Canadians uncork their love for reds and whites

Canadians may have a new passion to add after hockey: being wine connoisseurs or, at the very least, avid drinkers of the alcoholic beverage.

British firm IWSR found that wine consumption in Canada increased 26.6 per cent from 2003-07, and expects Canadians to continue to soak up wine bottles in 2012, when retail sales will increase by 29.3 per cent from 2008.

Whether Canadians will drink to forget their troubles during economically tough times is another matter.

"We're not pretending to give you a crystal ball view of the wine market, but this is our best guess," said Xavier de Eizaguirre, chairman of Vinexpo, who commissioned the study.

Canada isn't alone on the world stage when it comes to emptying wine bottles quickly. The study found that of the 114 wine-consuming countries it looked at, all but six are expected to drink more vino.

"The six countries that will experience a decrease are France, Switzerland, Portugal, Austria, Argentina and Spain; all six are wine producers," said de Eizaguirre.

New markets are also helping fuel the global demand for wine. Russia and China will account for 58 per cent of the growth in wine consumption in 2008 and 2009. While vineyards are seeing their vintages heading off to bold new markets, production continues to be dominated by three countries: France, Italy and Spain. The trio make up well over half of all wine produced.

The title of the biggest wine-drinking country is also expected to change hands in the coming years. In 2007, Italy usurped long-time wine drinking heavyweight France; by 2012, the United States will be the largest wine-drinking market in the world.

Overall, global wine consumption is expected to grow about six per cent by 2012. The study says the effects of a sluggish global economy "will be limited in overall terms," especially when smoothed out over the five-year period from 2007-12.

The study is the seventh consecutive look at the global wine market published by the IWSR. De Elzaguirre said that past studies haven't been far off the mark when making global predictions.

If current research holds true, Canadians will be toasting the future as sales of wine in Canada will grow at three times the global rate.

Source:- Canadians uncork their love for reds and whites