Asia: Wine Market 2023

Wine Market Size in Asia

After two years of decline, the Asian wine market increased by 2.7% to $X in 2021. The market value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. 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

In value terms, wine production expanded modestly 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 pace of growth was the most pronounced in 2014 with an increase of 25%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Wine Exports

Exports in Asia

In 2021, approx. X litres of wine and grape must were exported in Asia; jumping by 45% compared with 2020. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +9.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, wine exports soared to $X in 2021. Overall, exports recorded strong growth. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

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 and grape must, together comprising 86% of total exports. The following exporters - Armenia (X litres) and Uzbekistan (X litres) - each resulted at a 4.8% share 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 Singapore (with a CAGR of +29.5%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) emerged as the largest wine supplier in Asia, comprising 40% of total exports. The second position in the ranking was held by Georgia ($X), with a 19% share of total exports. It was followed by Hong Kong SAR, with a 16% share.

In Singapore, wine exports expanded at an average annual rate of +30.6% over the period from 2012-2021. 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

In 2021, the export price in Asia amounted to $X per litre, increasing by 49% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 63%. The level of export peaked at $X per litre in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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

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. The total import volume increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 18% against the previous year. Over the period under review, imports hit record highs at X litres in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, wine imports surged to $X in 2021. The total import value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. 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), distantly followed by Japan (X litres), Singapore (X litres) and South Korea (X litres) represented the main importers of wine and grape must, together creating 77% of total imports. The United Arab Emirates (X litres), Hong Kong SAR (X litres), Taiwan (Chinese) (X litres), Israel (X litres), Kazakhstan (X litres) and Malaysia (X litres) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Israel (with a CAGR of +12.1%), while imports 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, with a combined 65% share of total imports. Singapore, South Korea, the United Arab Emirates, Taiwan (Chinese), Malaysia, Israel and Kazakhstan lagged somewhat behind, together comprising a further 27%.

Israel, with a CAGR of +13.3%, saw the highest growth rate of 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 amounted to $X per litre, rising by 9.1% 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 15%. Over the period under review, import prices attained the maximum in 2021 and is likely to see steady 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) (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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