NEW YORK, March 28, 2011 (GLOBE NEWSWIRE) -- Legacy Wine & Spirits International Ltd. (Pink Sheets:LWSP) an importer, wholesaler and retailer of fine wines in China reports that further to its news release of March 7, 2011 the Company is investigating the profit potential of expanding its wine business from China to the U.S.
With its Legacy Wine Merchants Retail Franchises in the United States the Company will be able to achieve steady growth paralleling its sales growth in China.
According to a market research report on the U.S. Wine Industry by Research and Markets, the wine market is currently witnessing steady growth in both developed and emerging economies. Increasing disposable incomes, rising awareness about the medical benefits of wine, and the resultant consumer shift towards consumption of premium alcoholic beverages are driving the growth in the wine industry. The US wine market is one of the fastest growing markets of the world, both in terms of production and consumption. It has expanded rapidly over the past few years on the back of increased consumption, government support, on-line wine purchasing and the growing young population. It is anticipated that the US wine market will continue growing at a rapid pace in coming years and become the largest wine consumer in the world, surpassing France, as stated in their new report "US Wine Market Forecast to 2012".
As per their findings, the US wine market is expected to hit a value of around US$ 33.5 Billion with 871 Million Gallons of wine sales by 2013. The market (in volume terms) will grow at a CAGR of over 3% during 2010-2013. The economic recession had little impact on the US wine industry as consumers started enjoying low-priced bottles and wines by glasses. Restaurants' wine sales value declined by 10% as consumers dined out less to save funds, hence Legacy Wine Merchants may very well assist to fulfill this market trend, where consumers consume their wine at home.
Furthermore, a 2010 study by the Wine Market Council reports "like the baby boom generation that is 77 million strong, the millennial generation with 70 million members makes their dominance in the market inevitable. This generation, on average, adds 5% more new adults to the U.S. population each year compared to Generation X. The millennial generation offers the wine industry the kind of growth potential not seen in more than thirty years. Moreover, millennial generation adult wine drinkers have been impacted less severely by the economic downturn than older generations, and are sustaining their taste for wine and choice of wine in a variety of casual, everyday situations. The fact, too, that there are about 16 million members of the millennial generation who have yet to reach the age of 21 gives some assurance to wine marketers of continuing market growth in the near term."
About Legacy Wine and Spirits International Ltd:
Legacy Wine and Spirits International Ltd. (Legacy) is a publicly listed fully reporting company trading in the United States (Pink Sheets:LWSP). The Company is in the business of importing bottled wines from around the world for the purpose of wholesale and retail distribution throughout China, in particular through the Company's corporately owned stylish outlet showroom and wine tasting facility.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Legacy's filings with the Securities & Exchange Commission.
CONTACT: Jaclyn Cruz, President 1-888-488-6882