What do Matthew Flinders and Wine Australia’s new Market Explorer tool have in common? Research, Australia and exploring.
But while Matthew Flinders had to sail around the world, and Australia, for months or years at a time to conduct his research, the Market Explorer tool allows Australian wine exporters to analyse global wine markets instantly through this new online tool.
Research is critical for any business when it comes to making strategic decisions, but the ongoing struggle is knowing where to find the right information, having the money to pay for the information and/or finding the time and resources to compile and interpret the information.
The Market Explorer draws data from multiple sources – including Wine Australia – to present current, one-stop-shop research on wine exports, wine consumption, demographics, market access and market characteristics.
The tool is the first of its kind for the wine sector, giving wine producers access to aggregated research so that they can analyse markets based on criteria that are relevant to their business objectives.
Let’s say you wanted to narrow down which markets are most attractive based on those that have the highest share of Australian wine consumption.
On the Market Explorer landing page, click on the question ‘Which markets consume the most imported wine?’ or find it under the ‘Explore Markets’ menu. This report visually shows the size of the markets on a world map, the table ranks the markets based on the value of imported consumption, the bar graph shows the origin of the wine consumed in each market and the pie chart highlights the market share.
Figure 1: Which markets consume the most imported wine
To quickly find the markets of interest, hover over the ‘Australia’s share of imports’ header on the table and click on the little arrow. The table now shows the top three markets as New Zealand – 60.1 per cent, Malaysia – 32.6 per cent and Singapore – 28.3 per cent, based on value in 2017. To find another time period, change the measure or look at the short- or long-term growth, simply change the filters at the top of the report. You can even narrow down your search further by selecting a region that is of interest, such as Europe.
These reports also have a powerful feature that allows the maps, tables and graphs to interact with each other. By selecting Thailand in the table, the bar chart shows that Australian wine is the second largest imported grape wine consumed based on value (in 2017 worth $85 million) and that most of the wine consumed is imported (with a share of 97.8 per cent).
Now with these markets in mind, it is possible to gather more detail and look at the three markets side by side using the Market Comparison report. This report pulls in information from a number of sources to highlight key indicators for consumption, Australian wine exports, market access, market characteristics, demographics and economic information.
Figure 2: Market Comparison report
With one market selected as the most attractive, in this case Singapore, a one-page summary is required to be included in a brief. The Market Summary provides this option with each market available through the country filter at the top of the report.
Figure 3: Market Summary – Singapore
If more detail is required on a single market, this information can be found through the ‘Wine Markets’ section of the Market Insights page on our website. If more guidance is needed, the Market Insights team can assist – email firstname.lastname@example.org.
The Market Explorer will also be used extensively in Wine Australia’s Growing Wine Exports workshops. These workshops are practical, wine-specific and hands-on skills development for new and experienced wine businesses looking to grow their exports or give their strategy a health-check. Register here for a workshop near you.
Wine Australia has developed the Market Explorer tool as part of the wine export capability development component of the Australian Government’s $50 million Export and Regional Wine Support Package.