China is likely to replace the US as the world’s largest economy by 2030 in market exchange rate terms. Latest research has also shown that China is SA’s greatest growth opportunity for wine exports, followed by Africa.
“However, to tap into these global market opportunities the wine industry will have to ensure it thoroughly understands the consumer segmentation and demographic order that comes along with global demographic changes,” said Frans Weilbach, PwC agribusiness industry leader.
The survey also showed that top executives in the wine business indicated they were more confident about current market conditions, with the majority expecting to see an improvement after three years.
According to the report, while in 2014 none of the respondents indicated that the price for red wine would increase in the short term, 15% of participants were now of opinion that prices will increase over the next 12 months.
