Asia: Wine Market 2024

Wine Market Size in Asia

In 2021, after two years of decline, there was significant growth in the Asian wine market, when its value increased by 7.6% to $X. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Wine Production in Asia

In value terms, wine production surged to $X in 2021 estimated in export price. In general, production, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2014 with an increase of 76% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Wine Exports

Exports in Asia

Wine exports skyrocketed to X litres in 2021, surging by 28% compared with 2020. Total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 33%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, wine exports skyrocketed to $X in 2021. Overall, exports enjoyed a temperate increase. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Georgia (X litres), distantly followed by Israel (X litres), Singapore (X litres), Thailand (X litres) and Hong Kong SAR (X litres) represented the main exporters of wine, together creating 86% of total exports. The following exporters - Armenia (X litres) and China (X litres) - together made up 4.9% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Georgia (with a CAGR of +16.6%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest wine supplier in Asia, comprising 44% of total exports. The second position in the ranking was held by Georgia ($X), with an 18% share of total exports. It was followed by Hong Kong SAR, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore stood at +3.7%. In the other countries, the average annual rates were as follows: Georgia (+15.6% per year) and Hong Kong SAR (-1.2% per year).

Export Prices by Country

The export price in Asia stood at $X per litre in 2021, jumping by 19% against the previous year. Overall, the export price, however, continues to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2015 when the export price increased by 45% against the previous year. The level of export peaked at $X per litre in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per litre), while Israel ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.1%), while the other leaders experienced more modest paces of growth.

Wine Imports

Imports in Asia

After three years of decline, supplies from abroad of wine increased by 9.1% to X litres in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 22% against the previous year. The volume of import peaked at X litres in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, wine imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X litres) represented the key importer of wine, comprising 41% of total imports. Japan (X litres) ranks second in terms of the total imports with a 25% share, followed by South Korea (5.4%) and Singapore (5.3%). The United Arab Emirates (X litres), Hong Kong SAR (X litres), Taiwan (Chinese) (X litres), Kazakhstan (X litres) and Israel (X litres) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +11.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wine importing markets in Asia were Japan ($X), China ($X) and Hong Kong SAR ($X), together accounting for 66% of total imports. Singapore, South Korea, the United Arab Emirates, Taiwan (Chinese), Israel and Kazakhstan lagged somewhat behind, together comprising a further 26%.

Among the main importing countries, Israel, with a CAGR of +13.5%, recorded 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 2021, picking up by 11% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2018 when the import price increased by 13% against the previous year. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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