29 Jan Latin America Driving Premium Wine Demand
As traditional wine markets continue to be subdued, premium wine producers are reporting double-digit growth across Latin America in nations such as Mexico, South America, Puerto Rico and the Dominican Republic.
Evolving consumer preferences, expanding middle class demographics and a growing appetite for premium and boutique wine experiences are fuelling significant growth of wine exports across Central and South America as well as Mexico.
The outlook moving forward is optimistic, especially when taking into consideration the free trade agreements currently under negotiation. A specific example is the Mercosur Agreement, which is a free trade agreement between the E.U. and the Mercosur bloc (which consists of Argentina, Brazil, Paraguay and Uruguay). In addition, the past decade has seen growing interest in wine across emerging markets such as Honduras, Ecuador and Peru.
This growing demand for wine is being driven by young consumers and a growing middle class who are increasingly interested in wine culture, particularly through the pursuit of quality and authenticity. This has seen wine producers aim to maximise their market access via distribution to the Latin market predominantly through the restaurant sector and urban and tourist areas, with a secondary focus on accessible brasseries or retail chains.
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