Premium wine with fine dining Photo: Courtesy of Milano Finanza

The global market for premium wines and fine dining continues to show strength and resilience. Now, the eyes of the industry are focused on Asia, new frontiers for growth in the entire experiential luxury sector.

With an estimated value of 30 billion euros ($35.2 billion) in 2024, the fine wine market remains one of the pillars of the global luxury sector, which is valued at a total of 1.48 trillion euros. Straddling the line between elite domestic consumption and Michelin-starred dining, premium wine is much more than just a beverage: it is a cultural symbol, an investment, and above all, an experience. The recent presentation of the Altagamma-Bain Fine Wines and Restaurants Market Monitor, held during the 57th edition of Vinitaly, highlighted a sector in transformation but solid in its foundations. Despite a slight slowdown of 2-3 percent recorded in 2024, the sector is expected to grow at a compound annual growth rate of 4-6 percent until 2030.

While Europe and the Americas still account for 80percent of premium wine consumption today, the Asian market, particularly China, represents the next major frontier for expansion. The Asia-Pacific and Middle East region already generates 20 percentof global demand, but its share is set to increase rapidly in the coming years. The growth of the middle class, rising disposable incomes, and the emergence of new sophisticated elites, especially in China, are fueling an ever-stronger demand for authentic luxury goods and refined experiences.

In this context, premium wine finds fertile ground. European wines, with their centuries-old stories, strong territorial identity, and internationally recognized quality, are particularly attractive to a young, cultured, and urban clientele. Moreover, the allure of "Made in Italy" remains extremely high: denominations such as Barolo, Brunello di Montalcino, Amarone, and classic method sparkling wines like Ferrari Trento are becoming increasinglypopular.

Experience at the center: high-end dining

Alongside the wine sector, fine dining is also experiencing a period of extraordinary growth. The segment recorded a 27 percent increase between 2022 and 2024, reaching 28 billion euros. Although Europe hosts over half of the 14,000 high-end restaurants worldwide, investments in luxury dining are also multiplying in Asia. Hong Kong, Shanghai, Tokyo, and Singapore are now international gastronomic capitals, favored destinations for Michelin-starred chefs and global high cuisine brands.

Wine pairings in luxury restaurants generate up to 40 percent of revenue, with an estimated value between 6 and 7 billion euros in 2024. This figure underscores how wine is no longer just an accompaniment but a central element of the gastronomic experience. In major metropolises, luxury dining has transformed into a cultural and social ritual, where wine takes center stage, accompanied by storytelling, highly trained sommeliers, and immersive settings.

Driving the sector is a new vision of luxury: less ostentation, more authenticity and emotion. After the pandemic, high-end consumers are increasingly seeking engaging experiences, rituals, and sharing. Wine perfectly meets this need: it tells stories of territories, families, traditions, and a passion for quality. Each bottle becomes a narrative, a bridge between culture and taste.

However, new generations are introducing paradigm shifts. The "NoLo" (No and Low Alcohol) trend, particularly popular among Gen Z, compels producers to rethink their offerings, exploring low-alcohol alternatives that maintain a premium positioning. This presents a challenge but also a significant opportunity to innovate and broaden the customer base.

A resilient but transforming market

The fine wine sector is characterized by extreme fragmentation. The top ten brands hold only 35 percent of the market, leaving room for a myriad of small producers. This plurality, if well leveraged, represents a strength, especially for emerging markets like Asia, where interest in artisanal productions and authentic stories is continuously growing.

The "premiumization" process that has characterized the last decade has led consumers to prioritize quality over quantity, making fine wine a conscious and culturally enriching choice. Furthermore, luxury wine is increasingly establishing itself as an investment asset: according to analysts, prices have more than doubled in ten years, with indices like the Liv-Ex Champagne-50 and Italy-100 on the rise. This dynamic is attracting more and more Asian investors, seeking tangible and collectible products.

In the global landscape, Italy occupies a strategic position, with enormous production diversity and consistent profitability: between 2015 and 2024, major Italian brands maintained EBIT margins of 15-17 percent. However, fragmentation remains a competitive limitation, especially compared to France, which dominates the segment with nine of the top ten global brands and 95 percent of retail value. Italy's strength, however, lies in its biodiversity: 20 wine regions, over 1,000 grape varieties, and a unique cultural and gastronomic heritage. These elements can captivate an increasingly discerning Asian public that values storytelling and product uniqueness.

Looking to the future, expansion into Asian markets will be crucial. Growing trade tensions and the introduction of new tariffs on European exports to the United States further emphasize the importance of the East. China, South Korea, Japan, and Southeast Asian countries represent fertile ground for Italian experiential luxury.

Targeted investments in distribution, cultural marketing, wine education, and partnerships with local dining establishments will be essential. It is through the creation of authentic experiences that Italian wine can tell its story and win over the palate—and heart—of the Asian public.