THAILAND
With forecasted volume growth of 4% in 2024, the Thai wine market is on track to deliver a CAGR of 3% by value between 2023 and 2028. The growth of wine bars, bottle shops and wine festivals in major cities is contributing to the expansion of Thailand's wine market.
PHILIPPINES
In a market where wine consumption is estimated at around 1 litre per capita, still wine is expected to grow at a volume CAGR of 3% and sparkling at 5% volume CAGR, 2023-2028. Spirits are also poised for growth, but at a slighter slower CAGR rate of 2% by value and 1% by volume, 2023-2028.
INDONESIAAn expanding middle class, growing number of younger LDA+ consumers and the return of tourism are expected to drive growth for Indonesia's beverage alcohol market. CAGR forecasts for 2023-2028 show growth for spirits (9% vol./9% val.), still wines (6% vol./6% val.) and sparkling wines (9% vol./8% val.).
VIETNAM
Like many countries in Asia, wine is not traditionally drunk in Vietnam, but an aspirational middle class and the revival of tourism are fuelling the market for wine. IWSR forecasts point to around 3% CAGR by volume and value for still wines between 2023 and 2028, rising to 9% in volume and 8% in value for sparkling wines. Spirits are set to achieve volume and value CAGR gains of +3% and 4% respectively.
MALAYSIA
After a difficult 2023, some categories in Malaysia's beverage alcohol market are performing better than others, such as tequila and rum. Wine has become a significant category, and is expected to grow further, driven by a growing middle class and increasing choice in the market. IWSR expects demand for premium wine to continue, as appreciation and understanding of wine increases. IWSR forecasts for 2023-2028 illustrate this with CAGR estimated to total 4% by volume and value for spirits, 3-4% for still wines and 6% for sparkling wines.
INDIA
Over the next five years, IWSR forecasts for India indicate volume growth of 3% for spirits, 5% for still wine and 7% for sparkling wine between 2023 and 2028, alongside even higher gains in value*.
*IWSR, 2024/ Helix Strategy 2023/ Promosalons 2023
Improving economic outlook, increased per capita consumption, changing lifestyles and premiumisation of brands are all drivers of the alcoholic beverage scene in Asia-Pacific. This bodes well for the future of the wine and spirits economy, both in the on-trade and the off-trade.
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