The latest 2010 market study conducted for Vinexpo by The International Wine and Spirits Record has found that wine consumption in Hong Kong continues to grow. The annual per capita consumption among the population of legal drinking age now stands at 3.6 litres.
This makes Hong Kong the region's most mature market, significantly ahead of both Japan and Singapore, which have a per capita consumption of 2.5 and 2.1 litres, respectively.
The study was published ahead of Vinexpo Asia-Pacific, which will return to Hong Kong for the third time on May 25-27. Vinexpo is a wine and spirits exhibition and this year 800 exhibitors from around 30 countries will showcase their goods at the event.
Hong Kong's total wine consumption increased by 75.9% from 2004 to 2008, and the study forecasts continued growth of 70.8% between 2009 and 2013 -- reaching 4.793 million nine-litre cases, or the equivalent of 57.5 million bottles at the end of that period.
The study noted significant growth in Hong Kong consumption since duty on wine was abolished by the Hong Kong government in February 2008. "The decrease in taxes makes cheaper wines more popular," it said.
In particular, there has been a marked growth in sales of wine priced below $10 per bottle, and between 2008 and 2013, consumption of wines priced at less than $5 per bottle is expected to increase the most -- at an estimated growth rate of 166.5%.
Hong Kong consumers predominantly prefer red wines, which account for 80.6% of sales. White wines account for 16.1% and rosés 3.3%.
"All market segments are growing, but red wines are expected to grow faster than the others between 2009 and 2013," the study predicted.
One in three bottles of wine drunk in Hong Kong comes from France. The country is the leading supplier to this market with sales growth of 41.8% between 2004 and 2008. But competing markets are catching up. In the same period, Chilean wine imports grew by 170.5%, while Australian and American wine sales doubled.
"Asia, and particularly China and India, have become key growth markets for the world's wine and spirits industry," said Robert Beynat, chief executive of Vinexpo Asia-Pacific.
Together, China and Hong Kong accounted for 68.9% of all still light wines consumed in Asia and 3% of the total world wine consumption in 2008, and that trend continued in 2009. In 2008, China was the world's eighth largest wine consumer and the 10th largest producer. By 2013, the country is expected to be the seventh largest wine consumer in the world. Wines "made in China" currently account for 88.2% of the national market. Growth of 26.7% is expected in 2009-2013.
Japan is the second largest wine-consuming nation in Asia, but with only moderate growth, while India's consumption is predicted to double between 2009 and 2013.
Asia-Pacific accounts for 6.6% of all wine drunk in the world, with wine sales in the region reaching $7 billion in 2009. And in the decade from 2004 to 2013, consumption is predicted to grow at a faster pace in Asia-Pacific than in North America.
Vinexpo Asia-Pacific is held every two years. More than 9,500 professional visitors, including importers, wholesalers, food & beverage managers, sommeliers, restaurateurs, hyper- and supermarket buyers from Asia are expected to attend.
