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| Italian wine makers seek to uncork the Indian market | |
| Press Trust of India / Bangalore November 20, 2008, 13:20 IST | |
Premium Italian wine makers, including Caviro, Cavit, Cantine and Geograficao, are exploring the possibilities of entering India, one of the fastest growing wine markets in Asia.
"The Indian market is expected to be among the best performing markets for wine in the coming years," says Marco Toti of Geograficao, part of the Italian wine delegation that is in India to explore the possibility of entering the market.
The Indian wine market is on an expansion spree and is soon expected to catch up with China and South Korea, which are the growing markets in the Asian region, in addition to Hong Kong and Japan, both of which are matured markets.
With the UK, the US, and Germany reaching saturation point in wine consumption, wine makers are now scouting for new markets in the Asian belt.
Currently, Japan accounts for nearly 28% of the wine consumption, while China and Hong Kong account for 60%, Toti said.
According to industry estimates, India imports over 2,00,000 cases of wine, with 35% being from France, 20% from Australia and Italian wines accounting for 15%, Alok Chandra, a Bangalore-based wine consultant, said.
Wine imports are growing at 25% CAGR (Compounded Annual Growth Rate), he said.
High-end Italian players are now scouting for importers and distributors to market their brands in India and also exploring tie-ups with leading retail chains to sell their products to the growing wine consumer segment.
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