China demand driving world wine market growth: study

China is expected to be the world's seventh largest wine consumer by 2013, a study showed Tuesday, as the nation's thirst for vintages continues to grow amid an economic boom.

The country will consume around 1.26 billion bottles of wine in 2013, an increase of about 32 percent from 2009, according to findings of Vinexpo, organiser of one of the world's largest wine and spirits exhibitions.

China was the eighth largest wine consumer last year, behind leader Italy, France and the United States in the top three spots.

"Asia, particularly China - including Hong Kong- and India, have become key growth markets for the world's wine and spirits industry," said Robert Beynat, chief executive of Vinexpo Asia-Pacific, which will be held in May 25-27 in Hng Kong.

Imported wines only accounted for 11.8 percent of China's consumption in 2008, with France being the largest overseas supplier. But their market share will climb to about 15.8 percent in 2013, according to Vinexpo.

Within Asia, India is expected to be the fastest-growing wine market, with annual consumption projected to double between 2009 and 2013, the study showed. This is followed by Hong Kong, whose demand for wine is expected to surge 72 percent over the next three years.

One in three bottles of wine drunk in Hong Kong comes from France, the findings indicated.

The study attributed the significant growth of consumption in Hong Kong to the government's decision to abolish wine duty in 2008 to establish the city as an international wine hub.

"The decrease in taxes makes cheaper wines more popular," the study noted, with marked growth in sales of wine priced under 10 US dollars.

Auction house giants Sotheby's and Christie's both said last year that the southern Chinese city had overtaken New York and London as the world's largest market for rare vintages.

Sotheby's raised 14.3 million dollars from just two auctions in Hong Kong last year, almost double the figure raised by eight wine sales held in London by late October.

At Sotheby's latest wine sale in October, mainland Chinese buyers accounted for as much as 35 percent of the total number of buyers, compared to 10 percent in its April sale here - the first one held by the auction house in the region.

Life and Style
ebookNow available in paperback
ebooks
ebookA delicious collection of 50 meaty main courses
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Food & Drink

    Ashdown Group: Print Designer - High Wycombe - Permanent £28K

    £25000 - £28000 per annum + 24 days holiday, bonus, etc.: Ashdown Group: Print...

    Recruitment Genius: Business Travel Consultant

    £20000 - £26000 per annum: Recruitment Genius: With offices in London, Manches...

    Recruitment Genius: Customer and Brand Manager

    £30000 per annum: Recruitment Genius: Customer and Brand Manager required for ...

    Ashdown Group: Systems Administrator

    £25000 - £35000 per annum + benefits: Ashdown Group: Systems Administrator A...

    Day In a Page

    Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

    How Isis profits from destruction of antiquities

    Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
    Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

    'If we lose touch we’ll end up with two decades of the Tories'

    In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea
    Tunisia fears its Arab Spring could be reversed as the new regime becomes as intolerant of dissent as its predecessor

    The Arab Spring reversed

    Tunisian protesters fear that a new law will whitewash corrupt businessmen and officials, but they are finding that the new regime is becoming as intolerant of dissent as its predecessor
    King Arthur: Legendary figure was real and lived most of his life in Strathclyde, academic claims

    Academic claims King Arthur was real - and reveals where he lived

    Dr Andrew Breeze says the legendary figure did exist – but was a general, not a king
    Who is Oliver Bonas and how has he captured middle-class hearts?

    Who is Oliver Bonas?

    It's the first high-street store to pay its staff the living wage, and it saw out the recession in style
    Earth has 'lost more than half its trees' since humans first started cutting them down

    Axe-wielding Man fells half the world’s trees – leaving us just 422 each

    However, the number of trees may be eight times higher than previously thought
    60 years of Scalextric: Model cars are now stuffed with as much tech as real ones

    60 years of Scalextric

    Model cars are now stuffed with as much tech as real ones
    Theme parks continue to draw in thrill-seekers despite the risks - so why are we so addicted?

    Why are we addicted to theme parks?

    Now that Banksy has unveiled his own dystopian version, Christopher Beanland considers the ups and downs of our endless quest for amusement
    Tourism in Iran: The country will soon be opening up again after years of isolation

    Iran is opening up again to tourists

    After years of isolation, Iran is reopening its embassies abroad. Soon, there'll be the chance for the adventurous to holiday there
    10 best PS4 games

    10 best PS4 games

    Can’t wait for the new round of blockbusters due out this autumn? We played through last year’s offering
    Transfer window: Ten things we learnt

    Ten things we learnt from the transfer window

    Record-breaking spending shows FFP restraint no longer applies
    Migrant crisis: UN official Philippe Douste-Blazy reveals the harrowing sights he encountered among refugees arriving on Lampedusa

    ‘Can we really just turn away?’

    Dead bodies, men drowning, women miscarrying – a senior UN figure on the horrors he has witnessed among migrants arriving on Lampedusa, and urges politicians not to underestimate our caring nature
    Nine of Syria and Iraq's 10 world heritage sites are in danger as Isis ravages centuries of history

    Nine of Syria and Iraq's 10 world heritage sites are in danger...

    ... and not just because of Isis vandalism
    Girl on a Plane: An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack

    Girl on a Plane

    An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack
    Why Frederick Forsyth's spying days could spell disaster for today's journalists

    Why Frederick Forsyth's spying days could spell disaster for today's journalists

    The author of 'The Day of the Jackal' has revealed he spied for MI6 while a foreign correspondent