Published on : Jul 25, 2017
Albany, New York, July 25, 2017: With the world supply of premium wine outstripping demand, a number of wine exporting nations have been seeking out new markets for their products. The group of Asian countries such as (China, Thailand, Japan, India and South Korea) are some of the new markets being targeted by wine producers. A new study, titled “Wine Markets in the Top 5 Asian Countries to 2021 - Market Size, Development, and Forecasts” has been freshly broadcasted to the broad report catalog of Market Research Hub (MRH). The report intends to offer a coherent analysis of the major factors such as market drivers, leading players as well as the qualitative and quantitative summary of the top five Asian countries wine market till 2021.
At first, the research starts by defining the demand for wines in the Asian countries which includes China, India, Japan, South Korea and Thailand. As per the findings, Asia is becoming the world’s largest and most dynamic market for wine. By 2018, countries in Asia are set to dominate global wine consumption. Interest in wine has grown explosively among Asian consumers in the past two decades. The main driver of wine consumption is the rise of Asia’s middle-class consumers with more disposable income and interest in the better quality of life.
The research includes historic data from 2010 to 2015 and forecasts until 2021 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts and others. By the following details, the research estimates current size of the wine market in Asian countries and how the market is predicted to develop in the future. For the clear understanding, the market data has been analyzed and given for major product segments of wine, which includes Sparkling grape wines, Unfermented grape must, other grape wines, Vermouth and other flavored grape wines. Growth rates and shares of different product segments of the overall wine market for the period of 2010 to 2021 has been presented. Now, wine made from grapes has a minor role traditionally. This preference swing towards grape wine is gradually changing the Chinese region's consumption situation.
It has been analyzed that the quality of China’s domestic wine is gradually improving, fronted by some small boutique wineries mainly located in Ningxia, Xinjiang and Shanxi in northwestern China. This has been possible not just because the share of domestically grown grapes intended for wine has risen but also because China imports a lot of wine in bulk and blends it with wine made from Chinese grapes. One of the major challenges for the wine industry is that some consumers are now shifting away from other alcoholic beverages (e.g. brandy, liquor) in favor of wine. There is a general preference for red rather than white wine due to its perceived health benefits.
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