Wine in Denmark

Euromonitor International July 2019

WINE IN DENMARK Passport i

LIST OF CONTENTS AND TABLES

Headlines ...... 1 Prospects ...... 1 Warm Weather Drives Sales of Lighter Wines ...... 1 Non-alcoholic Wine A Strongly Growing Niche But An Anti-trend Is Emerging ...... 1 Competitive Landscape ...... 2 A Diverse and Fragmented Competitive Landscape...... 2 Amka Strengthens Through Specialisation ...... 2 Category Data ...... 2 Table 1 Sales of Wine by Category: Total Volume 2013-2018 ...... 2 Table 2 Sales of Wine by Category: Total Value 2013-2018 ...... 3 Table 3 Sales of Wine by Category: % Total Volume Growth 2013-2018 ...... 3 Table 4 Sales of Wine by Category: % Total Value Growth 2013-2018 ...... 4 Table 5 Sales of Wine by Off-trade vs On-trade: Volume 2013-2018 ...... 4 Table 6 Sales of Wine by Off-trade vs On-trade: Value 2013-2018 ...... 4 Table 7 Sales of Wine by Off-trade vs On-trade: % Volume Growth 2013-2018 ...... 4 Table 8 Sales of Wine by Off-trade vs On-trade: % Value Growth 2013-2018 ...... 5 Table 9 Sales of Still Red Wine by Price Segment: % Off-trade Volume 2013- 2018 ...... 5 Table 10 Sales of Still Rosé Wine by Price Segment: % Off-trade Volume 2013-2018 ...... 5 Table 11 Sales of Still White Wine by Price Segment: % Off-trade Volume 2013-2018 ...... 5 Table 12 Sales of Other Sparkling Wine by Price Segment: % Off-trade Volume 2013-2018 ...... 6 Table 13 GBO Company Shares of Still Light Grape Wine: % Total Volume 2014-2018 ...... 6 Table 14 NBO Company Shares of Still Light Grape Wine: % Total Volume 2014-2018 ...... 7 Table 15 LBN Brand Shares of Still Light Grape Wine: % Total Volume 2015- 2018 ...... 7 Table 16 GBO Company Shares of Champagne: % Total Volume 2014-2018 ...... 8 Table 17 NBO Company Shares of Champagne: % Total Volume 2014-2018 ...... 8 Table 18 LBN Brand Shares of Champagne: % Total Volume 2015-2018 ...... 8 Table 19 GBO Company Shares of Other Sparkling Wine: % Total Volume 2014-2018 ...... 9 Table 20 NBO Company Shares of Other Sparkling Wine: % Total Volume 2014-2018 ...... 10 Table 21 LBN Brand Shares of Other Sparkling Wine: % Total Volume 2015- 2018 ...... 10 Table 22 GBO Company Shares of Fortified Wine and Vermouth: % Total Volume 2014-2018 ...... 11 Table 23 NBO Company Shares of Fortified Wine and Vermouth: % Total Volume 2014-2018 ...... 11 Table 24 LBN Brand Shares of Fortified Wine and Vermouth: % Total Volume 2015-2018 ...... 12 Table 25 GBO Company Shares of Non-grape Wine: % Total Volume 2014- 2018 ...... 13

Table 26 NBO Company Shares of Non-grape Wine: % Total Volume 2014- 2018 ...... 13 Table 27 LBN Brand Shares of Non-grape Wine: % Total Volume 2015-2018 ...... 13 Table 28 Forecast Sales of Wine by Category: Total Volume 2018-2023 ...... 14 Table 29 Forecast Sales of Wine by Category: Total Value 2018-2023 ...... 14 Table 30 Forecast Sales of Wine by Category: % Total Volume Growth 2018- 2023 ...... 14 Table 31 Forecast Sales of Wine by Category: % Total Value Growth 2018- 2023 ...... 15

WINE IN DENMARK

HEADLINES ▪ In 2018 wine volume sales remain flat at around 150 million litres ▪ Warm weather boosts the volume sales of still rosé, still white and sparkling wines ▪ Consumer preference for higher quality and organic wines serves to drive up average unit price ▪ Competitive environment remains heavily fragmented ▪ Over the forecast period wine is expected to post a total volume CAGR of 1% to reach sales of 154 million litres in 2023

PROSPECTS

Warm Weather Drives Sales of Lighter Wines The summer of 2018 in Denmark was unusually warm, with this helping to drive sales of lighter/chilled wines. For instance, Salling Group, the entity behind the Bilka, Føtex and Netto grocery chains, observed a strong increase in demand for lighter wines during the summer months of 2018. According to Salling, sales of still rosé wine in the summer of 2018 exceeded those of 2017, even reaching a record high. Similarly, the grocery retailer Coop reported a 230% increase in sales of still rosé wine during the months of May, June and July when compared with the previous year. Indeed, certain individual Coop stores reported that still rosé wine sales were three times higher in 2018 than in 2017. Wine importers and food/drink/tobacco specialists also benefited from the warm weather. The Association of Danish Wine Importers, Foreningen af Danske Vinimportører, reported that the hot summer weather in 2018 heavily boosted sales of still rosé, still white and sparkling wines at the expense of heavier/non-chilled still red wines.

