Hong Kong, 14 March 2019 - Wine consumption in Hong Kong is set for incremental growth, forecasts the latest global study of the wine and spirits industry, the 2017–2022 Vinexpo/IWSR Report – with overall increases in wine and spirits sales fixed firmly on the core standard and premium segments of the market.
Growing popularity in wine education in Hong Kong denotes an increasing interest in wine, the Report notes. However, even coupled with a declining market for low-priced traditional spirits, this has yet to translate into higher volumes.
The five-year still and sparkling wine growth trajectory from 2017 to 2022 projects that consumption will grow by 131,000 9 litre cases, much of which will be driven by white and rosé wines eating into the dominant red wine market.
White wine volume consumption is forecast to grow from 0.5 million 9 litre cases in 2017 to 0.6 million cases in 2022. This compares with a red wine market which will remain static at 2.9 million cases through 2017–2022.
By contrast, Australia is increasing its share from 0.7 million to 0.8 million cases and steady growth is also expected for Chile, Spain and New Zealand wines.
There is a significant ‘Super Premium+’ quality segment in still wine consumption at 0.5 million cases; however, this is forecast to remain virtually static in the period 2017–2022 at only 0.2% CAGR.
A similar picture for sparkling wine emerges, with consumption expected to move forward gradually towards 2022. A significant factor here is the appeal of sparkling wine to the younger generation and female drinkers, some of whom are likely to move away from more traditional categories such as Scotch.
By category, Champagne is forecast to lead consistently over other sparkling wines from 2017 to 2022 with French, Australian, Italian and, to a lesser degree, Spanish sparkling wines all contributing to growth in this period.
Growth will be centred on the standard and super-premium segments that dominate the sparkling wine market with a 1.6% forecast CAGR through 2017–2022 with considerably higher CAGR’s forecast through 2017–2022 at 7.3% and 7.1% respectively for Australia and Italy compared to France’s 1%, even though by volume France is still far higher with Champagne continuing to resonate strongly with the younger generation and female drinkers.
With spirits consumption, a decline in the dominant imported sector will drive down spirits consumption towards 2022. However, modest growth is expected across most spirits categories, with younger consumers switching from traditional white spirits benefiting US whiskey, premium-and-above tequila and gin as more brands are entering the market. Super-premium vodka is being hit by consumers moving to other spirits categories or Champagne.
Since its establishment in Bordeaux in 1981, on the initiative of Bordeaux Gironde’s Chamber of Commerce and Industry, Vinexpo has been a leading organizer of events for the wine and spirits industry. In 38 years, Vinexpo has developed a unique understanding of the market and an extensive network of key distributors around the world. The brand currently runs exhibitions in five set locations (Bordeaux, Hong Kong, New York, and soon Shanghai and Paris), and the touring event Vinexpo Explorer. Every year, the Group also publishes the Vinexpo/IWSR Report, which is the most comprehensive survey on the global consumption of wine and spirits.
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