China is rated the most attractive wine market by international producers and exporters followed by Japan, Hong Kong, Scandinavia, USA and Canada, according to a survey commissioned by the organiser of ProWein trade show.
China was rated 9th in last year’s survey, its speedy ascent corresponds to the significant increase in wine import over the past year, especially from countries like Australia, France and Chile.
Looking ahead to 2021, survey result said market attractiveness is expected to grow fastest for China, South Korea and Poland. "For the coming three years, exporters and producers expect market attractiveness to go up most for China, South Korea and Poland, followed by Russia, Hong Kong, Japan and Australia," the report said.
When asked which are the highest potential new wine markets over the coming five years, wine exporters picked Singapore, the Czech Republic and Taiwan.
While Asia and Eastern European countries will continue to provide growth in the years to come, handling these far away and culturally different markets will prove a major challenge for European wine producers, the report warned.
Conducted by researchers at Geisenheim University in Germany, the survey has polled more than 2,300 experts in the wine trade from 46 countries on a number of different issues including international wine markets, marketing trends, developments in online wine sales and the economic situation.
The study covers the complete value chain of wine. Respondents included both wine producers (wine-growing estates, wineries, cooperatives), intermediates (exporters and importers) and marketers (wholesalers, specialist retailers, hotels, and gastronomy), creating a “unique barometer” for the industry.
(the writer can be contacted at: DavidMa@thewinechronicle.com)