Global wine & must trade down 8.3% in H1 2026
World wine and grape-must trade fell 8.3% in volume and 5.2% in value in the first half of 2026, Rafael del Rey told the EU Wine Market Observatory. Average export prices rose 3.3%; sparkling was the only major category still growing in value.
Less wine moved. Prices climbed a little. Revenue still slipped.
Rafael del Rey of Del Rey AWM, presenting for the EU Wine Market Observatory from S&P Global data, put first-half 2026 trade in wine and grape must at −8.3% in volume and −5.2% in value versus a year earlier. Average export price rose 3.3%. Wine alone (excluding must) was about €15.85 billion and 43.1 million hectolitres — down 5.1% in value and 8% in volume.
Bulk felt the cut deepest: volume −14.5% to 14 million hectolitres, value −12.5%. Still bottled wine stayed the revenue giant at €10.64 billion but fell 6.2% in value and 5.3% in volume. Sparkling was the lone resilient major category — value +0.3% to €3.76 billion even as volume slipped 1.2%.
Among big exporters, Spain lost 16.8% volume and 8.9% value; Italy −4% / −6.2%; France −1.5% / −2.2%. Of the 17 leading exporters tracked, only South Africa grew export value. On the buy side, U.S. import value dropped 25.2%.
Volume has been shrinking harder each half since 2025. Price stability near €3.60–€3.70 per litre cushions revenue; it does not refill the tanks.
Mini-concept: a higher average price can soften a volume crash on the spreadsheet — it cannot invent drinkers who stopped ordering.
Keep: a soft drink never needed an observatory half-year. A wine bottle did — ask whether the case still crossed a border, or only the price rose.
Remember: H1 wine+must −8.3% vol / −5.2% value; wine alone ~€15.85bn / 43.1 mhl; bulk −14.5% vol; sparkling value +0.3%; Spain −16.8%/−8.9%; US imports −25.2% value; only SA grew export value among top 17.
Source: Vinetur / Del Rey AWM for EU Wine Market Observatory