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China will drive growth in the global wine market until 2021

www.cityam.com by Francesca Washtell06/06/2017  

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China is a major driving force in the global wine market and will contribute a third of world wine sales growth between 2016 and 2021, according to data from Euromonitor International.


After five years of stagnation, the wine market is growing again and an extra 3.2bn litres of wine will be bought globally between 2016 and 2021, Euromonitor has predicted. China is expected to buy 1.2bn litres of this total over the next five years.

“Westernisation, aspirational consumption and the surprisingly rapid sophistication of drinking rituals will retain their role as structural drivers for global wine imports into the country,” said Spiros Malandrakis, senior alcoholic drinks analyst at Euromonitor International.

“On the other hand, China will come of age as a producer. With major international houses investing heavily in production in the country... Chinese wine exports will soon make their presence felt on the international stage.”

China became the largest wine market in the world in 2008, overtaking France and the US. Its wine market grew by 5.3 per cent last year.

The global alcoholic drinks market is generally in decline. According to Euromonitor, this can be attributed to macro headwinds hitting China. However, Chinese consumers have shown a growing interest for niche products such as dark beer and stout and the country is set to become the largest stout market in the world in 2017, overtaking the US and the UK.