Brewer Foster’s Group Ltd
(ASX:FGL) has moved management responsible for driving growth in Asia, to its regional headquarters of Singapore.
According to a Fairfax report the move is an effort to try and capitalise on a booming Chinese wine market.
Australia has become China’s second largest source of imported wine.
Fairfax reports that industry figures estimate 8-10% growth, by volume, in annual alcohol consumption in China, wine making up 2% of the market, however 8% by value.
Managing director for Asia, Anthony Davie says that over the next five years Foster’s expects wine volume to grow around 25%, a lot stronger than other alcohol categories.
The Australian Wine and Brandy Corporation says the value of Australian wine exported to China rocketed between 2005 and 2009, jumped from $20.8 million to $93.6 million.
Foster’s fiscal year 2009 profit came to $438.3 million.