Non-alcoholic Wine A Strongly Growing Niche But An Anti-trend Is Emerging Wider health trends, specifically the active adoption of healthier lifestyles and a desire to lower one’s alcohol intake, have been the main drivers behind the strong growth of non- alcoholic wine. This is being further supported by a wider array of non-alcoholic wines in retail, especially from renowned wineries, and the perceived success of non-alcoholic wines in replicating the taste of alcoholic wines. Indeed, individual grocery retailer outlets have reported that their offer of non-alcoholic wines has expanded from just a handful of brands to several shelves. This resulted in volume sales increasing by 400-500% over the review period, with retailers confidently stating that growth will continue over the forecast period. According to these retailers, there is a heightened awareness of the need to abstain from alcohol when driving or pregnant and these considerations are also underpinning the soaring demand for non-alcoholic wine. In spite of this, and without disregarding the importance of health as a growth driver, there are also signs of an emerging anti-trend to the health movement. This anti-trend embraces perceived unhealthy foods and beverages. Grocery retailers are reporting that “unhealthy” products such as snacks, desserts, beer and non-red wine are among those which are growing the fastest in actual terms.

COMPETITIVE LANDSCAPE

A Diverse and Fragmented Competitive Landscape The wine competitive landscape remained hugely fragmented in 2018, largely as a result of a high number of wine importers, which is said to exceed 1,500 registered entities. Around 30 are considered to be “large” wine importers with annual volume sales of more than 100,000 bottles. Given this crowded landscape, smaller wine importers are becoming more specialised and are focusing on niches, seeking to tap into consumer curiosity and a willingness to try new wine types. This is resulting in a more varied array of wines sourced from a greater number of markets, including Albania, Bulgaria, India, Romania and Turkey. Indeed, Foreningen af Danske Vinimportører, the Association of Danish Wine Importers, has reported heightened interest among its members in Bulgarian and Romanian wines. In addition, the association says that its members are also increasingly focusing on specific wine regions, grape varietals and cultivation methods, and so it has developed the internet portal find-din-vin.dk to facilitate the promotion of its members and to guide potential customers through finding their wine of choice.

Amka Strengthens Through Specialisation AMKA has built a leading position in wine based on its philosophy of specialisation, highlighted by the division of its operations into three groups: AMKA Detail, which focuses on sales to grocery retailers; Best Selection, which targets on-trade and specialist retailers; and Jysk Vin, which offers internet sales. Each division has a unique product portfolio, with there being no overlap. AMKA views this approach as essential to its success. AMKA believes there is strong growth potential for its Jysk Vin internet retailing division as the online channel remains at a nascent stage of development. The Jysk Vin internet retailing outlet derives differentiation through heightened user experiences and a focus on gastronomy. This is achieved through the offer of food recipes suited to its selection of wines, as well as wine- related videos through the so-called Jysk Vin Play, described as an online channel about wine. Another aspect to AMKA’s approach is its cooperation with the food and drink internet retailer Osuma, which further demonstrates its willingness to explore growth opportunities online. Osuma views this cooperation as beneficial given that AMKA can supply unique wines to complement its existing portfolio.

CATEGORY DATA

Table 1 Sales of Wine by Category: Total Volume 2013-2018 million litres 2013 2014 2015 2016 2017 2018

Fortified Wine and 4.3 4.3 4.2 4.2 4.2 4.2 Vermouth - Port 1.2 1.2 1.2 1.2 1.2 1.2 - Sherry 0.3 0.3 0.3 0.3 0.3 0.3 - Vermouth 2.5 2.5 2.5 2.4 2.4 2.4 - Other Fortified Wine 0.3 0.3 0.3 0.3 0.3 0.3 Non-Grape Wine 1.4 1.4 1.4 1.4 1.4 1.4 - Fruit Wine 1.4 1.4 1.4 1.4 1.4 1.4 Sparkling Wine 4.3 4.4 4.5 5.3 5.8 6.2 - Champagne 0.7 0.7 0.8 1.2 1.3 1.6

- Other Sparkling Wine 3.6 3.6 3.7 4.1 4.5 4.7 Still Light Grape Wine 141.4 142.6 140.9 141.2 138.0 137.7 - Still Red Wine 100.5 101.1 98.5 97.4 94.1 89.0 - Still Rosé Wine 5.2 5.4 5.9 6.7 7.2 9.0 - Still White Wine 35.7 36.1 36.5 37.2 36.8 39.7 Wine 151.4 152.7 151.0 152.2 149.4 149.5 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 2 Sales of Wine by Category: Total Value 2013-2018

DKK million 2013 2014 2015 2016 2017 2018

Fortified Wine and 566.6 572.7 574.6 575.7 584.0 591.6 Vermouth - Port 236.6 242.3 244.7 246.8 255.1 261.1 - Sherry 47.1 48.3 49.1 49.7 46.2 47.0 - Vermouth 240.9 239.5 237.5 235.6 238.0 238.0 - Other Fortified Wine 42.0 42.6 43.3 43.6 44.7 45.5 Non-Grape Wine 134.5 135.9 135.5 134.2 134.7 135.4 - Fruit Wine 134.5 135.9 135.5 134.2 134.7 135.4 Sparkling Wine 1,143.1 1,177.6 1,227.9 1,442.8 1,560.2 1,703.0 - Champagne 365.4 379.1 408.1 562.2 624.2 728.0 - Other Sparkling Wine 777.7 798.5 819.8 880.6 936.0 975.0 Still Light Grape Wine 15,553.4 15,812.5 15,805.0 15,907.2 15,834.0 15,920.0 - Still Red Wine 11,402.3 11,531.2 11,419.5 11,408.2 11,295.0 10,875.0 - Still Rosé Wine 421.4 446.6 489.0 532.8 564.0 715.0 - Still White Wine 3,729.7 3,834.7 3,896.4 3,966.2 3,975.0 4,330.0 Wine 17,397.6 17,698.8 17,742.9 18,059.9 18,112.9 18,350.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 3 Sales of Wine by Category: % Total Volume Growth 2013-2018

