Wine consumption in China has shown significant fluctuations over the past decade. From a low of 15.5 million hectoliters in 2014, consumption increased steadily to reach 19.55 million hectoliters by 2019. However, 2020 saw a sharp decline of 13.79%, attributed to the impacts of the global pandemic. Post-2020, there was a robust recovery with a remarkable 24.87% increase in 2021, followed by continued growth to 22.48 million hectoliters in 2023. This represents a 3.26% year-on-year increase, with a 5-year CAGR of 3.66% as of 2023.
Looking forward, the forecast predicts steady growth up to 26.19 million hectoliters by 2028, with a forecasted 5-year CAGR of 2.4%, indicating a moderate but consistent increase.
Future trends to watch for:
- Potential impacts of economic fluctuations on consumer spending.
- Shifts in consumer preferences towards premium and imported wines.
- Government policies impacting alcohol consumption and imports.
- The impact of digital marketing and e-commerce on wine sales.
