Wine is becoming more fashionable in China and wine consumption has been steadily increasing, especially among white-collar workers and young people. Various media have been popularizing wine culture and foreign enterprises have held many wine-tasting promotions. This has helped enrich consumer knowledge of wine and stimulated wine consumption. In addition, the government has been encouraging the consumption of alcoholic beverages with lower alcohol content, such as wine.
Revenue for the China wine production market is expected to increase 12.1% in 2013 to $8.5 billion. Over the five years through 2013, industry revenue has been growing at an annualized rate of 18.3%, driven by rapid increases in domestic demand. The industry has also become increasingly profitable as demand grew and pricing levels remained steady.
On average, the number of enterprises has been growing 7.5% per year to an estimated 288 in 2013. Attracted by the growing Chinese wine market, many foreign winemakers have entered the industry to target high-end markets. In 2013, foreign winemakers account for about 14.8% of the total number.
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