Tariff Cuts Bring Cheer to China Spirit Market

Tag : Types of Liquors
/24-7PressRelease/ - New Delhi, India, July 19, 2008 - The leading name in marketresearch, RNCOS, has recently released its comprehensive study"China Food, Beverages and Tobacco Market Forecast till 2011" onthe booming FBT market of China.

As per the report, China's spirits market is projected to clock inan annual growth rate of 13%-14% and exceed US$ 48.8 Billion by2011. To meet the potential for growth in the market, a largenumber of foreign players are investing in domestic companies tohelp driving the demand.

The report says that though the spirits market of the countryremains slightly behind the sales recorded by more popular productsin beer and wine market, it is presently experiencing a robustgrowth. However, it continues to be on top in China's wine and beermarket terms of domestic consumption by value.

Various high-end products, especially premium baijiu, cognac andwhisky, are providing huge growth opportunities to foreign playersin China, says the report. White rum, flavored vodka andReady-To-Drink spirits (RTDs), including herbal spirits, haveindicated strong potential for growth but are consumed at lowvolume currently.

Adding to the attractiveness of the Chinese market for foreignersis the fact that foreign spirits enjoy substantial tariffreductions in the country (tariffs in the country slashed from19.2% to 10% in 2005), observes the report. To further drive themarket, China revised its consumption tax code in 2006 and reducedrate for hard liquors to 20% from 25%. Due to these initiatives,spirits market is projected to witness continuous, smooth growth(in volume terms) in near future.

The spirit market is just a part of information-rich research,"Chinese Food, Beverages and Tobacco Market Forecast till 2011".The report also gives detailed overview of various food segments,such as fruits, vegetables, meat and milk, consumption pattern ofChinese consumers, different types of beverages, their sales and abrief account on the Chinese tobacco industry.

The report provides objective analysis on the key drivers, markettrends, opportunities and challenges to help clients in navigatingthrough the competitive food and beverage market of the country. Itsupplements the analysis with current data and projections on perhead personal disposable income, household spending and consumerexpenditure on food, beverage and tobacco.

For more information visit: http://rncos.com/Report/IM573.htm
Current Industry News: http://www.rncos.com/Blog/

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