Spain Agribusiness Wine Market Opportunities

In 2022, Spain’s wine industry reached a value of $11 billion. The third largest producer globally is Spain, producing 46 million hectoliters annually. Experts predict the wine industry’s revenue worldwide will increase at a compound annual rate of 0.2%. Because of wine’s economic importance to Spain and an unstable climate, Spanish officials are embracing technological solutions such as precision viticulture to ensure future profitability. Likewise, the European Union launched Cluster 6 in 2022, a strategic European fund designed to reduce environmental degradation and ensure food security using technology. 

The policy behind Cluster 6 endorses precision viticulture, a technological innovation that uses crop sensors, yield monitors, geographic information systems, and global navigational information system. It provides economic benefits and crop stability which are especially important because of the wine industries’ competitive nature. Regardless of the proven benefits of precision viticulture, there is a distinct lack of implementation in Spain and ministries are aware of it.

In 2023, at the International Organization of Vine and Wine’s 44th Annual World Congress, Spain’s Minister of Agriculture expressed support for equipping the Spanish agricultural industry with the right tools aimed towards a digital transition. Similarly, by the year 2024, Spain plans an estimated expenditure of $60 million on Geographical Information System software.

Considering the added governmental financial support in Spain, precision viticulture could take hold in the future as the country looks to implement technological solutions. U.S companies are best positioned due to their advancements in the sector.

In 2024, FIMA, an International Fair of Agricultural Machinery  in Zaragoza, Spain from the 13th to the 17th of February will show case technological advancements. The event is a favorable opportunity for U.S. companies to build their presence in Spain. 

For more information, please contact Angela Turrin.