Ten Keywords for China’s 2024 Wine Market

Growth

After six consecutive years of decline, 2024 marked a turning point for China’s wine market, with import data showing signs of recovery. 

From January to November, China’s wine import volume reached 253 million liters, an 11.54% year-on-year increase, while the value of imports surged 34.34% to US$1.433 billion.

This growth comes after a prolonged downturn that began in the second half of 2018. That year, while import value saw modest gains due to a strong first half, overall import volumes had already begun to shrink. The years from 2019 to 2023 saw both volumes and values in freefall, as the market grappled with declining demand and other economic challenges.

The rebound in 2024 was fueled primarily by the return of Australian wines following the removal of punitive tariffs. However, this resurgence has yet to translate into broader consumer enthusiasm. Shen Yi, a veteran in the wine industry, observed that Australian wines have struggled to meet sales expectations and have not significantly boosted the market’s popularity. Chen Xun, founder of Domaine, echoed this sentiment, pointing out that aside from the iconic Penfolds, most Australian wine brands have seen only tepid sales growth.

While the data paints a picture of recovery, the reality on the ground suggests that the growth is uneven and confined largely to the wholesale level. The challenge now lies in converting these gains into sustained momentum across the broader market.