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📈 Recovery of the Fine Wine Market

📈 Recovery of the Fine Wine Market

In this week’s DECORKED digest you will read all about the wine glut, industry partnerships with cruise lines, port black market, Silvaner’s troubles, French industry’s setbacks, and much more. Keep reading!

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Happy Monday! We hope you have a great week. In this week’s DECORKED digest, you will read all about the wine glut, industry partnerships with cruise lines, port black market, Silvaner’s troubles, French industry’s setbacks, and much more. Keep reading!

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INTERESTING THIS WEEK

📉 French wine industry suffering multiple setbacks despite good harvest READ HERE

🏀NBA enters first wine partnership with Michael Jordan’s assist READ HERE

🍾 Fluted bottles are back – but now they contain decent wine READ HERE

🇬🇷 Greek wine from Santorini voted world’s best READ HERE

🍷 Wine Advocate turns from America to Europe READ HERE

🍇 Alto Adige spreads its roots in the US market READ HERE

Collection of partnerships and collaborations.

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We curate, filter, and select only the most exciting and important news for you.

ALMOST €60K OF ILLICIT RED WINE SEIZED IN IRELAND

Irish Tax and Customs officers confiscated illegal wine worth around €60,000 at Rosslare Europort in County Wexford. The interception, resulting from risk assessment measures, led to the seizure of 4,860 liters of wine labeled 'Doppio Passo Primitivo Rosso 2022' from a trailer arriving from Cherbourg, France, potentially causing a loss of over €31,700 to the Exchequer. The driver is under investigation. This incident is part of a trend of counterfeit goods seizures in recent years, with 1.7 million liters of counterfeit alcohol, including wine and vodka, seized across Europe in 2021. Additionally, Irish customs officers confiscated 24,750 liters of counterfeit wine valued at nearly €302,000 at Cork port in the same year.

SILVANER’S GERMAN PLANTINGS ARE DROPPING—BUT ITS REPUTATION IS RISING

In Franken, Germany, Silvaner grapes are gaining prominence among winemakers, who are refining cultivation techniques to improve quality. Despite a decline in plantings across Germany, Silvaner cultivation is rising in Franken, with the grape surpassing Müller-Thurgau as the region's most planted variety in 2019. Silvaner's appeal lies in its ability to ripen easily and express terroir nuances transparently, showcasing a balanced, herbal, and highly drinkable style. Renowned wine critic Jancis Robinson has praised Silvaner's merits, recognizing its potential alongside Riesling. Silvaner is valued for its understated elegance, emphasizing texture over fruitiness, and its honest expression of terroir.

WHY WINERIES ARE TEAMING UP WITH CRUISE LINES

In the modern marketing landscape, traditional advertising methods like TV commercials are yielding poor returns on investment. Brands, including wine producers, are turning to influencer marketing and unconventional strategies, such as partnerships with cruise lines, to reach consumers. Collaborating with cruise lines allows wineries to host events and tastings, expanding their reach and fostering connections with potential customers. The viral potential of social media posts from cruisers further enhances the marketing impact of these partnerships. Even without hosting specific cruises, brands benefit from the relationships formed through these collaborations, as hosts often become advocates for the brand.

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THERE’S A BIG WINE GLUT RIGHT NOW: HERE’S WHAT THAT MEANS FOR YOU

Recent global data suggests a surplus of wine production worldwide, leading to a global wine glut, where supply exceeds demand. Contributing factors include decreased wine consumption among younger generations, abundant harvests in major wine-producing regions, cautious consumer spending habits post-pandemic, and challenges in marketing to emerging markets like China and Russia. This surplus has led to significant challenges for wine producers, with some resorting to disposing of excess stock or repurposing it for other uses. Consumers can expect to find deals on bulk and older vintage wines as distributors and producers seek to move surplus inventory. Despite the challenges, the market remains diverse, with more nations and regions competing, offering consumers a wide range of options. Supporting smaller wine labels is crucial during this time of surplus.

E.U. REGULATIONS CREATED A PORT WINE BLACK MARKET

Winemaking has thrived for centuries in Portugal's Douro Valley, home to over 19,000 grape farmers and 1,000 companies managing terraced vineyards. Many of these are small family-owned properties called quintas, specializing in producing port, a sweet fortified wine. However, stringent European Union regulations, enforced by the IVDP, heavily control port production, posing challenges for small producers. Compliance with regulations, including large reserve requirements, proves difficult for some quintas, forcing them to sell port unofficially. Despite claims by the IVDP of preserving quality, critics argue that these regulations hinder market entry for new producers. As of February 2023, the European Union listed 3,500 food and drink products under geographical indication protection, regulating their naming, packaging, and sale.

FINE WINE MARKET SHOWS SIGNS OF RECOVERY

The fine wine market is rebounding after a year of decline, as indicated by the Liv-ex 100 and Liv-ex 1000 indices. WineCap notes signs of recovery, with indices like Champagne 50 and Italy 100 showing increases. Individual wines from Bordeaux, Champagne, Burgundy, Tuscany, and Piedmont are trending upward, including popular brands like Dom Pérignon, Ornellaia, and Produttori del Barbaresco Montestefano Riserva. Beyond top names, wines like Château Malescot St. Exupéry and Château Gruaud Larose in Bordeaux have seen price gains, reflecting investor interest in value. Despite ongoing opportunities for buyers, recent growth suggests a potential slow and steady market recovery in certain regions.

MOVING HOUSE: WHEN WINE STYLES CHANGE

As the world changes, so do wine styles, challenging tradition-bound domaines. Winemakers such as Enrico Rivetto in Barolo and Amélie Berthaut in Burgundy are adapting, embracing biodynamics and refining techniques for more approachable wines. Feedback varies, with some distributors welcoming transparency. However, transitioning house styles can face resistance, as many winemakers have experienced. Yet, the arrival of new generations brings positive sales changes, especially internationally. Ultimately, these domaines recognize the need for adaptation to craft exceptional wines that resonate with evolving consumer tastes.

WINE REGION OF THE WEEK: CENTRAL GREECE

Central Greece, known for being the heart of mainland Greece and home to Athens, boasts a rich wine heritage, including the famous Retsina made primarily from the Savatiano grape. While historically focused on mass production, recent years have seen a shift towards quality and experimentation with various wine styles. Despite lacking PDO-level appellations, the region features over 20 PGI wine zones. The mountainous areas provide optimal conditions for viticulture, allowing for the production of dry red and white wines with improved acidity retention due to cooler mesoclimates.

GRAPE OF THE WEEK: ASSYRTIKO

Assyrtiko, Greece's renowned wine grape, primarily thrives on Santorini, known for its versatile wines ranging from crisp whites to luscious Vinsanto dessert wines. Despite challenges posed by the island's arid climate and strong winds, growers adapt by training vines in "baskets" and spacing them further apart. Assyrtiko's susceptibility to oxidation is utilized by Santorini winemakers in crafting their distinctive Vinsanto wines.

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