Greek Wines Command Higher Prices in World Export Markets

Greek wines are steadily commanding higher prices in overseas markets, underscoring the increasingly premium quality of the country’s vintages and helping to support the overall value of Greek exports.

Last year, the price of Greek wine increased between 3.6 percent and 5.8 percent on average across the country’s major export markets inside and outside the European Union.

That included a 12.7 percent price jump in Greek wine exports to France, one of Europe’s most sophisticated wine markets, and a 6.4 percent price increase in exports to the U.S., one of the world’s fastest-growing and most competitive wine markets.

The data, derived from official statistics by Greece’s Central Cooperative Union of Wine Products (KEOSOE) also show that exports to Germany, Greece’s single biggest export market that accounts for more than half of Greek exports, rose to €2.71 per kilogram last year, up 6.4 percent from €2.55 in 2022.

Overall, the rising prices commanded worldwide surpassed the average price increase over the previous five years, confirming the premium trend in Greek production.

Greece’s wine industry has been transforming with the entry of hundreds of new vintners and a growing appreciation for Greek wines abroad. Four Greek wineries are among the world’s top wineries listed by Wine & Spirits Magazine, while leading international media, like The New York Times, have favorably reviewed Greek wines in recent years.

Related: Top Ten Greek Wines

Drop in production of Greek wines

However, higher prices are also due to the fall in worldwide production, including in Greece.

In 2023, the International Organization of Vine and Wine (OIV) predicted world wine production would fall to its lowest level in sixty years and, in Greece, a significant decrease of 45 percent compared to 2022 was expected.

This was due to poor harvests in the Southern Hemisphere and in some major European producers, including Greece.

Based on the information collected on twenty-nine countries, which accounted for 94 percent of the global production in 2022, world wine production (excluding juices and musts) in 2023 was expected to have been between 241.7 mhl and 246.6 mhl, with a mid-range estimate at 244.1 mhl . This would represent a decrease of seven percent compared to the already below-average volume of 2022, OIV said.

Greece had an expected wine production in 2023 of 1.1 mhl. This volume represents a significant decrease not only from 2022 (-45 percent) but also from its last five-year average (-50 percent).

This can be attributed to the heavy rainfalls during spring which caused grape diseases (notably downy mildew) and to elevated temperatures and drought in summer months that strongly impacted the vines, OIV notes.

In early September 2023, the Greek Winemakers Association’s leader, Yiannis Voyatzis, said that wine production was expected to drop by 30 percent, primarily attributed to the prevalence of downy mildew.

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