextRun SCXW30902431 BCX8\">the fourth largest <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">destination<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> for Spanish <\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">bulk wine<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\"> export<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">s<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">, and it ranks third in 2026<\/span><span class=\"NormalTextRun SCXW30902431 BCX8\">.<\/span><\/span><span class=\"EOP SCXW30902431 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<hr \/>\n<p><strong><a href=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/Report-to-Vinexposium-Bulk-Wine-Markets-09-2026.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #84273b;\">Review the study<\/span><\/a><span style=\"color: #000000;\">: by Del Rey AWM<br \/>\n<\/span><\/strong><\/p>\n<hr \/>\n<h2><span style=\"font-size: 0.8em; color: #84273b;\"><strong>The report highlights that bag-in-boxes generally fared better than bulk wines. Should suppliers be focusing more on the category to improve price points? <\/strong><\/span><\/h2>\n<p><span class=\"TextRun SCXW189292250 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW189292250 BCX8\">T<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">his <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">is <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">something I&#8217;ve been <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">advocating<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">for many years, <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">particularly <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">among<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> Spanish exporters<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">.<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">Bag<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">-in-box <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">can<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">certainly <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">provide<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> a small<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> but <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">meaningful<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> alternative <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">outlet for<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> some bulk wines because <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">it<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">serves<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> a different<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> and generally more stable <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">market<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> at better prices<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">.<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> It <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">offers producers an opportunity to diversify their<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> product <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">mix<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">, <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">increase<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> average <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">selling <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">prices and<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">, potentially, improve <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">profitability, especially <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">in<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> countries <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">that traditionally sell bulk at<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> very low<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> prices<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">. <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">That said<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">, the scale <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">of the category <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">is <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">fundamentally<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> different <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">from that of<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> bulk wine. It<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> remains<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> a much smaller market and <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">is heavily<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> concentrated <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">in<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> Scandinavia.<\/span><\/span><\/p>\n<p>Some countries have performed <span class=\"NormalTextRun SCXW189292250 BCX8\">particularly<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> well <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">in this segment.\u00a0<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">France<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">, for <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">example<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">, <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">achieves an<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> average <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">export <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">price of <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">\u20ac<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">3<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">.<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">35 per <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">litre<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> for bag-in-box wine<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">, which <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">is <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">remarkably<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> high and <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">rose<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">8% <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">during<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> the first half of 2026<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">.<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> For Spain too, <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">bag-in-box<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> ha<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">s<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> become <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">an attractive complement<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> to bulk wine<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> exports<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">. <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">However,<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> market <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">conditions remain mixed.<\/span><\/p>\n<p><span class=\"NormalTextRun SCXW189292250 BCX8\">France and the USA grew sharply, while <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">Sweden <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">recorded a decline<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> this year <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">as did Norway, the Netherlands, the UK and<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> Germany. <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">More broadly<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">, <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">I<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> am<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">concerned<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> about Germany<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">\u2019s outlook<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">as a wine<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">&#8211;<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">import<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">ing market. The challenges extend beyond the wine sector itself, as the wider<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\"> German economy <\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">is<\/span> <span class=\"NormalTextRun SCXW189292250 BCX8\">currently under considerable pressure<\/span><span class=\"NormalTextRun SCXW189292250 BCX8\">.\u00a0<\/span><span class=\"EOP Selected SCXW189292250 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<h2><span style=\"color: #84273b;\"><strong><span style=\"font-size: 0.8em;\">Over the past 10 years, new bulk supplier countries, many from Eastern Europe, have entered the market. How do you explain this?<\/span><\/strong><\/span><\/h2>\n<p><span class=\"TextRun SCXW250176676 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250176676 BCX8\">It<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> i<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">s not <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">always <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">easy to <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">identify<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> the <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">precise drivers<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> behind <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">these trends<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">, but <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">the newer supplier countries<\/span> <span class=\"NormalTextRun SCXW250176676 BCX8\">are facing the same challenging market conditions as everyone else<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">. M<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">any <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">wine<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">&#8211;<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">produc<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">ing nations <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">are increasingly looking <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">to<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> international markets<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">, not <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">only<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> for<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> bottle<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">d<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> wine but also for bul<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">k<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> wine, as they seek additional outlets for their production<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">.