PUBLISHER: Inkwood Research | PRODUCT CODE: 1348076
PUBLISHER: Inkwood Research | PRODUCT CODE: 1348076
The China wine market is projected to rise with a CAGR of 1.31% in terms of revenue and -2.76% in terms of volume over the forecast years, 2023 to 2030. The country's market growth is attributable to key drivers, such as the surge in disposable income & rise of the upper-middle-class sector, health benefits associated with wine consumption, and increasing digitization and adoption of e-commerce for wine sales.
China presently stands as one of the top 10 global markets for high-quality wines. The international varieties of Syrah, Riesling, Merlot, Carmenere, Cabernet Sauvignon, Cabernet Franc, and Chardonnay hold significant prominence in the nation's vineyards. Notably, red wines have garnered more favor than their white counterparts. Distinguished wine-growing regions in China include Hebei, Ningxia, Yunnan, and Shandong. Moreover, wine consumption in the country predominantly spans restaurants, hotels, bars, and other on-trade establishments. However, recent trends reveal an upward trajectory in domestic consumption, as well.
The surging popularity of wine consumption, particularly among urban dwellers, acts as a pivotal propeller for the China wine market. The latest national census underscores that the country harbors around 52 million regular wine consumers and over 900 million urban residents with substantial disposable income. Furthermore, according to CADA (China Alcoholic Drinks Association), the primary consumers of alcoholic beverages fall within the 20 to 34 age bracket. Consequently, these factors are set to boost the China wine market growth during the forecast period.
Leading firms operating in the market are: Yantai Changyu Group Co Ltd, Dynasty Wine Group Co Ltd, Yantai Pengzhu Winery Co Ltd, etc.