Portugal’s wine sector has reaffirmed its objective of reaching €1 billion in export value by 2026, despite ongoing global economic uncertainty and shifting consumption patterns in key international markets.
The target was reiterated in early January by industry leaders, who stressed that the goal remains achievable provided current challenges are carefully navigated.
Francisco Toscano Rico, president of the Instituto da Vinha e do Vinho (IVV), said the €1 billion milestone should be viewed as both ambitious and realistic, reflecting Portugal’s long-established role as an exporting wine producer.
Speaking during a visit to wine producers in the Trás-os-Montes region, Toscano Rico highlighted that Portugal already exports more than 350 million litres of wine each year. He noted that international markets are increasingly recognising Portuguese wines for their quality and competitive pricing when compared with other major wine-producing countries.
The €1 billion export target represents around half of Portugal’s total wine production in volume terms, underlining the sector’s strong reliance on foreign markets.
Frederico Falcão, president of ViniPortugal, acknowledged that the industry had initially aimed to reach the €1 billion export mark by 2023. That objective was not met, largely due to weaker demand in some key markets.
He pointed in particular to the United States, where importers reduced orders amid uncertainty around trade rules and tariffs. The U.S. remains one of Portugal’s most important export destinations, alongside Brazil, the United Kingdom and France.
Despite these setbacks, Falcão stressed that the sector’s priority is long-term economic sustainability and value creation rather than volume alone.
He noted that average export prices have continued to rise, even as total volumes have fluctuated, indicating underlying strength in the sector. This emphasis on value over volume is seen as a strategic response to broader global trends, including declining wine consumption in several mature markets.
Recent data suggests that Portuguese wine exports have shown greater resilience than those of some competing countries, helping to maintain Portugal’s visibility on international wine lists.
Looking beyond 2026, the industry has set out further ambitions. ViniPortugal’s longer-term strategy includes a target of €1.2 billion in export value by 2030, with a focus on increasing average prices and strengthening promotional activity in priority markets.
Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, said: “This strategic direction reflects a broader shift toward enhancing the global reputation of Portuguese wines while securing sustainable growth”.
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