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Vinexpo chief sees the future in Asia
The rapid rise in consumer demand for wine in Asia has left the industry on the cusp of a “revolution”, according to Vinexpo chief executive Robert Beynat.
New research published in the build-up to Vinexpo Asia-Pacific suggests that demand in Asia will greatly outstrip western markets over the coming years.
With Hong Kong driving the region’s market, value in Asia-Pacific is expected to rise from $4.75 billion to nearly $6.4bn by 2011, according to the study. Wine consumption in the region is also expected to grow by 25% between 2009-2013, rising to nearly 1.3bn litres.
Indeed, the study predicts that such is the rate of growth in the region that in the ten years from 2004 to 2013 consumption will have shown faster growth that the US.
“A revolution is happening,” said Beynat as Vinexpo prepares to return for a second time to Hong Kong. “Asia will grow five times faster than any other part of the world.”
Beynat said that while the future looks bleak for declining wine-producing nations such as France, the Asian market is set for rapid expansion.
“Our prediction for 2009 is for stability in the global wine market,” he told a press briefing in London last week. “Asia will continue to rise, France will continue to fall.
“China is among the top 10 producers in the world by volume now and India is getting close.
“The more China produces wines, the more they will drink them, and the more they will start to import. We are very optimistic about the future.”
Vinexpo Asia-Pacific kicks off in Hong Kong on 25 May and Beynat is convinced Asia is where the future lies.
“We will go back to Hong Kong as it is geographically right in the middle of the Asian market and acts as a gateway to the whole region,” he said.
“Two years ago Hong Kong lowered its taxes to zero and they want to be the wine hub of Asia. Asia is the future.”
Beynat said that while he anticipates consolidation and stability in the global wine market this year, such a performance would not be enough in 2011, 12 and 13.
In pointing out that wine is unique among consumer products as it is increasing consumption while other consumer goods see declines, Beynat predicted the global market will see 3.65% growth over the next five years.
Alan Lodge, 27.01.2010