By 2021, China to replace UK as No 2 on global wine market list

Evolving tastes of young consumers likely to expand sales to $23 billion in three years

China expects to become the second-largest market for wine by 2021, replacing the United Kingdom, as young consumers' preferences are evolving, experts said.

China's wine market size is expected to reach $23 billion in sales revenue by 2021 with an average annual growth rate of more than 30 percent, suggesting the strong wine-consumption potential of the world's most populous country, according to a recent report released by Vinexpo, one of the largest global exhibitions for wine and spirits, and the International Wine and Spirit Research.