China is on its way to becoming the world's fastest-growing wine
market with growth in consumption far outstripping global
rates.
The country, ranked as the world's 10th-largest light wine
consuming nation in 2005, will drink 558 million liters (145
million gallons) in 2010, according to a study commissioned by the
French wine trade show organizers Vinexpo.
That represents growth of 36 percent over 2005 levels compared
to an expected world increase of 4.8 percent, said Vinexpo.
Chinese consumption grew from 335 million liters in 2001 to 410
million in 2005. This puts the economically-booming country on
course to overtake Romania as the world's ninth-largest wine market
by 2010, said the trade show organizers.?
They added that by 2010 wine sales in China should reach US$1.65
billion. This is about double the 2001 figure of US$848 million.
Much of the growth is coming from bottles of wine priced at over
US$5 per bottle, Vinexpo said.
China's consumption in terms of revenue still pales in
comparison to global leaders like the United States (US) home to
the world's largest market in 2005 with sales valued at US$19.17
billion. US sales are expected to rise to US$22.75 billion in 2010,
the report said.
France, the world's second-largest wine market, had sales valued
at US$8.86 billion in 2005 but that'll shrink to US$8.7
billion? in 2010, says the report.?
Japan is expected to remain the leading wine market in Asia with
sales valued at US$2.6 billion in 2006 and expected to increase to
US$2.68 billion in 2010.
China's growth will largely benefit local vintners who are
developing strong brands like Dynasty and Great Wall but imports
are also expected to rise, said Robert Beynat, the director general
of Vinexpo. "Of course, China consumes its own wines, but the
volume of imported wines is expected to grow by 53 percent between
2005 and 2010," Beynat said.
Imported wines made up only 5.6 percent of the Chinese market or
some 23.7 million liters in 2005, he said.
Cognac will also continue to be a growing favorite of Chinese
drinkers with the country expected to become the world's
second-biggest market for the drink in 2010 moving up one spot from
its current third place, the report predicted.
(China Daily?January 17, 2007)