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Asia Pacific will remain the fastest growing market for wines and spirits in the long term despite a recent slowdown in sales, according to market analyst The IWSR.
By 2019 total annual consumption of beer, wines, sprits and mixed drinks in Asia will have grown by +1.2 billion nine-litre cases – the biggest sales volume increase of any region. Europe’s annual consumption will decline by -27.2 million cases in that time.
China and India will be the fastest-growing spirits markets, according to The IWSR Forecast Report 2014-2019, with consumption rising by a combined +120.5 million cases a year. The USA will be the only country beyond Asia among the five fastest-growing markets in that period.
The IWSR said that local spirits (national spirits such as baijiu as well as local whisky and brandy) will continue to drive expansion within Asia, although many markets are also showing opportunities for imported products.
Local brands are forecast to increase volumes with a steady compound annual growth rate (CAGR) of +1%, while imported spirits are set to grow at +3.8% between 2013 and 2019, an increase of +8.7 million cases.
As reported, The IWSR noted that duty free liquor volumes in Asia fell by -4.4% in 2013 – the first volume decline in any region since 2009.
