The wine and spirits market in Asia is rapidly growing, fueled by rising incomes, urbanisation, and Western cultural influences. The Asia-Pacific market is projected to achieve a 5.5% CAGR from 2021 to 2028.
Emerging trends in the Asian wine and spirits sector include:
- Growing popularity of wine: Wine is becoming increasingly popular in Asia, especially among young and affluent consumers.
- Rise of premium spirits: Premium spirits, such as whiskey and vodka, are also becoming increasingly popular in Asia.
- Growing demand for imported alcoholic beverages: Consumers in Asia are increasingly demanding imported alcoholic beverages, as they are seen as being of higher quality than local alcoholic beverages.
- Increasing importance of e-commerce: E-commerce is becoming increasingly important for the wine and spirits industry in Asia. Consumers are increasingly buying wine and spirits online, as it is a convenient and efficient way to purchase these products.
Asia’s expanding consumer base is driving the industry’s growth, making it a pivotal player in the region’s economy.
ProWine Singapore is collocated at FHA-Food & Beverage, enhancing the prominence of wine and spirits in the APAC region. For more information about ProWine Singapore, click here to find out more.