Despite teething problems, it looks like wine has become the new pink in China. Amy HE (wine-info.com) translates:
The wine, which seldom appeared at the tables of ordinary Chinese families several years ago, has become the favorite of the Chinese who pursue health and taste? nowadays.
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The data from China Alcoholic Drinks Industry Association indicated that the wine sales in Chinese market grew 79 per cent at an average annual rate of 15% with annual sales of USD 2,2 billion between 1994 and 2004.
The booming Chinese wine market, especially the high-end market with the high profit margin of 30% - 50%, lures foreign wineries. At present, the market share of imported wine mainly from France, Spain, Italy, German etc is 10 per cent of the whole wine market in China.
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According to the official statistics, the China’s wine output is 367,3 million litres, the sales revenue of the wine products is RMB 7,434 billion, up by 14,6 per cent and 17,06 per cent respectively compared with the same period of the previous year. From January to November, 2005, the wine output amounted to 356,5 million liters, up by 19,4 per cent compared with the same period.
Some experts predict that the wine market in China will grow at an average annual rate of 15% in a long tern. The wine output in 2010 are expected to reach 0,8 million tons, accounting for 3 per cent of total alcohol? output in China.
» Full Story (via AvenueVine.com)
Producers must? be salivating at the untapped market potential... things are gonna get ugly, methinks.