Opportunities for Australian Wine in ASEAN
Opportunities for Australian Wine in ASEAN May 17, 2021 Posted by ASEAN Briefing Written by Lisa Prodent Reading Time: 7 minutes
In 2020, Asia’s wine markets brought in US$1.7 billion for Australian wine producers and importers.
Australia’s wine industry is currently experiencing a loss of access to China’s US$887 million market – due to high tariffs as a result of geopolitical issues and lower profits because of COVID-19.
Vietnam is one of the most promising ASEAN countries for the Australian wine industry – the westernization of tastes combined with increased tourism and a growing middle class make the country a highly attractive market.
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On top of the health effects already seen across the globe from Covid-19, the pandemic has affected governments, businesses and citizens in ways that will have lasting effects on the world order and economy, according to A.T. Kearney, which explores these seismic changes and examines possible trends from 2020-2025 in its “The Great Shakeout” report.
The report finds that global government and business leaders will be under more pressure than ever to perform for their stakeholders, while many economic participants who were already struggling, including low-skilled workers and minorities, could face an even steeper uphill battle toward prosperity post-Covid.