China set to be fastest-growing wine market

Wine consumption in China is outstripping global rates, putting the country on course to become the world's fastest-growing wine market, AFP reported, citing a study by France-based wine trade show organizers Vinexpo. China was the world's 10th largest light wine consuming nation in 2005 and its population is likely to drink 558 million liters of wine in 2010. This equates to growth of 36% over 2005 levels, compared to expected global growth of 4.8%, the study said. Wine sales in China are expected to reach US$1.65 billion by 2010, double the 2001 figure of US$848 million, with much of the growth coming from bottles costing over US$5. However, sales in China will still trail US revenues considerably. The US wine market was worth US$19.17 billion in 2005 and is on course to hit US$22.75 billion by 2010. Imported wines make up only 5.6% of the Chinese market.