% total volume growth 2017/18 2013-18 CAGR 2013/18 Total

Fortified Wine and Vermouth 0.0 -0.2 -1.1 - Port 0.9 1.2 6.1 - Sherry 0.5 -0.8 -3.9 - Vermouth -0.6 -1.0 -4.9 - Other Fortified Wine 0.6 1.0 4.9 Non-Grape Wine -0.4 -0.6 -3.0 - Fruit Wine -0.4 -0.6 -3.0 Sparkling Wine 7.6 7.6 44.1 - Champagne 16.6 16.3 113.2 - Other Sparkling Wine 4.9 5.4 30.2 Still Light Grape Wine -0.3 -0.5 -2.6 - Still Red Wine -5.4 -2.4 -11.4 - Still Rosé Wine 25.0 11.6 73.1 - Still White Wine 8.0 2.1 11.2 Wine 0.0 -0.3 -1.3 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 4 Sales of Wine by Category: % Total Value Growth 2013-2018

% local currency, current value growth

2017/18 2013-18 CAGR 2013/18 Total

Fortified Wine and Vermouth 1.3 0.9 4.4 - Port 2.4 2.0 10.4 - Sherry 1.7 -0.1 -0.3 - Vermouth 0.0 -0.2 -1.2 - Other Fortified Wine 1.9 1.6 8.4 Non-Grape Wine 0.5 0.1 0.6 - Fruit Wine 0.5 0.1 0.6 Sparkling Wine 9.2 8.3 49.0 - Champagne 16.6 14.8 99.2 - Other Sparkling Wine 4.2 4.6 25.4 Still Light Grape Wine 0.5 0.5 2.4 - Still Red Wine -3.7 -0.9 -4.6 - Still Rosé Wine 26.8 11.2 69.7 - Still White Wine 8.9 3.0 16.1 Wine 1.3 1.1 5.5 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 5 Sales of Wine by Off-trade vs On-trade: Volume 2013-2018 million litres 2013 2014 2015 2016 2017 2018

Off-trade 125.9 127.0 125.6 126.4 123.9 123.8 On-trade 25.5 25.6 25.5 25.7 25.6 25.7 Total 151.4 152.7 151.0 152.2 149.4 149.5 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 6 Sales of Wine by Off-trade vs On-trade: Value 2013-2018

DKK million 2013 2014 2015 2016 2017 2018

Off-trade 7,051.5 7,195.3 7,222.1 7,421.2 7,436.4 7,564.6 On-trade 10,346.1 10,503.5 10,520.8 10,638.7 10,676.4 10,785.4 Total 17,397.6 17,698.8 17,742.9 18,059.9 18,112.9 18,350.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 7 Sales of Wine by Off-trade vs On-trade: % Volume Growth 2013-2018

% volume growth 2017/18 2013-18 CAGR 2013/18 Total

Off-trade -0.1 -0.3 -1.7 On-trade 0.5 0.2 0.8 Total 0.0 -0.3 -1.3

Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 8 Sales of Wine by Off-trade vs On-trade: % Value Growth 2013-2018

% constant value growth 2017/18 2013-18 CAGR 2013/18 Total

Off-trade 1.7 1.4 7.3 On-trade 1.0 0.8 4.2 Total 1.3 1.1 5.5 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 9 Sales of Still Red Wine by Price Segment: % Off-trade Volume 2013-2018

% off-trade 2013 2014 2015 2016 2017 2018

Under DKK29 6.0 5.0 4.0 3.2 2.9 2.5 DKK30 to DKK39 30.0 29.0 27.0 25.0 24.5 24.3 DKK40 to DKK69 30.0 29.8 30.0 30.0 29.6 29.5 DKK70 to DKK89 23.0 25.5 27.9 29.6 30.0 30.0 DKK90 to DKK109 5.0 4.8 5.0 6.2 6.8 7.3 DKK110 to DKK199 4.0 4.0 4.0 4.1 4.1 4.3 DKK200 and above 2.0 2.0 2.1 2.0 2.1 2.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 10 Sales of Still Rosé Wine by Price Segment: % Off-trade Volume 2013-2018

% off-trade 2013 2014 2015 2016 2017 2018

Under DKK29 13.5 11.9 9.6 8.1 7.8 7.5 DKK30 to DKK39 30.0 30.0 29.7 29.2 28.6 28.0 DKK40 to DKK69 30.0 30.0 30.0 30.0 30.0 30.0 DKK70 to DKK89 17.0 18.5 20.0 21.0 21.5 21.0 DKK90 to DKK109 4.0 4.0 4.5 5.0 5.1 5.9 DKK110 to DKK199 3.0 3.0 3.3 3.5 3.7 3.8 DKK200 and above 2.5 2.7 3.0 3.3 3.4 3.8 Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 11 Sales of Still White Wine by Price Segment: % Off-trade Volume 2013-2018

