For some time now, China has been the fastest growing wine market in the world. The market for imported wine developed seemingly overnight, and both fine and low cost wines are flooding supermarkets and stores throughout the nation. Chinese buyers account for a great deal of wine purchases from major auctions, and red wine sales have seen nothing short of explosive growth within the country in the past few years. As grain based alcohol continues to wane in popularity in the region, wine certainly seems to be stepping in to fill the void it is leaving behind.
Equally impressive is the rise of Hong Kong as a leading hub for the importation of wine. As the first major economy in the entire world to impose no taxes or duties on wine, it certainly offers great appeal and its geographic position makes it the idea distribution point for the transport of wine onto the Chinese mainland. Wine investors from Hong Kong and China now make up about forty percent of the wine investment in the UK, and imports are still increasing in rapid numbers.
China and Hong Kong make up a vast majority of the Asian wine market. Between the two nations, they currently comprise about sixty percent of the market. If Hong Kong indeed becomes the hub of import for fine wines and the two markets join together as one, it will be the eighth largest market in the world. Increased demand and the growing popularity of wine in the region could push the market even higher on the list. Because of these factors, catering to the Asian wine market has become even more important for fine wine manufacturers. Breaking into the market has proven difficult at best, but for those who have found entry, the results have been quite lucrative.
The impact of these nations on the wine industry has already been significant and it is only just beginning. With Hong Kong poised to become Asias main hub for the importation of wine and with demand for both fine and low cost wines skyrocketing throughout the region, many winemakers are waiting with anticipation to see what the future holds in these markets. The region is seeing immense economic success, and the result has helped many winemakers see continued success in the wake of a global economic downturn. The future of wine in Asia is bright, and the impact is being enjoyed by winemakers across the globe.