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Demand for Italian wine grows by 46% in Russia.
Demand for Italian wine grows by 46% in Russia.

Demand for Italian wine grows by 46% in Russia

INTERNATIONAL NEWS

ESM - Nov 27th 2017, 14:22

Russia, one of the top ten leading wine importers in the world, is the country where demand for Italian wine has grown the most, increasing by 343% over the past decade. 

The figure comes from the president of Veronafiere, Maurizio Danese, at the 14th edition of Vinitaly Russia in Moscow and St. Petersburg, with the participation of 180 representatives from the wine industry, reports Ansa.

Danese pointed out that Russia recently overtook Japan and Sweden, becoming Italy’s sixth largest market for wine exports. If the positive trend in the first eight months of 2017 (growing by 45.6% year-on-year to €134.6 million) is confirmed, Italy’s total exports could surpass €200 million.

French Threat

However, in the US, Italy has lost its leadership position to France as the main wine supplier, based on data published by Business Strategies, a Florence-based consulting firm specialising in wine exports, and Nomisma’s Wine Monitor.

Wine imports from France during the third quarter of 2017 amounted to €1.22 billion, according to US Customs data, compared to Italian wine imports of €1.21 billion. Italy has been the main wine exporter to the US since 2002.

In the first nine months of 2017, French wine imports grew by 18.8%, while Italian wine sales grew by only 3%, a figure below the overall US wine import growth rate of 8%.

As a result, Italy has seen its market share in the US drop from 32.7% to 31.1%.
Content ©2017 European Supermarket Magazine 

Read more about: wine | russia | italian wine | imports

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