% off-trade 2013 2014 2015 2016 2017 2018

Under DKK29 6.0 6.0 6.0 6.0 5.9 5.5 DKK30 to DKK39 28.5 29.0 29.4 29.5 29.3 29.0 DKK40 to DKK69 30.0 30.0 30.0 30.0 29.9 30.0

DKK70 to DKK89 22.5 22.0 21.5 21.5 21.8 22.0 DKK90 to DKK109 6.0 6.0 6.0 6.0 6.1 6.2 DKK110 to DKK199 4.0 4.0 4.0 4.0 4.1 4.2 DKK200 and above 3.0 3.0 3.1 3.0 3.0 3.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 12 Sales of Other Sparkling Wine by Price Segment: % Off-trade Volume 2013- 2018

% off-trade 2013 2014 2015 2016 2017 2018

Under DKK29 5.0 5.0 5.0 5.0 4.9 4.5 DKK30 to DKK39 30.0 30.0 30.0 30.0 30.0 29.7 DKK40 to DKK69 23.5 24.0 24.7 24.8 24.7 25.1 DKK70 to DKK89 24.5 24.0 23.3 23.3 23.3 23.5 DKK90 to DKK109 10.0 10.0 10.0 10.0 10.1 10.1 DKK110 to DKK199 6.0 6.0 6.0 6.0 6.1 6.1 DKK200 and above 1.0 1.0 1.0 0.9 0.9 1.0 Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 13 GBO Company Shares of Still Light Grape Wine: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

Accolade Wines Ltd 7.4 7.9 7.9 8.3 8.8 Taster Wine A/S 3.1 3.4 3.5 5.2 8.0 Viña Concha y Toro SA 5.1 5.5 5.7 5.9 6.0 Amka Danmark A/S 4.5 4.9 5.1 5.3 5.7 E&J Gallo Winery Inc 5.2 5.5 5.5 5.7 5.2 Treasury Wine Estates Ltd 4.3 4.6 4.4 4.6 5.0 Winecorp SA 4.2 4.5 4.5 4.6 4.5 Altia Oyj 4.0 3.4 3.4 3.6 3.5 Miguel Torres SA 2.4 2.6 2.7 2.8 2.8 Viña Montgras 1.7 1.8 1.9 2.0 2.1 Cía Cervecerías Unidas SA 3.1 3.3 3.3 2.8 2.0 José Maria da Fonseca 1.9 2.0 2.1 2.0 2.0 Internacional de Vinhos Lda Viña Undurraga SA 1.6 1.8 1.8 1.9 1.9 Casella Wines Pty Ltd 1.4 1.6 1.5 1.5 1.6 KWV Group 1.4 1.4 1.5 1.5 1.5 Distell Group Ltd 1.8 1.4 1.6 1.7 1.4 Trinchero Family Estates 2.0 2.3 2.2 2.0 1.4 Pernod Ricard Groupe 1.5 1.5 1.6 1.4 1.2 Castel Groupe 0.9 1.0 0.9 0.9 0.9 Carlyle Group, The - - - - 0.8 Nieto y Cía SAICA 1.5 1.5 1.6 1.0 0.3 Constellation Brands Inc 3.3 3.6 3.5 2.0 0.1 Codorníu SA 0.6 0.7 0.7 0.7 - Foster's Group Ltd - - - - - Others 37.0 33.6 33.0 32.7 33.5

Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 14 NBO Company Shares of Still Light Grape Wine: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

Accolade Wines Ltd 7.4 7.9 7.9 8.3 8.8 Taster Wine A/S 6.4 7.0 7.0 7.2 8.1 Viña Concha y Toro SA 5.1 5.5 5.7 5.9 6.0 Amka Danmark A/S 4.5 4.9 5.1 5.3 5.7 Just A/S, Hans 5.2 5.5 5.5 5.7 5.2 Treasury Wine Estates Ltd 4.3 4.6 4.4 4.6 5.0 Winecorp SA 4.2 4.5 4.5 4.6 4.5 Altia Denmark A/S 4.0 3.4 3.4 3.6 3.5 Miguel Torres SA 2.4 2.6 2.7 2.8 2.8 Viña Montgras 1.7 1.8 1.9 2.0 2.1 Cía Cervecerías Unidas SA 3.1 3.3 3.3 2.8 2.0 José Maria da Fonseca 1.9 2.0 2.1 2.0 2.0 Internacional de Vinhos Lda Viña Undurraga SA 1.6 1.8 1.8 1.9 1.9 Casella Wines Pty Ltd 1.4 1.6 1.5 1.5 1.6 KWV Group 1.4 1.4 1.5 1.5 1.5 Salling Group A/S - - - - 1.4 Trinchero Family Estates 2.0 2.3 2.2 2.0 1.4 Pernod Ricard Denmark A/S 1.5 1.5 1.6 1.4 1.2 Castel Groupe 0.9 1.0 0.9 0.9 0.9 Codorníu SA 0.6 0.7 0.7 0.7 0.8 Nieto y Cía SAICA 1.5 1.5 1.6 1.0 0.3 Dansk Supermarked A/S 1.8 1.4 1.6 1.7 - Foster's Group Ltd - - - - - Constellation Brands Inc - - - - - V&S Danmark A/S - - - - - Valora Trade Denmark A/S - - - - - Others 37.0 33.6 33.0 32.7 33.5 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 15 LBN Brand Shares of Still Light Grape Wine: % Total Volume 2015-2018

