Eastern Asia: Wine Market 2024

Wine Market Size in Eastern Asia

In 2021, the East Asian wine market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Wine Production in Eastern Asia

In value terms, wine production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 78% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Wine Exports

Exports in Eastern Asia

In 2021, overseas shipments of wine were finally on the rise to reach X litres after five years of decline. In general, exports, however, continue to indicate a abrupt decline. The volume of export peaked at X litres in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, wine exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 122%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR represented the major exporting country with an export of around X litres, which finished at 64% of total exports. It was distantly followed by China (X litres), mixing up a 27% share of total exports. Macao SAR (X litres), Japan (X litres) and Taiwan (Chinese) (X litres) held a relatively small share of total exports.

Exports from Hong Kong SAR decreased at an average annual rate of -9.4% from 2012 to 2021. At the same time, Macao SAR (+81.2%), Japan (+8.6%), China (+8.4%) and Taiwan (Chinese) (+1.1%) displayed positive paces of growth. Moreover, Macao SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +81.2% from 2012-2021. From 2012 to 2021, the share of China, Macao SAR and Japan increased by +19, +4.4 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) remains the largest wine supplier in Eastern Asia, comprising 62% of total exports. The second position in the ranking was held by China ($X), with a 25% share of total exports. It was followed by Macao SAR, with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Hong Kong SAR stood at -1.2%. In the other countries, the average annual rates were as follows: China (+0.7% per year) and Macao SAR (+85.4% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per litre in 2021, increasing by 17% against the previous year. Over the period under review, the export price enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2015 when the export price increased by 43% against the previous year. Over the period under review, the export prices attained the peak figure at $X per litre in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Macao SAR ($X per litre), while Taiwan (Chinese) ($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) (+11.9%), while the other leaders experienced more modest paces of growth.

Wine Imports

Imports in Eastern Asia

After three years of decline, supplies from abroad of wine increased by 1% to X litres in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 28%. The volume of import peaked at X litres in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, wine imports expanded remarkably to $X in 2021. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 14%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X litres) was the largest importer of wine, generating 52% of total imports. It was distantly followed by Japan (X litres), South Korea (X litres) and Hong Kong SAR (X litres), together creating a 44% share of total imports. Taiwan (Chinese) (X litres) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +7.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 85% of total imports. South Korea and Taiwan (Chinese) lagged somewhat behind, together comprising a further 11%.

In terms of the main importing countries, South Korea, with a CAGR of +9.7%, 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 Eastern Asia stood at $X per litre in 2021, increasing by 11% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2018 an increase of 14% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

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