China’s wine market to grow 11.5% between 2021-2026: report

This comes as its economy rebounds.

The wine market in China is expected to see an 11.5% compound annual growth rate (CAGR) between 2021 and 2026, GlobalData reported.

The market, projected to reach $72.2b in 2026, will be driven by the rebound in economic and social activities in the country.

“Wine is becoming a popular alcoholic drink among Chinese consumers owing to its perceived health and beauty benefits, and the influence of Western lifestyle habits. Young Millennials and Gen Z adults, who wield considerable purchasing power, are reshaping the Chinese wine market,” Bobby Verghese, Consumer Analyst at GlobalData, said.

“Wine vendors are adapting the product offering and marketing and branding activations to suit this young cohort. In addition, wine brands are building their presence on leading e-commerce portals such as Alibaba Tmall, targeting these digital immigrants and natives.”

The report noted that the market will largely be driven by still wine which is poised to grow 11.5% in the years leading to 2026. This will be followed by sparkling wine with 11.3%.

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GlobalData

China retail sector

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