Asia: Sparkling Wine Market 2024

Sparkling Wine Market Size in Asia

The Asian sparkling wine market fell modestly to $X in 2022, shrinking by -2.6% against the previous year. Over the period under review, consumption recorded a noticeable downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Sparkling Wine Production in Asia

In value terms, sparkling wine production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2017 when the production volume increased by 8.7%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Sparkling Wine Exports

Exports in Asia

In 2022, shipments abroad of sparkling wine increased by 21% to X litres, rising for the third consecutive year after two years of decline. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +68.2% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 36%. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, sparkling wine exports skyrocketed to $X in 2022. Total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +102.0% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 52%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Singapore (X litres) and Thailand (X litres) dominates exports structure, together making up 81% of total exports. It was distantly followed by Georgia (X litres), committing an 8.2% share of total exports. Armenia (X litres) and India (X litres) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +36.1%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest sparkling wine supplier in Asia, comprising 93% of total exports. The second position in the ranking was held by Thailand ($X), with a 1.7% share of total exports. It was followed by Georgia, with a 0.7% share.

In Singapore, sparkling wine exports expanded at an average annual rate of +5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+13.6% per year) and Georgia (-1.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per litre, rising by 9.3% against the previous year. Over the period under review, the export price, however, recorded a slight descent. The growth pace was the most rapid in 2016 an increase of 28% against the previous year. Over the period under review, the export prices attained the maximum at $X per litre in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per litre), while Thailand ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.7%), while the other leaders experienced more modest paces of growth.

Sparkling Wine Imports

Imports in Asia

In 2022, approx. X litres of sparkling wine were imported in Asia; remaining constant against 2021. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 25%. The volume of import peaked at X litres in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, sparkling wine imports rose markedly to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.8% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 38% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

In 2022, Japan (X litres) was the main importer of sparkling wine, committing 41% of total imports. It was distantly followed by the United Arab Emirates (X litres), Singapore (X litres), China (X litres) and South Korea (X litres), together committing a 36% share of total imports. Kazakhstan (X litres), Hong Kong SAR (X litres), Israel (X litres), Myanmar (X litres) and Vietnam (X litres) followed a long way behind the leaders.

Imports into Japan increased at an average annual rate of +4.2% from 2012 to 2022. At the same time, Myanmar (+76.6%), South Korea (+8.9%), the United Arab Emirates (+4.7%), Vietnam (+4.4%), Hong Kong SAR (+3.2%), China (+2.9%), Singapore (+2.9%), Israel (+2.7%) and Kazakhstan (+1.6%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in Asia, with a CAGR of +76.6% from 2012-2022. Japan (+4.8 p.p.), South Korea (+2.4 p.p.), Myanmar (+2.3 p.p.) and the United Arab Emirates (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), Singapore ($X) and China ($X) constituted the countries with the highest levels of imports in 2022, with a combined 77% share of total imports. Hong Kong SAR, the United Arab Emirates, South Korea, Israel, Vietnam, Kazakhstan and Myanmar lagged somewhat behind, together accounting for a further 16%.

In terms of the main importing countries, Myanmar, with a CAGR of +61.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per litre in 2022, rising by 7.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2017 when the import price increased by 16% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per litre), while Myanmar ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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