Asia-Pacific: Wine Market 2023

Wine Market Size in Asia-Pacific

The Asia-Pacific wine market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Wine Production in Asia-Pacific

In value terms, wine production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 25% 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-Pacific

In 2021, shipments abroad of wine and grape must increased by 2.5% to X litres, rising for the second year in a row after two years of decline. Overall, exports, however, continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 5.7% against the previous year. The volume of export peaked at X litres in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, wine exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia (X litres) and New Zealand (X litres) prevails in exports structure, together comprising 95% of total exports. Singapore (X litres) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Singapore (with a CAGR of +29.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest wine supplying countries in Asia-Pacific were New Zealand ($X), Australia ($X) and Singapore ($X), together accounting for 92% of total exports.

Singapore, with a CAGR of +30.6%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per litre, with an increase of 30% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.0%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+3.1%), while the other leaders experienced more modest paces of growth.

Wine Imports

Imports in Asia-Pacific

In 2021, supplies from abroad of wine and grape must was finally on the rise to reach X litres for the first time since 2017, thus ending a three-year declining trend. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 16% 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 +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X litres), distantly followed by Japan (X litres), Singapore (X litres), Australia (X litres) and South Korea (X litres) were the main importers of wine and grape must, together constituting 83% of total imports. The following importers - New Zealand (X litres) and Hong Kong SAR (X litres) - together made up 7% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +8.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wine importing markets in Asia-Pacific were Japan ($X), China ($X) and Hong Kong SAR ($X), with a combined 61% share of total imports. These countries were followed by Singapore, Australia, South Korea and New Zealand, which together accounted for a further 28%.

South Korea, with a CAGR of +11.1%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per litre, surging by 12% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2018 an increase of 18%. The level of import peaked in 2021 and is likely to see gradual 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 ($X per litre), while New Zealand ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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