China to become world’s 2nd largest wine market by 2020
London, March 2 (IANS) China is set to become the world’s second biggest wine market by 2020 when sales of still and sparkling wine reach the $21 billion-mark in the country, the wine industry’s VINEXPO has said.
The data was released by Guillaume Deglise, CEO of VINEXPO, the world’s leading wine and spirit exhibition, according to Xinhua news agency.
It is forecast that China, which is currently ranked fourth behind the US, Britain, and France, will witness a growth of 39.8 per cent in retail values in the next three years.
The US will still come out on top with $38 billion by 2020 after a growth of 11.9 per cent over last year’s volume.
VINEXPO is an international wine and spirits exhibition that will be held in Bordeaux, France from June 18 to 21 this year.