Liberalisation of Wine Trade under India-Australia CECA

The global alcoholic beverages market was estimated to be at USD1.58 trillion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of around 3.5 per cent between 2020 and 2023. The global wine market is expected to grow at a CAGR of 4.28 percent during the period 2021-2026. Out of the total of 258 million hectolitres estimated to be produced globally in 2020, Australia produced 10.4 million hectoliters. It was ranked the sixth largest producer of wine in 2019. In India, several companies produce good quality wines, but the country is not among the top 20 wine producing countries in the world.