% total volume Brand (Global Brand Company 2015 2016 2017 2018 Owner)

Gallo (E&J Gallo Just A/S, Hans 4.2 4.2 4.7 5.0 Winery Inc) Savanha Winecorp SA 4.5 4.5 4.6 4.5 Hardys Accolade Wines Ltd 4.2 4.3 4.3 4.3 Santa Christina Altia Denmark A/S 3.2 3.3 3.4 3.4 (Altia Oyj) Concha y Toro Viña Concha y Toro SA 2.9 3.0 3.1 3.2 Torres Miguel Torres SA 2.6 2.7 2.8 2.8 Mont Gras Viña Montgras 1.8 1.9 2.0 2.1

Gato Negro Cía Cervecerías Unidas SA 3.3 3.3 2.8 2.0 Periquita José Maria da Fonseca 2.0 2.1 2.0 2.0 Internacional de Vinhos Lda Undurraga Viña Undurraga SA 1.8 1.8 1.9 1.9 Others Others 69.4 69.0 68.5 68.9 Total Total 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 16 GBO Company Shares of Champagne: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

LVMH Moët Hennessy 31.2 29.3 29.2 30.5 32.1 Louis Vuitton SA Société Jacques 19.3 18.3 18.4 18.0 17.3 Bollinger SA Pernod Ricard Groupe 6.3 12.9 11.0 11.4 9.2 Alliance Champagne 2.8 2.6 2.6 3.0 3.5 Champagne Philippe Prié 3.3 3.1 3.2 3.3 2.8 Champagne Fluteau 3.0 2.8 2.8 2.5 2.4 Groupe Laurent-Perrier 1.5 1.5 1.6 1.8 1.8 Champagne Taittinger 1.6 1.6 1.4 1.4 1.0 Others 31.0 27.9 29.9 28.2 30.0 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 17 NBO Company Shares of Champagne: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

Moët Hennessy Danmark A/S 31.2 29.3 29.2 30.5 32.1 Société Jacques 19.3 18.3 18.4 18.0 17.3 Bollinger SA Pernod Ricard Denmark A/S 6.3 12.9 11.0 11.4 9.2 Alliance Champagne 2.8 2.6 2.6 3.0 3.5 Champagne Philippe Prié 3.3 3.1 3.2 3.3 2.8 Champagne Fluteau 3.0 2.8 2.8 2.5 2.4 Laurent Perrier 1.5 1.5 1.6 1.8 1.8 Distribution Champagne Taittinger 1.6 1.6 1.4 1.4 1.0 Others 31.0 27.9 29.9 28.2 30.0 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 18 LBN Brand Shares of Champagne: % Total Volume 2015-2018

% total volume Brand (Global Brand Company 2015 2016 2017 2018 Owner)

Veuve Clicquot Moët Hennessy Danmark A/S 20.3 20.0 18.0 17.6 Ponsardin (LVMH Moët Hennessy Louis Vuitton SA) Bollinger Special Société Jacques 18.3 18.4 18.0 17.3 Cuvée Brut Bollinger SA Moët & Chandon Brut Moët Hennessy Danmark A/S 9.1 9.2 12.5 14.5 Imperial (LVMH Moët Hennessy Louis Vuitton SA) GH Mumm (Pernod Pernod Ricard Denmark A/S 12.9 11.0 11.4 9.2 Ricard Groupe) Jacquart Alliance Champagne 2.6 2.6 3.0 3.5 Philippe Prié Champagne Philippe Prié 3.1 3.2 3.3 2.8 G Fluteau Champagne Fluteau 2.8 2.8 2.5 2.4 Laurent Perrier Laurent Perrier 1.5 1.6 1.8 1.8 Brut (Groupe Distribution Laurent-Perrier) Taittinger Champagne Taittinger 1.6 1.4 1.4 1.0 Others Others 27.9 29.9 28.2 30.0 Total Total 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 19 GBO Company Shares of Other Sparkling Wine: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

Amka Danmark A/S 8.3 8.3 8.3 8.5 8.8 Bacardi & Co Ltd 9.3 9.4 9.4 9.3 8.0 Oetker-Gruppe - - - - 6.9 Donelli Vini 5.6 5.6 5.6 5.2 4.9 Bestheim 3.5 3.4 3.4 3.3 3.7 Trinchero Family Estates 2.7 2.7 2.7 3.0 3.5 Cavas del Ampurdán SA 3.1 3.2 3.0 3.1 3.4 Dopff au Moulin 2.9 2.9 2.9 2.9 3.1 La Me Di Chi 2.4 2.4 2.3 2.6 3.1 Caves Martin Zahn à 2.6 2.6 2.6 2.8 3.0 Ribeauvillé Viña Santa Rita SA 5.0 5.0 5.0 4.3 2.5 Carlyle Group, The - - - - 2.3 Cabriere Estate 2.3 2.3 3.3 3.0 1.9 Felsen König 3.7 3.8 3.8 3.0 1.8 Pernod Ricard Groupe 4.8 4.7 4.8 4.3 1.8 Proseco del veneto 3.4 3.4 3.5 3.2 1.0 Ruggeri & C Srl 2.1 2.1 2.0 1.9 0.8 Duc de Marmot 2.2 2.3 2.3 1.8 0.7 Haux Cremant de 1.9 1.9 2.0 1.1 0.7 Bordeaux Cuvée de mille Katlenburger Kellerei 1.7 1.7 1.7 1.2 0.6 Dr Demuth GmbH & Co KG Freixenet SA 6.5 6.4 6.5 6.5 - Codorníu SA 1.1 1.3 1.2 1.5 - Others 24.5 24.5 23.8 27.6 37.8 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 20 NBO Company Shares of Other Sparkling Wine: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

