The 5 Stories of 2013
The story of the future of wine
The elephant in the room. Not only has Asia, and China in particular, developed into a huge consumer of wine, but they’ve also been developing a huge wine industry as well. The Asian market created a bubble for Bordeaux in 2011, then shifted to focus more on Burgundy through 2013, but the future holds unknown surprises. There is a lot of disposable money ready to be spent on fine wine in Asia and if their focus alights on a region with small production the results could be profound and enduring. A scary thought for those who have watched Burgundy prices escalate out of their reach.
The production side of things is a long term story, but consider that China has increased its wine production 90% since 2011 and is now is the world’s fifth most prolific producer of wine, with plans to double production over the next five years! That would make China the #1 producer of wine in the world. While this will have little to no effect on the fate of truly collectable wine, it will come as devastating competition to many regions of the world that are producing inexpensive wines for everyday consumption.