Rabobank says signs of a revival in demand in the high-income Japanese wine market augur well for Australian wine producers.
The Japanese wine market has now ‘come of age’ with wine drinkers increasingly open to new consumption occasions, wine styles and innovations, after a nearly two decade-long hiatus, according to the company's latest Wine Quarterly report.
Far from being a ‘curiosity’, the report says, Japan ranks as one of the world’s most valuable wine import markets.
Yet many global wine-exporting regions have turned their attention away from Japan after the market declined from its peak 16 years ago, according to report co-author, Rabobank senior wine analyst Marc Soccio.
“But in more recent years, the hype surrounding the China wine market boom has coincided with a significant, yet much-less publicised, renewed interest in wine across the Sea of Japan,” he says.
“This has opened the way for New World producers, most notably Chile, to gain a foothold in the market, with the added advantage of a Free Trade Agreement.
“From Australia’s perspective, the new Japan-Australia Free Trade Agreement, which entered into effect this year, comes at an opportune time as it acts to level the playing field with Chile and better positions Australian wine producers to capitalise on growing demand for premium wines in this high-value market,” Soccio says.
Newer generations of consumers such as female drinkers are also bringing a new perspective to the wine category.
Premium sparkling wines, for instance, are experiencing strong growth and are assuming the traditional role of sake in celebrations, according to Soccio.
