Asia, the engine of growth
Asia continues to be at the forefront of growth and innovation within the alcohol industry, making regional strategy a priority for any company currently working within the industry or planning to.
Between January to September 2017, China imported approximately 52.81 million litres of spirits, which is an increase of 27.69% in comparison to this same period in 2016, its import value jumped by 37.75% to US$807 million (Drinks Business, 2017). By 2020, China is also expected to surpass the UK and become the world’s second most valuable wine market after the US (Drinks Business, 2017).Asia is predicted to take a 47.2% share in 2021 (Beverage Daily, 2017). Demonstrating that growth within this market in this region has no intention of slowing down.
This growth can be partially attributed to the increase in premiumisation and its further expansion into super premium. The development of the middle class within this region and the importance of millennial drinkers have made premiumisation an important growth sector Millennial and middle class consumers across the region are adopting an ever more discerning attitude to wine, beer and spirits.
There is an exciting future for the alcohol industry in Asia and the Alcohol Strategies in Asia Conference aims to explore this growth and strategise to remain ahead of the market.
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