Emerging opportunities for Australian wine in Russia and Vietnam

Published 2021년 5월 25일

Tridge summary

Australia sees potential in expanding its wine exports to both Russia and Vietnam. Despite Russia being the larger market with a population of 144 million and currently importing around 120.7 million cases of grape-wine annually, Vietnam, with a population of nearly 100 million, presents a growing opportunity due to its increasing middle class and positive economic outlook. Currently, Russia imports about 0.1% of Australia's wine production, with Shiraz being popular, while Vietnam ranks as the fourth largest importer of wine, with Australia holding an 11% share by value. However, the COVID-19 pandemic has impacted wine imports in Vietnam, leading to a drop of over 50% in volume for Australian exports despite strong growth before the pandemic. A free trade agreement between Australia and Vietnam is expected to further boost exports, with tariffs set to decrease over the next few years.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russia and Vietnam have been identified as presenting good opportunities for Australian wine exports: Russia because of its overall attractiveness as a wine market and Vietnam because of Australia’s particular advantages in that market. Russia is the largest country in the world with a population of 144 million and a population density of 8 people per square km. In comparison, Vietnam would fit about 50 times into the landmass of Russia, but has a population density of 317 people per square km. In term of grape-based wine, Russia consumes around 120.7 million cases per year, compared with 1.67 million cases in Vietnam. The per capita consumption is 9.8 litres per adult in Russia and just 0.2 litres per adult in Vietnam. Russia: a major mover in wine markets According to Wine Intelligence’s 2020 Global Compass report, Russia has jumped an astounding 23 places to be the tenth most attractive global wine market, equal with Canada. The IWSR reports average volume growth for imported ...

Source: WineAustralia