Amka Danmark A/S 19.8 19.7 19.8 19.3 18.2 Conaxess Trade Denmark - - 9.4 9.3 8.0 A/S Lambrusco dell Emilia 3.6 3.6 3.6 3.8 4.2 Bestheim 3.5 3.4 3.4 3.3 3.7 Trinchero Family Estates 2.7 2.7 2.7 3.0 3.5 Castillo Perelada SA 3.1 3.2 3.0 3.1 3.4 Dopff au Moulin 2.9 2.9 2.9 2.9 3.1 Salling Group A/S - - - - 3.1 Caves Martin Zahn à 2.6 2.6 2.6 2.8 3.0 Ribeauvillé Codorníu SA 1.1 1.3 1.2 1.5 2.3 Pierre Jourdan Blanc de 2.3 2.3 3.3 3.0 1.9 Blanc Brut Felsen König 3.7 3.8 3.8 3.0 1.8 Pernod Ricard Denmark A/S 4.8 4.7 4.8 4.3 1.8 Proseco del veneto 3.4 3.4 3.5 3.2 1.0 Ruggeri & C Srl 2.1 2.1 2.0 1.9 0.8 Duc de Marmot 2.2 2.3 2.3 1.8 0.7 Lambrusco Emilia Corovin 2.0 2.0 2.0 1.4 0.7 Knud Jorgensen, Kjær & 1.9 1.9 2.0 1.1 0.7 Sommerfeldt DR Demuth 1.7 1.7 1.7 1.2 0.6 Dansk Supermarked A/S 2.4 2.4 2.3 2.6 - Valora Trade Denmark A/S 9.3 9.4 - - - Others 24.5 24.5 23.8 27.6 37.8 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 21 LBN Brand Shares of Other Sparkling Wine: % Total Volume 2015-2018

% total volume Brand (Global Brand Company 2015 2016 2017 2018 Owner)

Primavera Rosé Amka Danmark A/S 8.3 8.3 8.5 8.8 Freixenet Brut Amka Danmark A/S - - - 6.9 (Oetker-Gruppe) Martini Asti Conaxess Trade Denmark - 5.0 5.5 6.0 Spumante (Bacardi & A/S Co Ltd) Lambrusco Lambrusco dell Emilia 3.6 3.6 3.8 4.2 dell'Emilia (Donelli Vini) Cremant d'Alsace Bestheim 3.4 3.4 3.3 3.7 Bestheim Brut Sutter Home 'fre' Trinchero Family Estates 2.7 2.7 3.0 3.5 Brut Castillo Perelada Castillo Perelada SA 3.2 3.0 3.1 3.4 Brut Reserve (Cavas

del Ampurdán SA) Dopff au Moulin Dopff au Moulin 2.9 2.9 2.9 3.1 Crémant d'Alsace Cuvée Julien Lambrusco Rosé (La Salling Group A/S - - - 3.1 Me Di Chi) Giersberger Brut Caves Martin Zahn à 2.6 2.6 2.8 3.0 Crèmant d'Alsace Ribeauvillé Freixenet Brut Amka Danmark A/S 6.4 6.5 6.5 - (Freixenet SA) Martini Asti Valora Trade Denmark A/S 5.0 - - - Spumante (Bacardi & Co Ltd) Martini Brut Cuvée Valora Trade Denmark A/S 4.4 - - - special (Bacardi & Co Ltd) Others Others 57.4 62.1 60.6 54.4 Total Total 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 22 GBO Company Shares of Fortified Wine and Vermouth: % Total Volume 2014- 2018

% total volume Company 2014 2015 2016 2017 2018

Bacardi & Co Ltd 28.8 28.5 28.3 28.9 32.5 Sogrape Group 10.3 10.4 10.5 10.6 10.7 SPR Vinhos SA 9.5 9.6 9.7 9.7 9.2 Sogevinus SGPS SA 5.5 5.6 5.7 5.7 5.7 Real Cia Velha SA 4.4 4.4 4.5 4.5 4.5 Pernod Ricard Groupe 2.3 2.3 2.3 2.8 3.8 Campari Milano SpA, 11.0 11.0 11.0 9.3 3.5 Davide Bodegas Williams & 2.0 2.1 2.1 1.9 1.9 Humbert SA Henriques & Henriques 0.9 0.9 0.9 1.1 1.5 Vinhos SA Muscat de Rivesaltes 0.4 0.4 0.4 0.5 0.8 Emperador Distillers Inc - 0.8 0.8 0.7 0.7 González Byass SA 0.5 0.5 0.6 0.6 0.6 Grupo Osborne SA 0.5 0.5 0.5 0.5 0.5 Troels Smith A/S, Erik 0.3 0.3 0.3 0.3 0.3 Vignerons du Muscat de 0.4 0.4 0.4 0.3 0.1 Lunel SCA Suntory Holdings Ltd 0.8 - - - - Fortune Brands Inc - - - - - Beam Inc - - - - - Others 22.4 22.3 22.1 22.7 23.8 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 23 NBO Company Shares of Fortified Wine and Vermouth: % Total Volume 2014- 2018

