The Hong Kong market accounts for nearly 1% of the Asian still wine market size. The market registered a compound annual growth rate (CAGR) of -10.8% during 2017-22 and 3% growth over 2021. According to GlobalData’s deep-dive analysis report, Hong Kong still wine market databook, red wine accounted for a notable share of 87% among various still wine segments in the market in 2022, followed by white wine. The report also provides in-depth analysis and market forecast to 2027. Buy the report here.
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According to GlobalData’s company and brand analysis, Vina Concha Y Toro, Treasury Wine Estates Vintners and Pernod Ricard Group held significant shares in the Hong Kong still wine market in 2022. Concurrently, Concha Y Toro, Cape Mentelle and Wolf Blass led in terms of brand market share. Vina Concha Y Toro had the leading market share by volume in 2022. Companies operating in the Hong Kong still wine market continue to use innovation to target gaps in product offering. Continuous tracking of market size and company performance is important to help competitors capture and maximize profits.
GlobalData’s channel analysis reveals that on trade were the key channel of purchase for still wine, along with food & drinks specialists. Also, hypermarkets & supermarkets recorded a notable growth during the COVID-19 pandemic, as consumers were forced to stay at home due to restricted movement opportunities.
On trade constituted the highest market share by volume in 2022. Consumers preferred this channel for its product assortment and competitive pricing. Food & drinks specialists was the next preferred channel in the Hong Kong market.
Among the top Asian markets, China accounted for the highest volume share in 2022, followed by Malaysia, Hong Kong, South Korea, Singapore, Thailand, Japan, the Philippines, and India.
With a growing number of consumers seeking to experiment with novel products, manufacturers and brands need to constantly innovate their flavours and formulations to remain relevant and competitive. Additionally, the popularity of e-commerce has made it easier for shoppers to compare product features and offerings across different brands.
To further understand and explore GlobalData’s insight into the still wine category and market forecast to 2027, buy the report here.
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