Key Facts the Only way is up for China’s Wine Market
China is set to become the world’s second largest wine drinking country by value by 2020, overtaking the UK and France, in the process, according to Vinexpo and IWSR figures.
Overall Chinese wine consumption is expected to grow by 40% between 2016 and 2020 to create a market worth $22 billion. But it will remain the fifth biggest consuming country by volume.
It is all good news for international wine producers with imports of still wine expected to leap by nearly 80%, the equivalent of 94.5 million nine-litre cases, by 2020, as China’s rapidly expanding middle class look for new wines to drink from around the world. In 2016 the Chinese market stood at 52.7 million cases.
China’s growing demand for wine at more premium price points is a particular boost to the global wine industry with Vinexpo predicting China will represent 72% of worldwide wine imports’ growth over the next three years.