Alto Adige and Valle d’Aosta lead the European rankings, followed by Liguria and Piedmont. Tuscany, Molise, Veneto, and Friuli-Venezia Giulia complete the Italian picture. But beware: the value generated by a vineyard does not coincide with its market price.
How much is a hectare of vineyard really worth? And, above all, how much economic value can it generate each year?
These are two different questions, but increasingly important for those working in the wine sector: winemakers, wineries, investors, family offices, and entrepreneurs interested in acquiring agricultural companies.
A study by the American Association of Wine Economists (AAWE) , developed on the basis of FADN 2024 – Farm Accountancy Data Network data, allows us to observe the vineyard from a particularly interesting perspective: the net added value generated by the company per hectare of vineyard surface .
The result highlights a geography of European wine very different from what might emerge by simply observing the fame of the denominations, the number of bottles produced, or the price of the land.
Champagne is out of reach, but Italy takes the podium.
In first place we find Champagne-Ardenne , with a net added value of around 60,030 euros per hectare .
Behind it, however, come two Italian territories.
Alto Adige reaches 32,155 euros per hectare , while Valle d’Aosta is practically at the same level, with 32,043 euros per hectare . These two relatively small regions are characterized by strongly identifiable production and, in the case of Valle d’Aosta, also by mountainous and heroic viticulture.
An interesting fact because it demonstrates one thing: to create value it is not necessarily essential to produce large volumes .
The ability to differentiate the product, territorial identity, positioning and limited availability can become economically more important than production size.
The ranking of the main Italian areas
Considering the Italian territories reported by the AAWE study, this picture emerges:
Position among the Italian areas
Region/area
Added value per hectare
1
South Tyrol
€32,155/ha
2
Aosta Valley
€32,043/ha
3
Liguria
€21,177/ha
4
Piedmont
€18,253/ha
5
Tuscany
€12,447/ha
6
Molise
€12,275/ha
7
Veneto
€11,609/ha
8
Friuli-Venezia Giulia
€9,373/ha
9
Trentino
€8,831/ha
10
Basilicata
€7,547/ha
11
Puglia
€7,058/ha
12
Lombardy
€6,933/ha
13
Emilia-Romagna
€6,650/ha
14
Lazio
€6,595/ha
Source: Based on AAWE/FADN 2024 data reported in the attached document. The study table is reproduced on pages 1 and 3 of the document.
Liguria: little vineyard, a lot of value
Liguria ‘s result is particularly significant, with 21,177 euros per hectare even placing it ahead of Piedmont.
It is an emblematic example of how scarcity can be transformed into value.
The terraced vineyards, the Cinque Terre, Western Liguria, the difficulties of cultivation and the limited availability of land make this viticulture difficult to replicate.
Liguria is in fifth place overall in the ranking, immediately after Burgundy, which reaches 25,312 euros per hectare.
Piedmont: Barolo and Barbaresco push up value
Piedmont reaches 18,253 euros of added value per hectare .
Here we find some of the strongest names in Italian wine: Barolo, Barbaresco, Barbera d’Asti, Alta Langa, Gavi and Asti.
The region occupies eighth position in the European ranking considered by the study.
Even in this case, however, the regional average figure must be interpreted with caution.
A hectare in the Langhe area of Barolo evidently does not have the same economic, commercial, and patrimonial characteristics as a vineyard located in a lesser-known area of Piedmont.
And this is precisely one of the most important aspects to consider when talking about the value of vineyards .
Tuscany: the weight of the major denominations
Tuscany records 12,447 euros per hectare .
Behind this average, extremely diverse realities coexist: Chianti Classico, Bolgheri, Brunello di Montalcino, Vino Nobile di Montepulciano, Vernaccia di San Gimignano, Maremma, Chianti and IGT Toscana.
It is therefore difficult to speak of a single “Tuscan vineyard”.
The economic value of a hectare depends significantly on the denomination in which it is included, the possibility of claiming certain DOC or DOCG status, the quality of the location and, of course, the commercial capacity of the company that transforms those grapes into wine.
The Molise surprise
One of the perhaps least predictable results of the study is that of Molise .
With 12,275 euros per hectare , it is placed immediately behind Tuscany and ahead of Veneto.
This fact deserves attention because it demonstrates how even regions less present in international communication can demonstrate a strong capacity for value creation.
Tintilia probably represents the most interesting example of this search for territorial identity.
Veneto: Prosecco, Amarone, and a highly diversified viticulture
Veneto , with 11,609 euros per hectare , represents a special case.
In fact, within the same regional data, profoundly different territories and production models coexist: Conegliano Valdobbiadene Prosecco Superiore DOCG, Asolo Prosecco Superiore DOCG, Prosecco DOC, Amarone della Valpolicella, Soave, Valpolicella, Bardolino and Lugana .
This makes the limitation of regional averages particularly evident.
There can be enormous differences between a vineyard intended for the production of a wine with a high potential for commercial valorization and one intended primarily for volume production.
Friuli-Venezia Giulia: quality and positioning
Friuli-Venezia Giulia reaches 9,373 euros per hectare , with particularly suitable territories such as Collio and Colli Orientali.
Even here, the value of the land does not tell the whole story.
Over the years, Friuli has built a particularly strong identity around quality white wines and often small-sized wineries, where the region, brand, and producer’s reputation can significantly impact their ability to create value.
Vineyard price and profitability: two values not to be confused
This is probably the most important point of the whole analysis.
The values indicated by the study do not represent the purchase price of a hectare of vineyard.
Instead, they represent the company’s net added value per hectare , and therefore a measure of the wealth generated by the wine-growing activity.
A vineyard may have a very high capital value but it does not necessarily guarantee, proportionally, the highest profitability.
Likewise, a lesser-known area may have more affordable land prices and produce interesting returns.
And it is precisely this relationship between purchase price and income-generating capacity that should become one of the main evaluation parameters for those considering a wine investment today.
There is no single price per region
The same study calls for caution in interpreting the ranking.
The data aggregates very large territories, and the internal differences can be enormous. The document explicitly cites cases like Tuscany, Piedmont, and Burgundy, where highly prestigious areas coexist with more volume-oriented areas within the same region.
For this reason, when evaluating the purchase of a vineyard or an entire winery, the simple average value per hectare risks being insufficient.
We need to go into the details of each individual property.
What really determines the value of a vineyard?
For an investor, purchasing ten hectares of vineyard does not simply mean purchasing ten hectares of agricultural land.
It means acquiring a set of factors: denomination, rights and production potential, agronomic quality, exposure, altitude, water availability, accessibility, age and condition of the vines, yield, price of the grapes, processing possibilities, commercial strength of the territory and scarcity of land supply .
If the acquisition involves an entire winery, additional factors come into play: the winery, brand, distribution, customers, exports, inventory, accommodations, wine tourism, and the company’s ability to transform agricultural value into commercial value.
And this is where the perspective changes completely.
From the value of the hectare to the value of the company
The true heritage of Italian viticulture is not only constituted by the agricultural surface area.
It is the combination of land, denomination, product, brand, territory and market .
One hectare can produce grapes.
The same hectare, owned by a company capable of transforming those grapes into a recognizable bottle, selling it directly, exporting it, and linking it to a wine tourism experience, can generate much greater economic value.
The AAWE ranking therefore offers an important cue: the future competition of Italian wine should not be played exclusively on the quantity produced, but above all on the wealth generated by each hectare cultivated .
For a country like Italy, characterized by unique territories, historic denominations, family-run businesses, and necessarily limited land availability, this could be one of the strategic keys to viticulture in the coming years.
