There was a decline in Eastern European wine market due to global economic crisis but soon it is expected to rebuild the growth. Eastern European market offers promising long term growth opportunities. Wine consumption is less in Eastern Europe as compared to Western Europe and other countries. Consumption of other alcoholic drinks and beer is more as compared to wine. Wine consumption is expected to increase and there are various reasons for the same which are defined in the report.
Overview of wine consumption in Eastern Europe
Due to global economic crisis, European wine consumption declined by 1.2% annually between 2010-2014. Average per capita wine consumption in Europe remained fairly stable during 2010-2014. In Eastern Europe, Wine is capturing more market share in comparison with beer and other alcoholic drinks. Many Eastern European countries recorded market growth in this period. Here are some of the growth rates according to Eurostat; Lithuania (11% annually), Estonia (8.1% annually), Latvia (2.1% annually) and Romania (1.6% annually). Consumption of white and red wine increases during Christmas and New Year’s Eve while sparkling wine is consumed the most during holiday season at the end of the year. Wine is considered as a conspicuous good and is consumed large quantities in parties. Youth is choosing western lifestyle thus adding to the consumption of wine. Consumption of wine is positively related to the number of parties held during a year.
Most of the European countries are not able to satisfy the domestic demand and thus imports. Some countries specialize, in particular, Wine and import other types of wines from resourceful countries. Eastern European countries export wine to Western European countries because the tradition of drinking wine in Eastern European countries is different from Western European countries and whatever they produce, they end up with surplus wine. Red wine is consumed the most in European countries and thus among the total imports red wine constitutes the maximum share.
Key factors driving wine consumption in Eastern Europe
- Youth and adult population
- Huge population base is fascinated towards western culture
- Increase in disposable income
- Increase in the number of occasions or parties
Future of market for Wine
The wine market in the Eastern Europe is promising growth in the years to come. Poland is an emerging market and it has the lowest wine consumption in Eastern Europe. It exports the wine because the demand is too less from what is produced but it is expected that the demand is going to increase due to young population’s attraction towards western culture. In Czech Republic, market for wine is somewhat mature than that of Poland. Significant amount of wine is produced and consumed here. Both the countries offer promising growth markets in future.
To know more on “WINE CONSUMPTION VOLUME AND GROWTH FORECAST TO 2021-EAST EUROPE” click on following link:
https://www.kenresearch.com/food-beverage-and-tobacco/alcoholic-beverages/wine-consumption/32040-11.html
Related links:
Fortified Wine Consumption Volume and Growth Forecast to 2021-East Europe
Spirits excluding FABs & Fort Wine Consumption Volume and Growth Forecast to 2021-East Europe
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