NEWS
WINE INTELLIGENCE: CHINESE MARKET LOSING APPEAL, S. KOREA AND INDIA GAINED ATTRACTIVENESS
By Susan Lewis
9-8-2019
China is world’s 6th most attractive wine market, South Korea among the top 10 while India entered top 40 for the first time, according to Global Compass 2019 Report released by Wine Intelligence.
The USA has topped the list of market attractiveness, while Canada, France, Germany and The Netherlands are also on the top 5 list.
China has fallen to 6th place in the ranking, mainly as a result of the first sustained decline in imported wines in five years due to China’s slowing economy, according to the report.
Meanwhile, South Korea has seen a significant increase in attractiveness, it is ranked by Wine Intelligence as one of the top 10 markets for the first time.
India, on the other hand, made it to top 40 for the first time based largely on growing import volumes.
The USA continues to top the list largely because of “the willingness of American consumers to trade up in terms of the price they pay for the wine they do buy, while other categories such as craft beer and spirits compete more strongly for share of personal alcoholic beverage consumption".
Overall, the global wine market value (at retail prices) has increased by 1.2% in the past year within the top 50 markets to USD 204 billion, while the total volume of wine decreased by 1.7%. Growing value per bottle of wine sold in a number of markets has lifted the wine market value across the globe.
Commenting on the report, Luis Osorio, Senior Project Manager and editor of Global Compass, said: “The good news from Compass 2019 is that more people are paying more money for their wine around the world than ever before. On the other hand, large numbers of wine drinkers are moderating their consumption of wine, perhaps because of health reasons, perhaps because other alcohol categories are taking share.
“The key uncertainty remains how the global trade picture changes during the next 12 months. An escalation of the Trump tariff war and the threat of a disorderly Brexit are known factors, but unquantifiable at the moment given the range of possible outcomes they represent.”
(the writer can be contacted at: SusanLewis@thewinechronicle.com)
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