Asia-Pacific Wine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Wine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Wine Market is projected to register a CAGR of 6.85% during the forecast period, 2022-2027.

The increasing disposable income and rapid urbanization and a rise in marketing and promotional activities are driving the growth of the wine market in the Asia-Pacific region. With the changing lifestyle of consumers and consumption of wine on social occasions and during celebrations has become very popular and has become a status symbol which is another prime factor in the growth of the wine market.

France and Spain have traditionally been the world's top wine exporters. But countries in the Asia-Pacific regions such as China, Japan, and India have all started producing and selling their own wines which are boosting the wine market in the region. Moreover, wine is gaining equal appeal among men and women, especially in countries such as China and Japan. According to Alibaba Group’s flagship cross-border e-commerce platform, Koala, in 2021, China's female wine drinkers prefer fruit-flavored liquors, wines, cocktails, and sake that are typically lower in alcohol content, have fruity aromas, and feature attractive packaging.

Over the medium term, changing tastes and new preferences among consumers and increasing demand for new and exotic flavors, such as Riesling wine and other tropical fruit wines, are expected to fuel the growth of the wine market. Also, the new innovative packaging is boosting the demand for the market.

Key Market TrendsIncrease in the Frequency of Wine Consumption

The wine market is likely to be driven by the increasing frequency of wine consumption due to its health benefits and premiumization of wine products. Health-driven consumerism has been steadily increasing, and winemakers are adapting to the change. Red wine is typically preferred by Asian customers due to its alleged health advantages. Particularly Australia is popular for its red wine and the country has its production of fine red wine from the region's Shiraz grapes. Shiraz-based wines have numerous documented health advantages, such as reducing the incidence of cancer and preventing strokes which is adding to the growth of the wine market in the region. In countries such as Japan, Hong Kong, and South Korea, there has been an increase in the proportion of drinkers who drink wine at least once a week. According to Korea Agro-Fisheries & Food Trade Corp survey on the frequency of consuming Korean wine in South Korea in 2021, roughly a third drank Korean wine one to two times during the first six months of 2021 and around 22.4 percent stated that they drank it once a month.

China holds significant share in the region

China holds the largest market share in the Asia-Pacific region. The rapid urbanization and emerging nightlife culture in cities, an increasing proportion of Chinese consumers purchasing wine as a gift for acquaintances, and a greater willingness to try new varieties of alcohol are all driving the wine market in China. Imported wine is in high demand in China and the share of imported wine consumption is almost half of the total wine consumption. Moreover, community group buying has become common in China and it takes place in a physical, offline community where a single home or store manager acts as the primary hub for the distribution of products bought by the community's members. Companies are adopting this community group buying. For instance, Great Wall Wine, in March of 2020 has planned to recruit community partners to insert into its own retail sales network, thereby closing the loop with its customers and further refining and securing its operating network.

Competitive Landscape

The wine market in the Asia-Pacific region is fragmented with many international and regional players. The key players in the region include Yantai Changyu Pioneer Wine Co Ltd, The Wine Group LLC, Tonghuagrape Wine Co., Ltd, and Accolade Wines among others. The key players in the region are innovating in flavor and enhancing with advanced distribution networks across the region. For instance, in August 2021, Accolades Wines launched its annual luxury wine range as part of the company’s Global Vintage Release Program. The new release featured vintages crafted from several renowned Australian wine regions that include Tasmania, Barossa, McLaren Vale, Margaret River, and Frankland River

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