% total volume Company 2014 2015 2016 2017 2018

Conaxess Trade Denmark - - 28.3 28.9 32.5 A/S Pernod Ricard Denmark A/S 12.2 12.2 12.4 12.9 13.9 Amka Danmark A/S 10.4 10.5 10.6 10.8 10.8 Salling Group A/S - - - - 5.7 Diageo Danmark A/S 4.4 4.4 4.5 4.5 4.5 Campari Milano SpA, 9.0 9.0 8.9 7.6 3.4 Davide Altia Denmark A/S 2.0 2.1 2.1 1.9 1.9 Muscat de Rivesaltes 0.4 0.4 0.4 0.5 0.8 Edrington Denmark A/S 0.8 0.8 0.8 0.7 0.7 Gonzales Byass SA 0.5 0.5 0.6 0.6 0.6 Sandeman & Cia SA 0.5 0.5 0.5 0.5 0.5 (Seagram Portugal) Grupo Osborne SA 0.5 0.5 0.5 0.5 0.5 Troels Smith A/S, Erik 0.3 0.3 0.3 0.3 0.3 Vignerons du Muscat de 0.4 0.4 0.4 0.3 0.1 Lunel SCA R & B SpA 2.1 2.1 2.1 1.7 0.1 Dansk Supermarked A/S 5.5 5.6 5.7 5.7 - Valora Trade Denmark A/S 28.8 28.5 - - - Maxxium Danmark A/S - - - - - Others 22.4 22.3 22.1 22.7 23.8 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 24 LBN Brand Shares of Fortified Wine and Vermouth: % Total Volume 2015-2018

% total volume Brand (Global Brand Company 2015 2016 2017 2018 Owner)

Martini Bianco Conaxess Trade Denmark - 9.3 9.4 10.2 (Bacardi & Co Ltd) A/S Rozès (SPR Vinhos SA) Amka Danmark A/S 9.6 9.7 9.7 9.2 Cálem (Sogevinus Salling Group A/S - - - 5.7 SGPS SA) Noilly Prat Conaxess Trade Denmark - 3.7 4.0 5.3 (Bacardi & Co Ltd) A/S Delaforce (Real Cia Diageo Danmark A/S 4.4 4.5 4.5 4.5 Velha SA) Dubonnet (Pernod Pernod Ricard Denmark A/S 2.3 2.3 2.8 3.8 Ricard Groupe) Cinzano Campari Milano SpA, Davide 8.2 8.1 6.9 2.8 Sandeman Tawny Pernod Ricard Denmark A/S 2.4 2.4 2.4 2.4 Porto (Sogrape Group) Williams & Humbert Altia Denmark A/S 2.1 2.1 1.9 1.9 (Bodegas Williams & Humbert SA) Henriques & Amka Danmark A/S 0.9 0.9 1.1 1.5 Henriques (Henriques & Henriques Vinhos SA) Cálem (Sogevinus Dansk Supermarked A/S 5.6 5.7 5.7 - SGPS SA)

Martini Bianco Valora Trade Denmark A/S 9.3 - - - (Bacardi & Co Ltd) Noilly Prat Valora Trade Denmark A/S 3.7 - - - (Bacardi & Co Ltd) Others Others 51.5 51.3 51.6 52.6 Total Total 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 25 GBO Company Shares of Non-grape Wine: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

Pernod Ricard Groupe 30.4 30.3 30.3 33.0 35.5 Frederiksdal 7.5 9.2 9.7 14.0 20.0 Kirsebærvin A/S Taster Wine A/S 8.2 8.3 8.5 10.0 14.0 Private Label 23.6 23.9 24.0 15.0 2.0 Others 30.3 28.2 27.5 28.0 28.5 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 26 NBO Company Shares of Non-grape Wine: % Total Volume 2014-2018

% total volume Company 2014 2015 2016 2017 2018

Pernod Ricard Denmark A/S 30.4 30.3 30.3 33.0 35.5 Frederiksdal 7.5 9.2 9.7 14.0 20.0 Kirsebærvin A/S Taster Wine A/S 8.2 8.3 8.5 10.0 14.0 Coop Danmark A/S 23.6 23.9 24.0 15.0 2.0 Others 30.3 28.2 27.5 28.0 28.5 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 27 LBN Brand Shares of Non-grape Wine: % Total Volume 2015-2018

% total volume Brand (Global Brand Company 2015 2016 2017 2018 Owner)

