Italy’s wine production surpasses any other country in the world owing to its mild Mediterranean climate and extensive winemaking expertise. This is why the demand for Italian wine has been increasing worldwide, and Singapore is no different.
It is a major exporter of Italian wine, which is evident by the fact that Italy is the second supplier of wine to Singapore among the EU countries.
Singapore: A growing market for Italian Wine
According to Mario Andrea Vattani, H.E. Ambassador of Italy to Singapore, food and beverage exports to Singapore are significantly growing. This reflects the fact that even though the wine market gradually declined during the COVID-19 pandemic, Singaporeans now have a huge thirst for Italian wines.
Also, Singapore’s wine market is expected to grow annually by 11.92%. In contrast, the volume is expected to reach 12.3ml by 2025, demonstrating that the city is quickly becoming a mecca for wine in Southeast Asia.
Despite “sin” taxes on alcohol, supply chain expenses, high trade mark-ups, and tight trade margins, Singapore is a profitable market for the wine trade. This provides a huge opportunity for winemakers and traders who can leverage Singapore’s strong economic growth and high domestic spending.
Borsa Vini Italia ’22 – Showcasing Italy’s Finest Wine
Hosted by the Italian Trade Agency, Borsa Vini Italiani is a one-day trade exhibition that aims to promote Italian wine globally. The concept behind this Italian wine extravaganza is to connect owners and winemakers to wine connoisseurs, local wine buyers, and sommeliers.
After the success of the 2nd edition of Borsa Vini Italiani, the exhibition returns to Singapore for its 3rd edition. This year, the event is part of Italian Cuisine Week, showcasing around 25 exhibitors that will be offering a wide variety of wines ranging from noble reds and sparkling roses to mineral whites.
The focus of this event is to connect Italy’s wine traders with Singapore’s importers and restaurateurs and promote new partnerships through B2B meetings and seminars.
The revival of Borsa Vini Italiani in Singapore in response to the growing demand for the best wine has taken the market out of its slump after it faced economic challenges during the COVID-19 pandemic. This is also due to the changes in consumer behaviours and the growing appetite of Singapore’s rich nationals and expatriates who are eager to experiment with diverse wine varieties. The wine consumers of Singapore are also perceived to be more adventurous and a good sport about trying new flavors of wine that they have not previously tasted, and this has further created an excellent opportunity for Italy’s wine trade.
Italy’s winemakers have also upped their game by introducing innovation and sustainability to the manufacturing and trade of wine. And they are leveraging their network, supported by the excellence of the “Made in Italy” label, to increase the export of wine to Singapore.
The Future Of Italy’s Wine Trade In Singapore
With the growth in wine export value from Italy increasing to double digits, it has confirmed a prestigious position among the top wine exporters to Singapore. With the support of events like Borsa Vini and other such events, Singapore is fast becoming a hub for wine businesses and traders motivated to increase the presence of Italy’s finest wine in the region.
ITA Website: www.ice.it/en
ITA LinkedIn Page: www.linkedin.com/company/itaitaliantradeagency
ITA Singapore LinkedIn Page: www.linkedin.com/company/itasingapore
ITA Instagram Page: www.instagram.com/itatradeagency
ITA Singapore Instagram Page: www.instagram.com/itasingapore
Images here.