Aussie wine bounces back
Australia’s wine industry is seeing renewed momentum thanks to strong Chinese demand, with exports up 6% year-on-year, buoyed by an additional 94 million litres heading to mainland China. But China’s own wine scene paints a stark contrast.
Changyu Pioneer Wine, China’s largest producer, has reported a 25% drop in revenue and a 43% collapse in net profit in 2024, marking one of its worst performances in two decades. Wine consumption in China is now only 26% of 2019 levels, with gifting and business banquets losing relevance.
Facing fierce competition from Baijiu brands, e-commerce discounting, and a government crackdown on alcohol at official meals, Changyu has slashed its 2025 revenue forecast by nearly 30%. CEO Sun Jian admitted, “We’ve lost touch with consumers.”
In contrast, Australian producers appear to be regaining ground, as China resumes wine imports, offering a glimmer of sunshine in a struggling global sector.
