Asians uncork 1 million bottles of wine
June 13th, 2008 - by Nazia Vasi
A recently held wine auction in Hong Kong sold US$8.2 million of fine vintages and smashed at least five world auction records for some of the world’s finest wines clocking Asia’s largest such sale till date.
Asia primirarily a fruit and rice wine consuming continent is now gulping down more of the fermented grape drink. According to Vinexpo/IWSR’s research for Asia, wine consumption increased by 10.4 percent in 2004-05 and by 8 percent in 2005-06.
They’ve also predicted that wine consumption would increase by 11.856 hectoliters until 2011, up 48 percent twice that of the period from 2002-2006 and also eight times as much as that of other countries in the world. Asian wine consmption is also expected to account for 4.8 percent of global wine consumption till 2011.
Japan reigns as Asia’s largest importer of wine, while China ranks as Asia’s largest consumer. France is Asia’s largest supplier, accounting for about 40 percent of the regions imports.
In 2006, Asian wine consumption was worth US$4.753 billion up 12.6 percent from 2002. It is predicted that sales would increase 33.9 percent to US$6.368 billion from 2006-2011.
The China wines information website says that sales of wine consumption is equivalent to the earnings of Macao’s gambling industry, appromimately US$ 5 billion.
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