<\/span><\/span><\/p>\n<p><span class=\"NormalTextRun SCXW250176676 BCX8\">However, competition in the bulk segment is extremely intense<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">. <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">The<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> stock levels<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> held by the<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> three <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">major <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">producer countries<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">, <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">France, Italy and Spain<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">,<\/span> <span class=\"NormalTextRun SCXW250176676 BCX8\">are<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> creating unusual market dynamics and putting significant pressure on prices. This may help explain developments that would have seemed unlikely in the past, such as <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">French bulk wine being exported <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">to<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> Spain at <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">highly<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> competitive prices<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">.<\/span><\/p>\n<p><span class=\"NormalTextRun SCXW250176676 BCX8\">Historically,<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> France <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">had never<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> compete<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">d<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> with Spain on price<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">. The most plausible <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">explanation for <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">this reversal<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> is the <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">large volume<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\"> of wine <\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">stocks that producers are holding. In some cases, the priority has become moving wine out of storage,<\/span> <span class=\"NormalTextRun SCXW250176676 BCX8\">even if that means accepting very low prices<\/span><span class=\"NormalTextRun SCXW250176676 BCX8\">.\u00a0<\/span><span class=\"EOP Selected SCXW250176676 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<hr \/>\n<p><strong><span style=\"color: #84273b;\"><a style=\"color: #84273b;\" href=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/Report-to-Vinexposium-Bulk-Wine-Markets-09-2026.pdf\" target=\"_blank\" rel=\"noopener\">Find out<\/a><\/span> about the report prepared by Del Rey AWM<\/strong><\/p>\n<hr \/>\n<h2><span style=\"font-size: 0.8em; color: #84273b;\"><strong>Are there any bright spots looking ahead?<\/strong><\/span><\/h2>\n<p><span class=\"TextRun SCXW156879005 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW156879005 BCX8\">M<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">uch<\/span> <span class=\"NormalTextRun SCXW156879005 BCX8\">will <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">depend on the size of <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">this year\u2019s<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> harvest<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> and <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">whether<\/span> <span class=\"NormalTextRun SCXW156879005 BCX8\">major producer<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">s <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">need to <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">compensate for <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">supply<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> shortfalls<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">. The<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> market <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">has also been<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> affected <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">by <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">geopolitical <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">disruptions<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">. <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">US t<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">ariffs were <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">clearly<\/span> <span class=\"NormalTextRun SCXW156879005 BCX8\">detrimental<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">, but the uncertainty <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">surrounding trade <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">policy may have even more harmful than the <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">tariffs <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">themselves<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">. <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">Looking ahead, <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">t<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">he <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">key<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> question<\/span> <span class=\"NormalTextRun SCXW156879005 BCX8\">remains<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> consumption. Could <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">demand<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> stabilise in 2026?<\/span><\/span><\/p>\n<p><span class=\"NormalTextRun SCXW156879005 BCX8\">Health<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> and wellness <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">concerns <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">continue to influence consumers across<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> demographic<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> groups<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">, <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">while the lingering effects of<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> post-<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">pandemic<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> inflation<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> are still weighing on purchasing decisions. This makes the outlook more difficult to assess with confidence. <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">S<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">ome indicators<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> for 2026 <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">appear less negative than in <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">the <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">previous year, but at this stage, I<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> think <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">that reflects more<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> wishful thinking than <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">evidence<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">. <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">The data does not yet provide a strong basis for<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> optimism. <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">That said, there<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> are some green shoots<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">.<\/span><\/p>\n<p>Certain <span class=\"NormalTextRun SCXW156879005 BCX8\">Africa<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">n markets continue to show potential<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">, <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">while<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> white wine, no-<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">and-<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">low <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">alcohol products<\/span><span class=\"NormalTextRun SCXW156879005 BCX8\"> and wine-based cocktails <\/span><span class=\"NormalTextRun SCXW156879005 BCX8\">are offering encouraging signs. The challenge is that these developments remain limited in scale and are not yet strong enough to offset the broader pressures facing the wine industry.\u00a0<\/span><span class=\"EOP SCXW156879005 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<h2><span style=\"color: #84273b;\"><strong><span style=\"font-size: 0.8em;\">Any final thoughts? <\/span><\/strong><\/span><\/h2>\n<p>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<p>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<p>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<p><a href=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/10\/Report-to-Vinexposium-Bulk-Wine-Markets-09-2026.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-45196 size-full\" src=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026.webp\" alt=\"Cover of the report published by Vinexposium X WBWE Rafael del Rey Bulk on June 2026\" width=\"1300\" height=\"732\" srcset=\"https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026.webp 1300w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026-300x169.webp 300w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026-1024x577.webp 1024w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026-768x432.webp 768w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026-200x113.webp 200w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026-292x164.webp 292w, https:\/\/www.vinexposium.com\/wp-content\/uploads\/2026\/07\/Report_Vinexposium-X-WBWE-Rafael-del-Rey_Bulk-wine-report_June-2026-450x253.webp 450w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Author: Sharon Nagel Global bulk wine shipments experienced double-digit declines in volume and value during the first half of 2026, hit by falling consumption, geopolitical disruptions and shifting trade flows. Yet behind the headline figures lie a (\u2026)<\/p>\n","protected":false},"author":14,"featured_media":46453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[365],"tags":[],"class_list":["post-46436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulk","format-article"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A tougher year for bulk wine, but pockets of growth emerge &#8211; 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\/a-tougher-year-for-bulk-wine-but-pockets-of-growth-emerge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A tougher year for bulk wine, but pockets of growth emerge &#8211; Vinexposium\" \/>\n<meta property=\"og:description\" content=\"Author: Sharon Nagel Global bulk wine shipments experienced double-digit declines in volume and value during the first half of 2026, hit by falling consumption, geopolitical disruptions and shifting trade flows. 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