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Another big player in the wine market by 2020 will be India, says Vinexpo, which is expected to grow by a whopping 50 percent.
Over the next few years, the international wine market will look different, with Portugal projected to overtake France when it comes to per capita wine consumption. India, Mexico, South Africa are expected to see notable growth as well.
In the Report before the previous edition of the biennial wine trade fair Vinexpo in 2015, Italy led France which was followed by Switzerland and Portugal in no. 4 position. Germany was the largest consumer of sparkling wines.
Overall, the report notes that consumers around the world drank the equivalent of 267 million hectolitres in 2014, marking a modest 0.4 percent rise and the stabilization of the market.
OIV had been more conservative in their estimate when they released the figures last year and estimated consumption within the range of 239.7 to 246 mL, about 16 mhL less than the estimated production, adding to the world wine inventory.
Those are some of the newest projections from a study conducted by Vinexpo, one of the world's leading wine trade fairs, which takes place every two years in Bordeaux, France and on June 18-21 this year.
There are also a few longstanding wine trends that haven't changed over the last few years: The US and China remain the world's biggest wine markets.By 2020, China will represent 72 percent of the growth in wine imports by volume, while the US is also projected to post a 12 percent growth by value.
The US will retain the title of the world's biggest wine market by both volume and value. In 2010 the US became the largest wine consuming nation and has maintained this position every year since. 2016 marked the 24th consecutive year of growth for US wine sales, with 1-3% annual growth rate in volume and 2-4% in value. Wine sales in the US reached more than $59 billion in 2016, a 4% increase over 2015. 36% of US adults drink wine, and 38% of US wine consumers drink wine weekly.
The story is significantly different in France, where wine consumption is projected to take nose-dive by 7.5 percent by 2020 with a per capita consumption of 43 liters, conceding the top spot for European consumption to Portugal, where consumption is projected to rise to nearly 50 liters per capita over the next three years.
China's growth is pegged at 20 percent, while Mexico and South Africa are also expected to become increasingly important players in the market with 18 percent and 17 percent growth rates respectively.
Other countries where wine consumption is projected to grow include the Philippines, Taiwan, and South Korea.
The 19th edition of the biennial (every 2- years) wine fair is expected to attract 2,300 exhibitors from 42 countries and 48,000 visitors. It is held in Bordeaux in the odd years and Hong Kong in the even years. Vinexpo Hong Kong will be held on 29-31 May in Hong Kong.
For a similar Report released earlier Vinexpo 2015, click here:
USA and Italy Top Total and Per Capita Consumption
Subhash Arora |