Chinese wine buyers
sample Italian wines at a wine expo in Shanghai. China is on its way to
becoming the world's fastest-growing wine market with growth in
consumption seen far outstripping global rates, according to the study
commissioned by France-based wine trade show organisers Vinexpo.
China is on its way to becoming the world's fastest-growing wine market with
growth in consumption seen far outstripping global rates.
China, 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
the study commissioned by France-based wine trade show organisers Vinexpo.
That represents growth of 36 percent over 2005 levels, compared to expected
world growth of 4.8 percent, it said.
Chinese consumption grew from 335 million liters in 2001 to 410 million
liters in 2005, putting the economically-booming country on course to overtake
Romania as the world's ninth-largest wine market by 2010, it said.
Wine sales in China by 2010 should reach 1.65 billion dollars, about double
the 2001 number of 848 million dollars, with much of the growth coming from
bottles of wine priced at over five dollars per bottle, it said.
China's consumption in terms of revenue will still pale in comparison to
global leaders like the United States, the world's largest market in 2005 with
sales valued at 19.17 billion dollars.
US sales are expected to rise to 22.75 billion dollars in 2010, the report
France, the world's second-largest wine market, had sales valued at 8.86
billion dollars in 2005, but that will shrink to 8.7 billion dollars in 2010,
the report said.
Japan is expected to remain the leading wine market in Asia, with revenues
valued at 2.6 billion dollars in 2006 and expected to increase to 2.68 billion
dollars 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 favorite of Chinese drinkers, with China
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