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RABOBANK: CHILE ON COURSE TO BECOME CHINA’S 2ND BIGGEST WINE SUPPLIER AFTER FRANCE

By Siulan Law Mathews DipWSET

25-11-2021



Source: Vinos de Chile

The ongoing dispute between Australia and China has created unprecedented opportunities for competing countries to increase market share in the Chinese wine market, among them Chile is likely to gain further share to become China’s second-largest supplier of wine after France by 2025, said Rabobank’s Q4 Wine Quarterly report.

The report said that Chilean wine exporters managed to grasp the opportunity to to change the perception of its cheap quality, as evidenced by a 22.9 percent increase in prices in the Chinese market over the past year.

The report added that leading Chilean wineries have been aggressively expanding into the mid- to high-end Chinese wine market to capitalise on this unprecedented opportunity.

Concha y Toro launched Concha y Toro Cellar Collection (Cabernet Sauvignon and Syrah) and Concha y Toro Master Edition (Cabernet Sauvignon) in the Chinese market in August, in order to increase its presence in the premium segment.

Relations between China and Australia have soured in the past year, leading to China slapping punitive tariffs and anti-dumping duties ranging from 117 percent to 218.4 percent on Australian wines, causing an 88.6 percent drop in imports in the first seven months of 2021.

The gap left by Australian wines in the Chinese market is benefiting competing countries, apart from Chile, France, Italy and Spain also managed to grow their market share in the past year.

The report notes that: “Following the tariffs imposed on Australian wines, wines from other countries have gained ground to varying degrees.”

“French wine, as one of the biggest beneficiaries, has seen strong growth, both in value and volume. Along with more affluent and sophisticated consumers, demand for Burgundy and Bordeaux wines continues to increase. Champagne and Rhône Valley have also benefited from this good dynamic,” added the Rabobank report.

However, the study did concede that if relations thaw between China and Australia, Australian could probably recover lost ground.

“The assumption that France, Chile, and other countries have a long-term opportunity to gain market share in China is based on the current relations between China and Australia. The longer the anti-dumping duties remain in place, the harder it will be for Australia to reclaim all of its former share,” said Stephen Rannekleiv, global strategist – beverages, at Rabobank.

(the writer can be contacted at: info@thewinechronicle.com)

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