Decline
While the overall growth in wine imports brought a glimmer of hope, China’s wine market continued to face a downward trend when the impact of Australia’s return was excluded.
From January to November 2024, imports from major wine-producing countries outside of Australia showed significant declines. French wine imports dropped 20.72% in volume and 10.60% in value, Chilean wine fell by 15.04% in volume and 20.31% in value, Italian wine declined 12.68% in volume and 3.29% in value, and Spanish wine plummeted 37.02% in volume and 27.06% in value.
Domestic wines fared no better, mirroring the struggles of imported wines. The net profits of five A-share listed Chinese wine companies fell across the board in the first three quarters of the year. Changyu, China’s leading wine producer, recorded a 21.56% year-on-year decline in total operating revenue during this period. In a stark indicator of the market’s challenges, Changyu reported a net loss of RMB 2.88 million (US$403,864) in Q3—excluding non-recurring gains and losses—marking its first loss since going public in 2000.
These declines underscore the ongoing challenges in the Chinese wine market, where recovery remains uneven and heavily reliant on specific segments, while broader demand struggles to gain momentum.
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