Updated: Jun 29
The Georgian wine industry has been identified with a rapid growth through reaching highest number of amounting to USD 234 MLN (Kvakhadze et al., 2022). In addition, Russia is one of the dominant buyers of Georgian wine. The Georgian wine industry has a significant amounts of target markets as Germany, China, Poland, USA, UK and Japan. It can be possible that active diversification incorporates to make a strategic market in the future years to sustain a rapid growth in current situation of the Georgia in relation to wine export facilities. The Russia and Ukraine are the top exporters of Georgian wine but the war in Ukraine with Russia has made a dramatic decrease in the wine market at the first month of 2022. In Georgia, now 525 varieties of grapes are produced on hectares of land in the country. Furthermore, the government is also quite focused in developing the cultivation of grapes. In addition, approximately 93.4 million of wine bottles are exported in the entire world from Georgia (Mariani, 2022). Therefore, the current situation of Georgia wine market is quite complex due to Ukraine and Russia war but it will overcome the concerned situation through incorporating better market in future with effective practices and operations.
The Georgian government is responsible to make changes forcefully and artificially in the wine industry of the country. In addition, it does not provide a beneficial outcome for developing the business and current situation of wine industry in Georgia. This country exports a majorly amounts of wine in Ukraine as 10 %, Eastern EU 10%, China 7% and Russia is also a significant shared in Georgian wine export. Therefore, it can be identified as a leading export destination country in relation to develop the market of wine industry and sustain values in organisational performance of wine manufacturing companies.
Kvakhadze, I., Surmava, M. and Beroshvili, T. (2022) TBC capital overview, GEORGIAN WINE INDUSTRY OVERVIEW. Available at: https://tbccapital.ge/ (Accessed: December 24, 2022).
Mariani, J. (2022) After years of Russian neglect, Georgia's wine industry has emerged on the global market, Forbes. Forbes Magazine. Available at: https://www.forbes.com/sites/johnmariani/2022/09/16/after-years-of-russian-neglect-georgias-wine-industry-has-emerged-on-the-global-market/?sh=3314df4c107e (Accessed: December 24, 2022).