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Following the reopening of the Chinese market, Australians are facing new challenges: a smaller market, established players, and emerging trends.

On March 28th, the Ministry of Commerce of the People's Republic of China (MOFCOM) announced the lifting of the 212% tariffs on Australian wine. Australians breathed a sigh of relief and are now striving to regain one of their once strongest export markets.

However, since the introduction of tariffs in 2020, the market has undergone significant changes, with Australians experiencing a loss of revenue from AU$ 1.3bn (circa US$ 85m) to AU$ 10m (circa US$ 6.5m). Previously, Australians accounted for 27% of the volume and 33% of the value of Chinese wine imports, as reported by Wine Australia.

Their full-bodied wines are meeting the demand for non-alcoholic and reduced-alcohol wines.

Since then, the market has shrunk significantly. Today, total wine imports into China amount to only one-third of the volume from five years ago. The overall import volume decreased from 688m liters in 2018 to 248m liters in 2023. According to the market analysis platform IWSR, wine consumption in China has dropped by around 70% compared to five years ago, with the quantity decreasing from approximately 855m liters in 2017 to 252m liters in 2022. This decline is attributed, among other factors, to the lockdowns imposed during the Covid-19 pandemic and their effects.

A new reality

Adhering to the adage ?two's company, three's a crowd,” France managed to position itself as a source with a value of around €460m (circa US$ 500m) in 2023. Additionally, despite declines in volume, Chile, Italy, and Spain were able to maintain their status as key import sources in China.

As reported by Wine Australia, Chinese consumers still hold a positive impression of Australian wine, according to a survey. However, trends show that white wines are in demand, particularly Sauvignon Blanc, Riesling, Moscato, Chardonnay, and Chenin Blanc varieties. Moreover, their full-bodied wines are meeting the demand for non-alcoholic and reduced-alcohol wines, as Chinese consumers increasingly opt for healthy and moderate consumption.

Premium wines

Luxury wines became scarce due to high global demand, leading to price hikes. This affects not only the Chinese market but also other export markets, where price increases are expected.

It therefore only seems logical that Australia's largest wine company, Treasury Wine Estates (TWE), announced a price increase for its premium brand Penfolds, as reported by the Chinese specialized portal VinoJoy. Until 2020, TWE was the largest exporter to China, and Penfolds was among the most popular.

Repositioning required

Australians understand that they cannot regain their old market position in the short term. A smaller market and increased competition demand that producers reposition themselves in the competitive market. This opens up new opportunities in the long run. PD