Australia’s winemakers needs diversified export markets to lower the risks from global political tensions and changes in consumer demand, with a new strategy paper setting a target for the industry to more than triple exports to $10 billion a year by 2050.
“Vision 2050”, a report to be released on Wednesday by industry group Australian Grape and Wine, sets a series of ambitious goals for the next 30 years that see the wine sector and tourism associated with it contributing more than $100 billion a year to the Australian economy by 2050.
Higher profitability will not come through increased plantings, but from producing more premium wines and others that appeal to consumers around the world, the industry plan says, forecasting that total Australian production will be maintained around its long-term average.
“Exports are key to the profitability of the sector. While the largest markets of China, North America and the United Kingdom will remain highly important customers, a diversified markets strategy will provide growth opportunities in Europe, India, Southeast Asia and Africa,” it says.