NEW YORK, March 15 — Consumers in the Americas and Asia-Pacific are drinking less, but drinking better, according to a new international forecast which predicts that value will outstrip volume growth in the five-year period between 2017-2022.
Overall, the latest report from Vinexpo and the International Wine and Spirits Research group predicts that global consumption of still and sparkling wine will reach US$207 billion (RM847 billion) by 2022, representing a growth in volume of 2.15 per cent between 2017 to 2022.
But after teasing out more details from the research, analysts found that consumers aren’t drinking more, they’re drinking better, plucking premium bottles off the shelves.
Up to 2022, the report says that premium wines priced at US$10 to US$20 will be the biggest driver of value growth (+15 per cent) for both still and sparkling wine. This is especially true of the US and China.
In the run-up to 2022, premium wines (priced at US$10 to US$20) will be the biggest driver of value growth for still and sparkling wine (+15 per cent between 2017 to 2022). The US and China will be major contributors to this trend.
Likewise, “premium-plus” bottles in all categories except vodka are forecast to grow over the next five years.
In terms of value, the US remains the world’s most valuable wine market at US$34.8 billion, according to 2017 figures, followed by France at US$16.7 billion and China, which trails close behind at US$16.5 billion.
In fact, China is predicted to overtake France by 2020, with a value of US$19.5 billion by 2022.
The top five markets for volume are led by the US, followed by Italy, France, Germany and China.
And the world’s leading import markets are Germany, the UK, the US and China. — AFP-Relaxnews
