The twice-yearly survey by business advisers Markhams said adverse weather, bulk wine sales and exchange rates were "dealing blows to an already fragile industry".
A lack of confidence in government policy and vagaries of fruit supply were adding to the situation.
However, the survey showed that 67% of Central Otago respondents were positive about the coming year.
Central Otago Wine Growers Association president James Dicey said the reputation and quality of wine from the area, as well as a limited volume of fruit, aided the Central Otago wine industry in keeping demand high.
"We can't compete on volume so we compete on quality ... We produce high quality products."
As with all other export industries, though, it was the high New Zealand dollar that was hampering returns, he said.
Due to competition from other wine-producing countries such as Australia, the United States and France, the price wine makers could charge for their product was not all that flexible and therefore "when the exchange rate is against you, you can't put your prices up".
Mr Dicey said people were having to work harder to sell their wine and put in the hard yards because "the easy yards are all gone".
"People are having to be more creative and reach out to more people ...
"The secret is to find and exploit new markets.
"Central Otago follows the national trend, identifying export markets as the biggest opportunity for growth, with 83% of respondents in the region looking at exporting to new markets in 2012," the Markhams study said.
Mr Dicey said those newmarkets were the Bahamas, Denmark, Russia, China, Brazil, South Africa, Vietnam and Thailand.
Exporters had been lobbying the Government for help for some time now, he said.
The Markhams study showed "confidence in the new National-led Government stimulating the industry had dropped dramatically from those who, prior to the election, believed its policies would have a positive impact".
Only 34% of Central Otago respondents reported confidence in the Government.
