Taiwan has gained economic growth and is now ranked seventh in Asia and 22nd in the world in terms of buying power parity. The regime for new foreign investment is open, and regulatory changes and economic liberalization have improved Taiwan’s trade profile. In Taiwan, many companies compete for economic productivity, including import-export, which is considered critical for this Tiger State.
Types of Consumers
The industry has evolved from rich businessmen drinking wine as a status symbol to affluent wine lovers drinking wine in restaurants, keen to expand their wine experience and sampling abilities.
Ladies favor light and delicate wines, soft vintages with fruity aftertastes, but also red wine for its health benefits; young urbanites are interested in discovering new flavors; gourmands prefer tried and true, prestigious, quality, and pricey wines; and the middle class purchases medium-range and entry-level vintages from stores and supermarkets.
The Wine Market
The best wine for Taiwanese customers will be between robust and semi-dry, as well as appealing in terms of bottling, label size, weight, and overall appearance.
Red wine is still the most popular among customers, but white and sparkling wines are gaining popularity. Other market tastes include still wines, sweet wines, and solid wines, with rosé wines remaining a niche commodity.
Chilean and Argentinian wines are the most popular at low retail prices, while Italian, Spanish, and French varieties are popular at higher prices.
Canned Wine a Trend?
Due to its many benefits, the canned wine segment has seen exciting growth in Taiwan in 2019 and has become very successful among the youth. Can packaging provides comfort, which is a core factor driving demand development. Furthermore, since they are less costly than traditional bottle packaging and have a better recycling rate than bottles, they encourage sustainability. Wineries have also experimented with different types of packaging, such as containers and cartons, to turn their product into a more affordable beverage.
Influencers in the Wine Industry
The press and social media, particularly wine publications such as Decanter, Wine Spectator, and especially Wine & Spirits Digest (WSD), Taiwan’s unique and admired wine and spirits industry trade journal, have a significant impact on trends and habits.
Furthermore, the incredibly popular wine-themed comic book Kami no Shizuku (Drops of God) raised wine sales in many countries, including Taiwan, as fans of the series checked out wine and wineries featured in the comic.
Furthermore, trade events such as wine seminars, business-to-business wine shows, and tasting events are held on a regular basis in Taiwan. Importers attend Vinexpo Asia and the Hong Kong International Wine and Spirit Fair to meet with suppliers from around the world and learn about new brands.
Entering the Market
While Taiwan Tobacco and Liquor Corp. has a monopoly in the country’s wine market, its dominance is gradually waning as a result of increased competition from imported foreign brands preferred by Taiwanese wine enthusiasts.
Today, there are numerous business opportunities to enter the Taiwan wine market as consumption habits have evolved with the emergence of new customers, especially women and young people, for whom wine consumption is considered an integral part of their desired lifestyle.
Since the Taiwanese wine market is segmented, exporters must tailor their goods to customer and importer tastes, while distributors must engage in special promotion and operation at all price points.