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.





The challenges are not unique to India. Most are exactly what western companies encountered when they first arrived in China some 20 years ago. But Chinese companies, whose success so far has been largely built on their home-court advantage and low costs, are much less prepared to tackle those issues. 





