I. Introduction With the continuous development of the Chinese economy and the improvement of consumer living standards, the liquor market, especially the markets for gin (also known as Jinjiu) and vodka, have shown strong growth momentum in China. This report will delve into the import situation of gin and vodka in China in recent years, explore market trends, and provide insights for relevant enterprises and investors.
II. Overview of the Gin (Jinjiu) Market
Gin, also known as Jinjiu, has been increasingly favored by Chinese consumers for its unique taste and flavor profile. In recent years, with the increasing number of domestic brands and the improvement in the quality of imported gin, the gin market has shown rapid growth.
According to the latest data, in 2023, the import volume of gin in China was 2,236,914 liters, a year-on-year decrease of 20.67%, with an import value of $10,619,683, a year-on-year decrease of 15.69%. Although both import volume and import value have declined, considering the changes in the global economic situation and international trade environment, this performance still demonstrates strong demand for gin in the Chinese market.
In the first quarter of 2024, the import volume of gin showed growth, increasing from 520,000 liters and $2.34 million in the same period last year to 650,000 liters and $2.71 million this year, representing year-on-year increases of 25% and 15.8%, respectively. However, it is noteworthy that the average price of gin has decreased, from $4.5 per liter last year to $4.15 per liter. This may be related to intensified market competition, the rise of domestic brands, and changes in consumer consumption habits.
III. Overview of the Vodka Market
Vodka, as another popular category of spirits, has also shown strong growth momentum in the Chinese market. Compared to gin, vodka has achieved growth in both import volume and import value.
In 2023, the import volume of vodka in China was 5,994,895 liters, a year-on-year increase of 2.40%, with an import value of $18,054,467, a year-on-year decrease of 8.10%. Although there was a slight decrease in import value, the growth in import volume still indicates strong demand for vodka in the Chinese market.
In the first quarter of 2024, the growth in vodka imports was particularly significant. Compared to the same period last year, the import volume almost doubled to 1,277,000 liters, and the import value also increased by more than double, reaching $4.49 million. In terms of average price, vodka increased from $3.13 per liter to $3.52 per liter, with a relatively small increase.
In terms of import sources, Sweden, Latvia, Russia, and France are the main importing countries of vodka. Among them, Sweden's import volume reached 650,000 liters, accounting for more than half of the total import volume. This demonstrates Chinese consumers' preference for and recognition of Swedish vodka.
IV. Market Trends and Prospects
Overall, both the gin and vodka markets in China have shown strong growth momentum. With the continuous growth in consumer demand for high-quality spirits and intensified market competition, it is expected that these two markets will continue to grow.
For gin, although the average price has decreased, the growth in import volume and import value still indicates strong market demand. With the rise of domestic brands and changes in consumer consumption habits, the future gin market is expected to become more diversified and personalized.
For vodka, the growth in import volume and import value reflects consumers' love and recognition of this category. It is expected that the vodka market will continue to grow in the future, with possibly more brands and varieties from different countries and regions.
In conclusion, the gin and vodka markets in China have immense potential and opportunities. Relevant enterprises and investors should closely monitor market dynamics and changes in consumer demand, strengthen quality management, and innovate marketing strategies to seize market opportunities and achieve sustainable development.
