2018 Agrifrance Annual Report: Digital Technology is Revolutionising the World’s Wine
Agrifrance, a specialist division of BNP Paribas Wealth Management (SME Finance Forum member), has just published its 2018 annual report, which this year focuses on the impact of digital technology on the global wine market. While the world of wine still remains in tune with the ‘terroir’, vintage, ‘appellations’ and its other long-standing traditions, the players in the winegrowing sector are now experimenting with new tools and practices, and consumers are discovering new products and services.
The main findings of the report:
- Worldwide online wine sales totalled $9.8 billion in 2016 and are forecast to exceed $10 billion in 2017, i.e. around 5% of global wine sales.
- In France, the online market is reaching maturity and should reach €1.4 billion in 2017, i.e. 9.4% of total wine sales. To the question “Have you ever bought wine or champagne online?”, 34% of French respondents said ‘yes’ in 2016, compared with only 10% in 2011.
- Asia and the emerging markets should continue to see growth in online wine sales, given the boom in e-commerce in those regions. In China, e-commerce today has over 500 million potential consumers.