China to become world's 2nd biggest wine market by 2020

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China is set to become the world's second biggest wine market by 2020 when sales of still and sparkling wine reach 21 billion US dollars in the country.

The data was released by Guillaume Deglise, CEO of VINEXPO, the world's leading wine and spirit exhibition, at a press conference in London on Wednesday.

China is currently ranked fourth behind the United States, Britain, and France in terms of market value. However, it is forecast that the Asian country will witness a growth of 39.8 percent in retail values in the next three years.

Chinese wine exports still have great potential for expansion. China’s wine quality faces fierce competition abroad, but the future looks promising as the country perfects its techniques.

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About 250,000 tons of wine are made per year and the number is growing. Homegrown wine brand "Noble Dragon," produced by the Changyu Pioneer Wine winery, sold over 100,000 bottles during its first ten months on sale in Spain, the company said in mid-February.

Meanwhile, the country’s thirst for wine is increasing. According to China Association for Imports and Export of Wine & Spirits, the country imported 505 million litres of wines in the first 10 months of 2016 – an 18.01 percent increase year on year.

Last year, Italy reported the highest growth in terms of value (of wine exports) to China, while Bulgarian officials expressed hope to increase wine shipments to China.

The United States will still come out on top with 38 billion US dollars by 2020 after a growth of 11.9 percent over last year's volume.

VINEXPO is an international wine and spirits exhibition that will take place in Bordeaux, France from June 18 to 21 this year.

(With inputs from Xinhua)