Click here to close now.




















Welcome!

News Feed Item

Winter Cheer: Canadian Icewines Poised to Uncork Solid Growth with Higher Exports-BMO Economics

- Ontario's icewine grape harvest expected to increase by 50 per cent

NIAGARA-ON-THE-LAKE, ONTARIO -- (Marketwire) -- 01/24/13 -- According to BMO Economics, the Canadian icewine industry is poised for solid production and sales this season as a result of ongoing low temperatures this winter, favourable growing conditions in 2012 and, more generally, a shift by consumers from beer to wine.

Icewine - first made in Germany in the late 1700s - is made from grapes that have been left on the vine until a sustained temperature of minus 8 degrees Celsius or lower is reached, boosting the grape's sugars and enhancing the flavour. Typical varietals used for icewine include Riesling, Vidal and Cabernet Franc.

Since frozen grapes produce a small amount of liquid, the production volumes of icewines are lower compared to table wines. The result is pricier wines, ranging from $50-$100 or more for a 375 ml bottle.

"Last year brought solid growing conditions for most varieties of wine grapes in both Ontario and British Columbia, and the crop is expected to produce some exceptional wines," said Aaron Goertzen, Economist, BMO Capital Markets.

"Ontario's icewine grape harvest for this season is expected to total 5500 tonnes - an increase of 50 per cent from the year before. This raises the prospect of ongoing solid production and export growth." However, Mr. Goertzen added that production will be 20 per cent below the record set in 2007.

In Ontario, the largest icewine-producing province, icewine production accounts for approximately four per cent of total wine production by volume. However, because of its high price, icewine's share in sales would likely be substantially higher, according to Mr. Goertzen.

"The 2012 vintage will likely go down in history as the best vintage ever for Ontario table wines and this is likely to prove true for icewine as well," said Norm Beal, President, Peninsula Ridge Estates Winery. "Although we have anxiously awaited a little longer for colder temperatures this year, the extra time on the vine has further added to the richness and complexity of an already stellar icewine vintage."

Mr. Beal stated that yields are down in some areas by as much as 40 per cent given the late cold snap. However, he believes that the exceptional quality of the 2012 vintage combined with skyrocketing demand from the Far East will result in increased global demand for Ontario icewines.

Canadian icewines continue to make inroads internationally

Mr. Goertzen noted that conditions are ripe for the Canadian icewine industry to expand its presence globally. "There is room for Canadian wineries to increase their exports of premium-priced products such as icewine, for which economies of scale are not as important. While icewine is produced in relatively small quantities, its high value means that it already accounts for one-third of wine exports, and Canadian wineries are internationally renowned for this cold-climate product."

On a volume basis, Canada exported the equivalent of 483,000 375 ml bottles of icewine in 2011. Around 80 per cent of Canadian icewine is exported to Asia, with China accounting for nearly half of the total.

"Icewine represents a fantastic opportunity for Canadian wineries to showcase a popular, made-in-Canada product to consumers around the world," said Al Giguere, Commercial Banking Area Manager, Niagara Region, BMO Bank of Montreal. "With more nations looking for unique, high-quality products like icewine, the market for wineries we work with in Ontario and B.C. will no doubt continue to expand."

Mr. Goertzen added that icewine is part of an overall robust Canadian wine sector. "The Canadian wine industry has expanded considerably over the past two decades. The stimulus comes from an aging population as well as a willingness by consumers to pay more for premium wines."

Canadian adults in 2011 purchased an average of 22 bottles of wine, up from 13 bottles in 1995. One-third of wine consumed in Canada is produced by domestic wineries.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

Contacts:
Media Contacts:
Peter Scott, Toronto
(416) 867-3996
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Laurie Grant, Vancouver
(604) 665-7596
[email protected]

Internet: www.bmo.com
Twitter: @BMOmedia

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.