China on track to becoming biggest Cognac market in the world, says study
BEIJING, March 8 — Consumption of Cognac in China is projected to increase by a whopping 60 per cent between 2012 and 2016, says a recently released report out of France and the UK, which could place the country in a position to become the largest market in the world for the French brandy by 2020.
According to a joint report out of major wine trade show Vinexpo and the UK-based International Wine & Spirit Research market group, if the current rate of Cognac consumption continues in China, the country will overtake the US as the biggest consumer in the world in seven short years.
Already China is the world’s biggest importer of Cognac in value terms. Last year, 168 million bottles were sold in the world — an estimated value of €2.38 billion (RM9.69 billion), making 2012 a record-breaking year for the industry, the report points out.
Currently, US consumers tip back 134 hectolitres, far ahead of the next biggest market, Singapore, which consumes 82 hl, and China, at 69 hl.
Between 2007 and 2011, consumption in China more than doubled at 55 per cent. — AFP/Relaxnews