Wine producers encouraged to build contacts in China
Australian wine producers or those looking to enter the industry may benefit from making efforts to create contacts in Chinese trade, industry and government as the country becomes a key player in wine consumption worldwide.
According to an April 24 press release, NAB Agribusiness predicts building links with China is essential if Australian wine producers wish to benefit from increasing wine consumption levels in the country.
Currently, China is the largest market in the world for red wine, at 1.87 billion bottles in 2013. Consumption is expected to further increase to position China as one of the world's top three wine-consuming countries within a period of just a few years, according to the release.
While the growth in consumption in China and potential for Australian wine producers is obvious, Head of the Asia Desk for NAB Agribusiness Roger Gaudion says many Australian exporters and producers may be unsure how to take advantage of the growing market.
"Strong relationships, understanding the market and exploring opportunities on the ground are crucial for long standing and successful partnerships in China," Mr Gaudion advised.
"Building links and relationships into China are vital for Australian agribusiness if we're to truly seize the opportunity with both hands," he continued.
One such way for Australian producers to get a foot in the door is with a wine study tour to Hong Kong and China in May this year with NAB Agribusiness.
Producers will be able to meet and build contacts with valuable government, trade and industry leaders, and visit wineries and VINEXPO Asia-Pacific, the premier trade show for wine in the Asia Pacific, Mr Gaudion said.
This will give Australian wine producers and exporters a helping hand when it comes to taking advantage of developments in the worldwide wine industry.
The boom in wine consumption in overseas markets such as China may prove beneficial to those in the Australian wine industry as demand increases. As a result, there is potential for employment in the area.