Hong Kong's wine import market expected to nearly treble in value by 2015

According to figures released by the International Wine and Spirits Record (IWSR), the mainland China is set to consume 105 million cases or 1.26 billion bottles annually worth HK$79 billion, by 2013. Some 957 million bottles of wine were consumed on the mainland last year. 

The mainland also was responsible for 68 per cent of all still, light wines consumed in Asia in 2008, roughly 3 per cent of the global total, with Japan, South Korea and Hong Kong rounding out the top four in Asia.

Chief executive officer of Vinexpo Robert Baynat contrasted global consumption rising 3.57 per cent from 2009 to 2013 with Asia's increase of 25 per cent, the mainland's rise of 31 per cent and Hong Kong's projected increase of 70.8 per cent.

Hong Kong's lucrative wine import market is expected to nearly treble in value, from HK$1.1 billion in 2004 to HK$4.64 billion by 2013.

Baynat said the phenomenal growth in Hong Kong's wine market was in a large part due to the 2008 budget, which led to the abolition of the 40 per cent wine duty.

Hong Kong last year supplanted London as the world's second-biggest wine auction market after New York, auctioning some HK$449 million worth of wine in 14 auctions.