China is 5th in world in wine consumption
Print Edition
Vinexpo, one of the biggest wine exhibitions in the world, last week revealed its latest in-depth survey of world wine and spirits consumption, production and international trade. Among the more interesting trends: China has become the fifth-largest wine-consuming country worldwide, in both value and volume, and the eighth-largest wine-producing country.
After years of uninterrupted growth, wine consumption fell in China in 2013 because of “years of stock building and the effects of an anti-corruption drive by the government.”
Reduced demand in China led to a global decline in consumption of red wine. But red still occupied 55 percent of all still wine drunk in 2013.
The report anticipates that China’s wine consumption will grow by a further 25 percent from 2014 to 2018.
“The fundamentals for China wine consumption growth remain strong in the long term,” the report says. “First, there is a large local industry. Secondly, per capita consumption is very low compared to other producing countries. Moreover, there is a rapidly expanding middle class and these new consumers will spur growth. Finally, wine is a healthier drink than the staple, baijiu (Chinese spirit made from sorghum), and offers the kind of sophistication some Chinese consumers are craving.”
French wine is still considered by Chinese consumers as the best in spite of grand cru (French fine wine) shipments seriously declining “as Chinese investors are looking at other investment alternatives and have begun to shun Bordeaux’s sky-high prices.”
Globally, wine consumption increased by 2.7 percent to over 31.7 billion bottles in 2013. But growth is predicted to slow in the next three years.
The United States remains the world’s largest wine market, and the only one of the top 10 wine-drinking countries to show growth.
Auction house Sotheby’s announced its annual review of 2014 global fine wine market, revealing the 10 most in-demand wines in the world.
“Once again DRC (Domaine de la Romanee-Conti) triumphed in the Sotheby’s ranking, boosted by the US$1.6 million Romanee-Conti Superlot that set a new record for a wine lot at auction when it sold at Sotheby’s Hong Kong in October,” says Jamie Ritchie, CEO and president of Sotheby’s Wine, Americas and Asia.
Chateau Petrus moved up to second place with a 30 percent increase, followed by Chateau Lafite Rothschild and Chateau Latour, showing Bordeaux was still in high demand during the past year.
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