NEWS
VINEXPO RELEASED LATEST REPORT IN SHANGHAI, CHINA TO BECOME SECOND MOST VALUABLE MARKET
By Staff Reporter
13-3-2019
French trade show organiser Vinexpo held a press conference in Shanghai to release the latest IWSR Vinexpo Report, predicting that global wine market will exceed USD207billion in 2022 and China will become the world's second most valuable wine market.
Presented by Vinexpo Chairman Christophe Navarre and Sales Director Mathieu Vanhalst, the press conference also updated the Chinese wine trade on the progress of the inaugural Vinexpo Shanghai to be held in October this year.
The latest IWSR Report predicted that China will overtake France within five years to become the world's second biggest wine market worth USD19.5 billion.
In 2017, the US market was worth USD34.8 billion, France came second at USD16.7 billion, China followed closely at USD16.5 billion. By volume, however, China only ranked fifth, after USA, Italy, France and Germany.
“Driven by the trend to ‘drink less but better’, value outstripped volume growth across all regions and is particularly evident in the Americas and Asia-Pacific,” said Mathieu Vanhalst.
The report predicted that fine wines (bottle price between USD10 and 20) will be the main source of growth up to 15% between now and 2022, with China and USA contributing most of the growth.
The spirits category is the next bright spot with an estimated 12% growth by 2022. The report predicted all high-end spirits (except vodka) will have growths in the next five years, especially in the Chinese and USA markets.
While red wine dominates global consumption with a 55% share, it is forecast to fall below 54% by 2022. Over the same period consumption of white wine, and particular rosé, are set to rise.
On the progress of the inaugural Vinexpo Shanghai, it was said that preparations are in full swing and many international producers have already signed up to participate in the first exhibition.
Visitors can expect to see Constellation and Gallo from USA, Osborne Group from Spain, Chapoutier from French Rhone, Siegel from Chile, China’s Changyu and many more in the show.
To be held from 23 to 25 October at the Shanghai World Expo Exhibition and Convention Center, this new biennial wine show reflects Vinexpo’s global expansion strategy and its determination to hold a show every year in the Chinese market alternately in Hong Kong and Shanghai.
(the writer can be contacted at: info@thewinechronicle.com)
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