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Millennials projected to fuel wine’s rise in China

China’s wine consumption has been on a steady growth trend that is in tandem with their aging millennial population. Industry experts predict that total consumption volume of grape-based wine, rather than the more traditional rice wine, will increase at a compound annual growth of roughly 6 percent over the next decade. One key aspect of the growth is the perception that grape-based wine is healthier than rice-based wine among millennials. China’s alcohol industry as a whole is expected to grow as well, with experts predicting that the industry will be worth an estimated $192 billion by the year 2025, a 5 percent compounding annual growth rate over the next 10 years. This growth will be fueled by rising average prices, also influenced my millennials who we have seen increasingly prefer more premium wines and higher cost per bottle prices as their age increases.

Source: South China Morning Post, July 2017