Africa and India offer huge potential, says Moët's Jean-Guillaume Prats
The global wine market is waiting to see if Africa and India go on become two of the biggest wine markets of the future.
With a growing middle class in key central African counties, for example, the potential for wine sales could be enormous, according to Jean-Guillaume Prats, president and chief executive of Moëtt Hennessy’s wine division, Estates and Wine.
“It remains the big question for the wine industry. What will happen with Africa and India? We know the potential there is in China, Asia and Brazil, but what about Africa and India? There is the potential to do substantial business there, particularly in Africa. Everything takes time in India.”
He pointed to countries such as Angola, Nigeria, Ghana, Kenya and Tanzania as key markets of both now and the future. “Nigeria is already the fifth biggest market in the world for Champagne.”
Moët Hennessy’s focus on developing New World wines puts it in a good position in the international wine market, claimed Prats.
“Bordeaux has had difficulty in the last two to three years to find the right prices. Burgundy is having difficulty to feed the demand for its wines. California is more focused on its domestic market. Which all leaves the door open for new producers and new regions from the New World. But you have to the right quality. That is a must.”