As the world’s palate for fine wines evolves, Australia’s local export market is reaping the benefits. This year, Australia’s wine export value is experiencing its strongest growth in eight years. This follows Treasury Wine’s $750 million acquisition of Diageo Wine’s US and UK operation, announced this week.
Treasury’s deal, and new strategy of concentrating on fewer but more prestigious labels, is part of a huge global change in drinking habits. In the 12 months to September 30, the value of Australian wine exports rose 8% to $1.96 billion, the strongest rate of growth since export values peaked in October 2007, according to the export report for September 2015 released today by Wine Australia.