SA's wine industry gains momentum with local and international demand
Although South Africa’s wine exports to China shrank in 2023, that market remains a vital growth area for the local wine industry, with its market share steadily increasing since 2019.
This year, the Chinese market is anticipated to expand further, fuelled by post-pandemic recovery and growing demand for white wines – providing a significant opportunity for South African producers.
Additionally, countries such as Belgium, Zambia, and Thailand are also increasing their purchases of South African wine.
Domestically, wine consumption reached a record high in 2022, even as global consumption declined since 2018. The wine tourism sector now contributes over R3 billion to GDP and supports over 270,000 jobs.
Furthermore, the African Wine Information and Systems report shows a shift towards premium wines, with consumption of wines priced above R200 per 750ml nearly doubling between 2020 and 2023.
“Wine is the most agnostic alcoholic beverage in South Africa. Unlike whiskey or beer, its consumers span all ages, genders, and races, and these latest consumption trends are encouraging,” says WineX founder, Michael Fridjhon.
Bridgette Kruger, Standard Bank’s Head of Private Banking in SA, says despite some setbacks in South Africa’s export volumes in 2023, this is a growing industry.
She adds: “As a bank, we want to play a larger role in supporting local producers by connecting them to a broader consumer market.”
Kruger says that this is the reason Standard Bank partnered with WineX to make the Sandton festival even bigger than last year. Taking place at the Sandton Convention Centre from 30 October to 1 November, the 2024 WineX festival promises an unparalleled experience, blending premium wines with a vibrant, sophisticated crowd.
“This is our second year partnering with WineX, and we’re proud to make it an invaluable platform for showcasing some of the country’s finest wines,” adds Kruger