Kijafa (Pernod Pernod Ricard Denmark A/S 21.7 21.6 26.0 34.0 Ricard Groupe) Frederiksdal Frederiksdal 9.2 9.7 14.0 20.0 Kirsebærvin Kirsebærvin A/S Dansk Frugtvin Taster Wine A/S 8.3 8.5 10.0 14.0 Kirsebærvin Coop Danmark A/S 23.9 24.0 15.0 2.0 (Private Label) Pepino (Pernod Pernod Ricard Denmark A/S 8.6 8.7 7.0 1.5 Ricard Groupe) Others Others 28.2 27.5 28.0 28.5

Total Total 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources

Table 28 Forecast Sales of Wine by Category: Total Volume 2018-2023 million litres 2018 2019 2020 2021 2022 2023

Fortified Wine and 4.2 4.2 4.2 4.2 4.2 4.2 Vermouth - Port 1.2 1.2 1.2 1.2 1.2 1.2 - Sherry 0.3 0.3 0.3 0.3 0.3 0.3 - Vermouth 2.4 2.4 2.4 2.4 2.3 2.3 - Other Fortified Wine 0.3 0.3 0.3 0.3 0.3 0.3 Non-Grape Wine 1.4 1.4 1.4 1.4 1.4 1.4 - Fruit Wine 1.4 1.4 1.4 1.4 1.4 1.4 Sparkling Wine 6.2 6.6 6.9 7.1 7.3 7.5 - Champagne 1.6 1.7 1.7 1.8 1.8 1.9 - Other Sparkling Wine 4.7 4.9 5.1 5.3 5.5 5.6 Still Light Grape Wine 137.7 137.4 138.0 138.9 139.9 141.0 - Still Red Wine 89.0 85.1 82.5 80.8 79.7 79.1 - Still Rosé Wine 9.0 10.2 11.2 12.0 12.5 12.9 - Still White Wine 39.7 42.1 44.3 46.1 47.7 49.0 Wine 149.5 149.6 150.5 151.5 152.7 154.0 Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

Table 29 Forecast Sales of Wine by Category: Total Value 2018-2023

DKK million 2018 2019 2020 2021 2022 2023

Fortified Wine and 591.6 590.8 590.0 589.3 589.4 589.9 Vermouth - Port 261.1 262.0 262.4 262.4 262.3 261.8 - Sherry 47.0 46.7 46.1 45.5 45.0 44.5 - Vermouth 238.0 236.4 235.7 235.5 236.1 237.4 - Other Fortified Wine 45.5 45.6 45.8 45.9 46.1 46.1 Non-Grape Wine 135.4 134.6 134.6 135.1 135.8 136.7 - Fruit Wine 135.4 134.6 134.6 135.1 135.8 136.7 Sparkling Wine 1,703.0 1,798.3 1,870.8 1,929.8 1,983.1 2,032.3 - Champagne 728.0 784.9 822.0 848.8 872.1 893.5 - Other Sparkling Wine 975.0 1,013.5 1,048.8 1,081.1 1,111.0 1,138.8 Still Light Grape Wine 15,920.0 15,899.3 15,983.8 16,110.0 16,261.6 16,431.4 - Still Red Wine 10,875.0 10,506.8 10,292.7 10,180.1 10,139.5 10,147.7 - Still Rosé Wine 715.0 808.0 884.5 940.1 981.8 1,014.0 - Still White Wine 4,330.0 4,584.4 4,806.6 4,989.7 5,140.3 5,269.7 Wine 18,350.0 18,423.0 18,579.2 18,764.2 18,969.9 19,190.3 Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

Table 30 Forecast Sales of Wine by Category: % Total Volume Growth 2018-2023

% total volume growth

2018/19 2018-23 CAGR 2018/23 Total

Fortified Wine and Vermouth -0.3 -0.3 -1.6 - Port 0.4 0.1 0.3 - Sherry -0.2 -0.7 -3.4 - Vermouth -0.7 -0.6 -2.8 - Other Fortified Wine 0.4 0.2 1.1 Non-Grape Wine -0.2 0.1 0.4 - Fruit Wine -0.2 0.1 0.4 Sparkling Wine 5.5 3.7 20.0 - Champagne 7.9 3.9 21.3 - Other Sparkling Wine 4.7 3.6 19.6 Still Light Grape Wine -0.2 0.5 2.4 - Still Red Wine -4.4 -2.3 -11.2 - Still Rosé Wine 13.8 7.5 43.9 - Still White Wine 6.1 4.3 23.5 Wine 0.1 0.6 3.0 Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

Table 31 Forecast Sales of Wine by Category: % Total Value Growth 2018-2023

% local currency, constant value growth

2018/2019 2018-23 CAGR 2018/23 Total

Fortified Wine and Vermouth -0.1 -0.1 -0.3 - Port 0.3 0.1 0.3 - Sherry -0.7 -1.1 -5.3 - Vermouth -0.7 0.0 -0.2 - Other Fortified Wine 0.3 0.3 1.4 Non-Grape Wine -0.6 0.2 1.0 - Fruit Wine -0.6 0.2 1.0 Sparkling Wine 5.6 3.6 19.3 - Champagne 7.8 4.2 22.7 - Other Sparkling Wine 3.9 3.2 16.8 Still Light Grape Wine -0.1 0.6 3.2 - Still Red Wine -3.4 -1.4 -6.7 - Still Rosé Wine 13.0 7.2 41.8 - Still White Wine 5.9 4.0 21.7 Wine 0.4 0.9 4.6 Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources