Canadian Wine Industry to Uncork Solid Growth: BMO
BMO Economics forecasts wine sector will continue to outpace other alcohol sales
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/30/12 -- The Canadian wine industry is poised for solid growth over the next five years, with an aging population, a willingness by consumers to pay more for premium wines and the opportunity to make greater inroads in the Canadian marketplace driving the expansion, according to BMO Economics' special report on the Canadian wine industry.
"The Canadian wine industry has undergone a remarkable expansion over the past two decades," said Aaron Goertzen, Economist, BMO Capital Markets. "While the climate in Canada may prevent the sector from becoming an international powerhouse, its reputation on the international stage has grown, and Canadians are increasingly reaching for a glass of pinot noir instead of pilsner."
Remarkable Expansion:
The increase has been the result of an aging population - as older individuals are key consumers of wine and tend to have more income - and reports of wine's beneficial health effects. The free trade agreement also lifted protections against imports; in response, Canadian wineries reinvented their product and switched to higher-quality grapes.
"There is likely scope for Canadian wineries to increase their exports of premium-priced products such as icewine, for which economies of scale are not as important," noted Mr. Goertzen. "While icewine is produced in relatively small quantities, its high value means that it already accounts for one-third of wine exports, and Canadian wineries are internationally renowned for this cold-climate product."
"Canadian wineries produce fine wines exhibiting unique and desirable characteristics that begin in Canadian vineyards with high quality fruit," said David Rinneard, National Manager, Agriculture, BMO Bank of Montreal. "Going forward, we anticipate that Canadian wineries will continue to reassert their position in Canada and showcase their quality products in other parts of the world. As other nations' diets expand, we have every reason to believe that Canadian wineries will be successful in making a place at the international table."
Recent Developments
Wineries continue to see solid growth after a particularly strong decade. The industry is experiencing average volume growth of 3.1 per cent and wine sales continue to grow faster than sales of other alcohol.
Nearly two-thirds of the country's vineyard acreage is located in Ontario, with the rest concentrated in British Columbia and some smaller operations in other provinces. Domestic wineries provide approximately a third of the wine consumed by Canadians, while nearly three-quarters of imported wines come from France, Italy, the U.S., and Australia.
Growth Opportunities
The report outlines how Canadian wineries can continue to grow:
The full report can be downloaded at .
Contacts:
Media contacts:
Peter Scott, Toronto
(416) 867-3996
Paul Cunliffe, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: (at)BMOmedia
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Datum: 30.10.2012 - 12:59 Uhr
Sprache: Deutsch
News-ID 197572
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TORONTO, ONTARIO
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