U.S. to become world's biggest wine market: study
Tue Jan 30, 2007 7:22am ET
PARIS (Reuters)
The United States is set to overtake France in the next five years as the world's largest wine market, according to an annual study published on Tuesday.
The study, commissioned by the organizers of the VinExpo trade fair in Bordeaux in June, forecast global wine consumption in that time would grow five percent but the market value would increase nine percent to $117 billion from $107 billion in 2005.
"The world is drinking more and better, more expensive wines," VinExpo Secretary General Robert Beynat told a news conference.
The study predicted U.S. still wine consumption would rise to 27.3 million hectoliters in 2010 from 23.0 million in 2005, exceeding French consumption, which is set to fall to 24.9 million hl from 27.4 million hl.
In value terms, the U.S. still wine market is set to be worth $22.8 billion by 2010, up from $19.2 billion in 2005, with fastest growth rates expected for bottles costing more than $5 each -- a trend also expected in other industrialized countries.
Italy would remain the second largest market in terms of volume with consumption in 2010 of around 27.2 million hl, the study by London-based consultants International Wine and Spirit Record found.
In total, the global market for still wines with an alcohol content of less than 15 percent by volume was seen growing to 224.8 million hl in 2010 from 211.9 million hl in 2005.
For the first time in the survey's 10 year history, Russia and China appeared in the top-10 markets in terms of consumption, and were forecast to continue growing strongly in the next five years.
The study also looked at trends in the spirits industry, forecasting the global spirits market would be worth $180.7 billion in 2010 compared with $170 billion in 2005.
Tequila, cognac and rum are set to replace vodka as the fastest growing spirits, the study found.
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Source: David Fahey Alcohol and Drug History Society
