Would you rather have a MINT or a BRIC?
Economies on the rise: Wine Intelligence takes a closer look at some of the rising stars of the emerging market world
The world of economics and business consultancy loves a good acronym. Over the past few year’s the term BRIC has become common place in everyday business language.
As human beings we are often looking for the next big thing or trend to emerge on the horizon, and according to many leading figures including economist Jim O’Neill, in terms of emerging markets it is the MINT countries.
The MINT markets (Mexico, Indonesia, Nigeria and Turkey) have been identified as the next rising stars of the emerging market world. Late last year we published our Compass Report 2014 which identified and categorised the major wine markets of the world in terms of economic and wine industry measures (shown below). So what do we know about these markets in terms of wine?
A summary of two of the MINT markets:
Although sharing a historical and heritage connection with Spain, Mexico is not traditionally a wine drinking country. The majority of the population still prefer spirits and beer over wine although there are signs of change. With a growing middle class and a young population open to new things, wine is seeing some growth with the market to 6.1m 9L cases per year – putting it between Norway and Finland in terms of volume (IWSR, 2013).
Aside from showing great economic growth, Indonesia is also growing quickly in terms of wine volumes increasing by 17% between 2008-12 and per capita consumption by 15% in the same period, although from a small base (IWSR, 2013). While these growth figures are impressive, it must also be put into the context of Indonesian society where due to cultural, economic and religious reasons over 95% of the population do not drink alcohol.
So would you rather have a MINT or a BRIC? In an ideal world both.
Author: Stephen Lacey