Feb. 7 – Today, China is opening its market to the global than ever, and the country has the most consumers in the world, according to a related report with around 40% of China’s wine being imported and sold. Foreign wineries continuing gain attraction from Chinese younger consumers, alcoholic beverages importers, distributors have been presented with an enormous opportunity for expansion.
Main Countries Supplying China with Wine Product
The volume of wine consumption is anticipated to rise in China by over one third to $23 billion in the next few years, according to China Wine Competition. In 2018, the imported wine in China was valued at approximately EUR 2.5 billion. In 2019, wine imports in China increased by 8%. Wine – China Market Forecast has predicted that China: Revenue in the Wine segment amounts to US$27998m in 2020. The market is expected to grow annually by 4.1% (CAGR 2020-2023). In relation to total population figures, per person revenues of US$19.35 are generated in 2020. Main countries supplying China with wine product (import value USD billion/millions) are listed here:
China to Overtake France as 2nd Largest Wine Market By 2023
Given the size of the China market with a population of 1.42 billion and its growing middle class, China’s role in global alcoholic beverages market is getting larger and greater. China is expected to overtake France as the second largest wine market by 2023. The value of the Chinese market would reach nearly $18 billion by 2023, surpassing France’s $16 billion; China plays an increasing larger role in the global wine market in the next few years, according to the latest Vinexpo/IWSR report. Many of these changes are driven by the explosive growth in China’s emerging middle class, which is on track to expand from the current 430 million to 780 million by 2025. Globally, the United States would remain top of wine markets in both volume and value, which hit $40 billion, the report said, adding that the total world value of still and sparkling wines is estimated to reach over $204 billion by 2023, a rise from $194 billion in 2018. As for the Asia-Pacific market, China and Australia will lead a three-year recovery for the growth of still and sparkling wines from 2020 as the momentum in the region slowed in 2018 and 2019. The total value of the region will rise to more than $34 billion in 2023, with China leading all markets in the region with compound annual growth rate of nearly 4 percent, as stated by the report.
Wine Chinese Importers and Their Expectations
Wine Chinese importers understand the Chinese alcoholic beverages consumers and market fluctuation better, because the items of alcoholic beverages of their imports are the indicators what’s changing and in demand in Chinese market. At this moment, there is a changing position from lower to higher quality of main items of alcoholic beverages China imports due to a rising demand of Chinese consumers for higher value alcoholic drinks than lower ones which signals the luxury-oriented Chinese consumers’ group expanding larger in China, with imports to China for alcoholic beverages products, Chinese importers expect to increase importing higher value drink products, and to connect with quality delivering suppliers. Most importers are located in areas where there is a strong market, e.g. Beijing, Shanghai, and southern cities. In the past, most of wine imports to China focus on entry-level wines at low prices with preliminary value. Now, Wine Chinese Importers expect importing higher quality and more luxury-oriented class alcoholic beverages at above-preliminary value, there is a growing demands from brand hotels, local bars, and specialized clubs, etc. To explore China market potential of alcoholic beverage products or service, the List of Chinese Importers/Distributers for Alcoholic Beverage Products certainly will add value to those alcoholic refreshment beverages businesses, for more information, please contact with DCCC or email to: email@example.com .