Vin-X examines the potential of the emerging MINT economies’ impact on the wine industry.
I know what you’re thinking. “Wine and mint, together? Madness! Who would ruin their long-awaited glass of wine with dinner by putting mint in it?” Certainly, such a suggestion would rightly get you laughed out of your local wine club. However, in this case, we are in fact talking about the MINT economies: Mexico, Indonesia, Nigeria and Turkey. Much in the same way as the BRIC economies have been hailed as the future powerhouses of international business and trade, the MINT economies are now being recognised as having huge potential for growth.
According to the World Bank and Goldman Sachs, it is not so much these nations’ current economic positions which contain such huge promise, but the projections of where their economies will be in the future. Mexico and Indonesia are expected to jump from the 14th and 16th largest economies overall to 8th and 9th respectively by 2050, with Turkey jumping from 17th to 14th. Most startling are the predictions of growth for Nigeria, which should go from being the world 39th largest economy to the world’s 13th largest in the space of just a few decades.
So what does this mean for the wine industry? After all, consumption rates of wine in those countries is relatively low. Just because they have more money doesn’t mean they’ll spend it on wine. However, there is precedent for this in the growth seen in the Chinese economy, and the subsequent craze for wine: As people become rich (especially if they weren’t rich before) they become accustomed to the finer things, and want to experience the luxuries that they associate with power, wealth and opulence. For this reason, we may indeed start to see wine consumption on the rise in these countries, which given their enormous populations and their predicted wealth, could lead to similar booms to the one seen in China in recent years.
In the meantime, though, leave the mint leaves for the mojitos!