Editor’s Note
A new report from Bain & Company and Altagamma reveals the global fine wine and restaurant sector is now a €58 billion market. The study positions fine wine as a core luxury category, alongside fashion and jewelry, underscoring its growing economic and cultural significance.
The global fine wine and restaurant sector reached a combined value of €58 billion in 2024, according to a new report from Bain & Company and Altagamma. The study, titled “Fine Wines and Restaurants Market Monitor,” is the first of its kind conducted by Bain. It highlights that fine wines have become an essential element of the luxury market, on par with fashion, jewelry, and watchmaking.
The fine wine segment alone was valued at €30 billion last year, although it represents only 1.5% of total wine consumption by volume. This figure reflects the high price level and exclusivity of this category. Gastronomy also experienced strong growth, with a 27% rebound since 2022 to reach €28 billion. Europe remains the global leader in this field, hosting more than half of the world’s 14,000 high-end restaurants.
She notes that they play different roles for different consumers: daily pleasure for wealthy individuals, special occasion enjoyment for a broader audience, and long-term investments for collectors.
Fine wines now represent 11% of the total wine market value, underscoring their status as premium products. However, after a decade of steady growth, the market will experience a slight decline of 2-3% in 2024. Analysts attribute this shift to consumption changes linked to inflation and the growing interest of younger generations in moderating alcohol consumption.
The market is highly fragmented. While the top 10 brands hold about 35% of the global market share—similar to other luxury sectors—more than 400 producers operate in the space. The market is divided into three main segments: Collectors (€1-2 billion), Connoisseurs (€8-9 billion), and Cult wines (€19-20 billion). Each segment has its own distribution channels and competitive dynamics.
Europe continues to dominate production, accounting for 75% of global fine wine production in 2023. Europe and the Americas together consume about 80% of all fine wines. However, new markets are emerging in Asia-Pacific and the Middle East. Japan, Southeast Asia, and Gulf countries are seeing increased demand due to tourism and growing interest in luxury experiences.
Climate change is also affecting production patterns. Southern wine regions are facing higher temperatures—around 3°C during key growth periods—and more frequent droughts. Meanwhile, northern regions, such as Denmark, are becoming more suitable for viticulture. If current trends continue, grape varieties like Cabernet Sauvignon could become common in Central and Northern Europe by the end of the century.
In terms of business activity, the United States led consolidation efforts in 2024, with 30 mergers and acquisitions totaling €8 billion. France and Italy also saw an increase in M&A activity with ten deals completed this year.
Fine wines have also proven resilient as investment assets. Over the past decade, prices have more than doubled. Indices such as Liv-ex Champagne 50 and Italy 100 have risen by 34% and 20% respectively over the past five years, outperforming other luxury categories such as handbags or watches.
Consumer behavior is shifting towards premiumization. Customers are spending more on quality than quantity. Food and wine pairings now account for up to 40% of starred restaurants’ revenue. Sparkling wines have become particularly popular for out-of-home consumption due to their association with celebrations and tourist experiences.
However, challenges remain. The rise of NoLo (no- or low-alcohol) beverages among Gen Z consumers could impact future demand. Brands will need to adapt their offerings to stay relevant to younger audiences.
Bain forecasts that the fine wine market will reach between €35 and €40 billion by 2030, representing an annual growth rate of 4-6% from 2025. However, geopolitical factors could pose risks. Recent U.S. tariffs imposed by President Donald Trump could affect trade flows, particularly in lower price ranges.