Wine lovers may long debate whether the fruits of India's vineyards are Old or New World, but vintners will be raising a glass to the growing interest Indians are showing in the market.
Indian suppliers are becoming a fixture at Hong Kong wine fairs and international suppliers from the traditional wine-growing countries are hoping to attract the Indian palate. A report by the Hong Kong Trade Development Council says the Indian wine market is growing at an annual rate of up to 25 per cent.
About 10 Indian companies attended the Hong Kong International Wine and Spirits Fair 2009 last October. Dealers reported that the market was 'price sensitive' with premium wines fetching from US$20 to US$32 a bottle and prices ranging from US$12 to US$18 in the mass market segment.
'The prices are even more competitive for the Indian wines, with the premium segment in the range of US$10 to US$12 a bottle. The fast-moving price range is around US$6 to US$7 a bottle,' Subhash Arora, president of the Indian Wine Academy, was quoted as saying.
'There is a better understanding of wines too. Demand for wines in the premium segments is expected to increase over the next few years. Higher disposable incomes, changing lifestyles - and women as an important consuming sector - will also be important factors.'
The fruits of French, Italian, and Australian vineyards face stiff import duties, with outlets needing a special licence to sell imported wines.