The Italian wine sector is entering a phase of transformation, where company size, market positioning and product portfolio have become decisive variables for maintaining competitiveness. The 2026 Mediobanca survey on the industry—conducted on 255 major joint‑stock companies with over €12 billion in aggregated revenues—offers a clear picture: Italian wine remains a solid sector, but one that is increasingly selective, where top players consolidate their role within a complex market environment.
Cantine Riunite & Civ – Giv, Argea and Italian Wine Brands: who the top players of Italian wine are
In 2025, leadership in the Italian wine industry remains firmly in the hands of Cantine Riunite & Civ – Giv, which confirms its first-place position with €635.1 million in revenue, despite a 4.6% decline compared to the previous year. The drop does not weaken its primacy but highlights how even large groups are exposed to shrinking demand.
Behind it, Argea consolidates its position as the second-largest national player with €462.9 million, showing substantial stability with a minimal decrease of 0.3%. The gap between the two groups remains significant, but Argea’s resilience suggests a more robust model in an uncertain context.
Italian Wine Brands ranks third with €395.9 million and a 1.5% contraction, confirming a solid competitive position while still facing the same systemic pressures affecting the entire sector.
Among major groups and cooperatives: diverging performance trends
The picture of companies above €300 million in revenue is completed by Caviro, which records €351.3 million and a sharper decline of 8.8%. This indicates that even cooperatives—despite their aggregation strength—are not immune to market volatility.
The intermediate range between €200 and €300 million shows a highly diversified landscape. Antinori, with €259.7 million, posts a modest 0.7% decline, reflecting stability linked to its premium positioning. Herita Marzotto Wine Estates follows with €246.7 million and a 0.6% drop, while Cavit falls to €242.8 million with a 4.1% decrease.
Within this cluster, dynamics vary widely: La Marca, specialised in sparkling wines, reaches €234.7 million with a 6.5% contraction, while Terre Cevico grows by 3.4% to €213.2 million. Mezzacorona also shows a slight positive sign (+0.3% to €213 million), as does Mack & Schühle with +0.1% at €205.7 million. More pronounced is the decline of Gruppo Collis, which stops at €202.7 million with a 7.6% drop.
These variations reveal a sector where no single strategy fits all: positioning and business models lead to very different outcomes.
Export as a strategic lever for Italy’s top wine players
Among leading companies, the strategic importance of exports is evident—often crucial for business sustainability. Some players show extremely high export shares: Fantini Group reaches 95.7% of revenue abroad, Argea stands at 93.8%, and companies like Ruffino and Fratelli Castellani exceed 90%.
This strong international orientation is a competitive advantage but also exposes companies to risks linked to declining foreign markets, particularly in the United States and the European Union.
Sparkling wines, organic labels and market polarisation: the categories driving performance
Product-wise, 2025 highlights several clear trends. Sparkling wines show stronger resilience than other categories, with a limited 1.5% decline compared to the -3.3% recorded by still wines. This confirms the central role of sparkling wines as a dynamic and strategic segment for Italian wine.
Organic wine reaches a 6.2% market share, though with a slight 0.8% drop in sales—signalling a phase of stabilised growth. Still marginal is the No‑Low alcohol segment, which remains below 0.5%, indicating limited penetration in Italy compared to other markets.
The most significant data point concerns price segmentation. The mid‑range suffers the most, with a 3.1% decline, while basic and premium tiers show more contained drops of 2.7% and 2.2% respectively. This trend highlights a growing market polarisation, where value concentrates at the extremes, leaving the middle segment more vulnerable.
The geography of value in Italian wine
Territorial dynamics remain central to understanding the Italian wine system. Veneto confirms its position as the leading region, accounting for one quarter of national volumes and over 35% of total value, as well as leading exports with a share above 35%.
Emilia‑Romagna follows with 8.8% of value and 12.4% of volumes, while Piedmont represents 7.6% of value with a much smaller share of production. Puglia shows a marked imbalance between quantity and value, with 15.2% of volumes but only 7.4% of total value.
In terms of profitability, Tuscan companies show the highest operating margins, while Abruzzo leads in capital profitability with the best ROI. Veneto and Piedmont also maintain strong performance levels, confirming the link between territory, production structure and economic results.
