Eastern Asia: Wine Market 2024

Wine Market Size in Eastern Asia

The East Asian wine market amounted to $X in 2023, approximately equating the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption remained at a lower figure.

Wine Production in Eastern Asia

In value terms, wine production reached $X in 2023 estimated in export price. The total production indicated mild growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Wine Exports

Exports in Eastern Asia

In 2023, approx. X litres of wine and grape must were exported in Eastern Asia; with an increase of X% compared with the previous year's figure. Overall, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of X%. The volume of export peaked at X litres in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

In value terms, wine exports soared to $X in 2023. In general, exports posted measured growth. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Hong Kong SAR (X litres) was the main exporter of wine and grape must, making up X% of total exports. It was distantly followed by China (X litres), achieving a X% share of total exports. The following exporters - Macao SAR (X litres) and Japan (X litres) - together made up X% of total exports.

Exports from Hong Kong SAR decreased at an average annual rate of X% from 2012 to 2023. At the same time, Japan (X%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2023. China experienced a relatively flat trend pattern. By contrast, Macao SAR (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) and Macao SAR (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Hong Kong SAR (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) remains the largest wine supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by China ($X), with an X% share of total exports. It was followed by Macao SAR, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Hong Kong SAR totaled X%. In the other countries, the average annual rates were as follows: China (X% per year) and Macao SAR (X% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per litre in 2023, with an increase of X% against the previous year. In general, the export price showed a remarkable increase. The pace of growth was the most pronounced in 2015 an increase of X% against the previous year. The level of export peaked at $X per litre in 2016; however, from 2017 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Macao SAR ($X per litre), while China ($X per litre) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced more modest paces of growth.

Wine Imports

Imports in Eastern Asia

Wine imports contracted sharply to X litres in 2023, reducing by X% on the previous year's figure. In general, imports saw a slight shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of X%. The volume of import peaked at X litres in 2017; however, from 2018 to 2023, imports remained at a lower figure.

In value terms, wine imports reduced to $X in 2023. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2018; however, from 2019 to 2023, imports stood at a somewhat lower figure.

Imports by Country

China (X litres) and Japan (X litres) represented the main importers of wine and grape must in 2023, recording approx. X% and X% of total imports, respectively. South Korea (X litres) took the next position in the ranking, followed by Hong Kong SAR (X litres). All these countries together held near X% share of total imports. The following importers - Taiwan (Chinese) (X litres) and Macao SAR (X litres) - together made up X% of total imports.

From 2012 to 2023, the biggest increases were recorded for South Korea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. South Korea, Macao SAR and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

South Korea, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per litre in 2023, rising by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2023 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Macao SAR ($X per litre), while China ($X per litre) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform