The coldest sugar and wine fair in history concludes, from a flowing feast to value redefinition

Questioning AI · Reconstructing the value of the Spring Sugar and Liquor Fair, how should liquor companies respond to the new cycle of stock game?

China Net Finance and Economics March 30th ( Reporter Chen Qiong ) On March 28th, the 114th National Sugar and Liquor Commodity Fair concluded in Chengdu. As a “weather vane” for the food, wine, and beverage industry, this spring sugar and liquor fair gathered 6,600 companies from 40 countries and regions, with over 400k professional visitors and consumers attending for exchanges and negotiations.

At the same time, new changes are also happening. Moutai was absent from the hotel exhibition for the first time, and Wuliangye, Luzhou Laojiao, and Yanghe also collectively withdrew from the hotel exhibition. The presence of the hotel exhibition, which mainly focuses on investment promotion, has further weakened, also leading to an intuitive feeling of coldness for the “Number One Fair in the World” during the spring sugar and liquor fair.

White liquor expert Xiao Zhuqing pointed out that the “cold” and “hot” coexist in the 2026 spring sugar and liquor fair, marking the end of an era—the white liquor era relying on inventory pressure, channels, and scale expansion is quietly fading away, replaced by a new cycle of refined operation, stock game, and high-quality development. For liquor companies, the value of the spring sugar and liquor fair is shifting from a “investment promotion event” to an “industry summit”; for distributors, it has changed from a “product selection venue” to an “observation outpost”; for the entire industry, this may be an inevitable path to squeeze out bubbles and return to rationality.

Hotel Exhibition “Uneven in Cold and Hot”

Every year before the spring sugar and liquor fair, the hotel exhibition is a stage for major participating companies to “show their muscles,” and it is also seen as a window to observe industry trends.

This year, major liquor companies such as Moutai and Wuliangye no longer participated in the hotel exhibition, which is seen as a more pragmatic reflection of the industry’s significant change. China Net Finance and Economics reporters found that the hotel exhibition, which used to be crowded with visitors, showed new changes this year. Jinjiang Hotel still had crowds, and “streamers holding phones to promote vigorously” has become the norm, with online and offline integration becoming the new normal. This reflects the urgent exploration of new channels by liquor companies amid stock competition. At Wangjiang Hotel, where Moutai was absent for the first time, only Xijiu participated, and the exhibitors at the Shiwaitaoyuan Hotel have shrunk significantly.

According to industry insiders, the heat of this year’s investment promotion-focused hotel exhibition has declined, with booth prices falling back—down 10%-20% compared to last year. Inventory and channel pressures have made distributors more rational.

The structural shrinkage of the hotel exhibition has sparked speculation about its disappearance. White liquor expert Xiao Zhuqing believes that the weakening of the investment promotion function of the sugar and liquor fair, transforming it into an industry communication platform, means that although top brands are withdrawing, there is still demand for investment promotion in developing wines, private label brands, and new brands. As one distributor said, “Those still going there now are mainly developing wines, private labels, or trying to find distributors for new brands.”

Expansion of Healthy and Low-Alcohol Liquor

This spring sugar and liquor fair, through new product layouts by liquor companies, sketches the development direction of the new cycle of the white liquor industry—healthier, younger, and lower alcohol content have become industry consensus.

Gujinggong Liquor showcased its “Four Products Six Fragrances” lineup with four major brands and six aroma types, and also launched products like Qingyang She Da Jiu Pu, “Milk Green Bubble Milk Tea,” and Guqi Herbal Whisky, demonstrating comprehensive layouts in youthfulness, innovation, and internationalization.

As part of Gujinggong’s functional liquor layout in the health sector, Shenli Liquor is based on white liquor infused with herbal extracts such as ginseng, yellow essence, and goji berries, combining the taste of white liquor with health benefits. Gujing’s Qingyang She aims at “health preservation, body nurturing, and mind nurturing,” covering herbal drinks, healthy light foods, and cultural white liquor experiences.

On-site, the “Milk Green Bubble” milk tea made by Minglvye attracted young visitors for check-ins. A relevant person in charge of Gujinggong told China Net Finance and Economics that “Milk Green Bubble” milk tea will start investment promotion, and the number of stores is expected to increase this year. Moving from “selling liquor” to “selling lifestyle,” Gujinggong is leading the industry.

It is worth noting that liqueurs and the health track are becoming new growth points. The rise of Jinjiu has driven more liquor companies to focus on health wines, with brands like Zhuyeqing, Tongrentang, Guangyuyuan, and Hainan Yedao increasing their efforts in the health wine field. During the spring sugar and liquor fair, Shanxi Xinghuacun Fenjiu Co., Ltd. launched a new Chenpi Fenjiu. As the first product in Fenjiu’s liqueur series, the launch of Chenpi Fenjiu also signals Fenjiu’s increased focus on the liqueur industry.

Data released by the China Alcoholic Drinks Association shows that from 2020 to 2024, the profit growth of the liqueur industry approached 200%; even amid the overall pressure on the alcohol industry in the first half of 2025, its growth momentum has not slowed. Industry forecasts also suggest that by 2030, the market size of liqueurs may surpass 200 billion yuan, accelerating from niche categories to mainstream tracks.

Industry analyst Cai Xuefei said that the growth of health wines stems from the wave of “healthization” and “pleasure consumption.” The market is shifting from “exclusively for middle-aged and elderly” to all demographics, especially young women and the “light health” groups. The challenge lies in balancing “efficacy” and “taste,” avoiding the impression of “medicinal wine,” and achieving daily consumption.

Meanwhile, low-alcohol liquors remain popular at this spring sugar and liquor fair, with products like Low-Alcohol Gujinggong 1573, Wuliangye Yibin, Shede, Shui Jing Fang Zhenxin Zhenyi Qingyang, and Gujinggong Light gaining significant attention.

From a Flowing Feast to Value Reconstruction

“Now, there are fewer talks about doing business at the sugar and liquor fair, and more about industry trends,” pointed out white liquor industry expert Xiao Zhuqing.

The attributes of the spring sugar and liquor fair are also changing. During the peak of the white liquor industry, the spring fair was a flowing feast, where manufacturers and distributors completed business connections amid toasts, enjoying the dividends of the era and industry. Now, the spring fair is a stage for value reconstruction. For industry giants, the investment promotion function of the fair is weakening, and precise investment promotion is more efficient than broad, indiscriminate efforts. But for new brands, new categories, and new production areas, the fair remains an indispensable stage.

Industry analyst Cai Xuefei said that the obvious impression of this spring sugar and liquor fair is the coexistence of “rationality” and “differentiation.” Giants like Moutai and Wuliangye withdrawing from hotel exhibitions weaken the trading aspect of the event, emphasizing industry communication. The market shows a “dumbbell” structure—high-end liquor supported by demand, mass bottles driven by cost performance, and mid-to-high-end products becoming heavily stocked. Cross-border integration continues to deepen, with health wines, whiskies, fruit wines, and other small categories developing rapidly. Distributors are no longer blindly buying but focusing more on sales momentum and price stability.

Industry observer Ouyang Qianli pointed out that the era of making money while lying down is long gone. The era of meticulous cultivation is coming. Those who understand consumers better and understand sales will be the first to emerge from industry adjustments, and new brands will stand out. Ouyang said that although overall consumption may shrink, there is still room for head-to-head growth, with competition increasingly centered around consumers.

Liquor companies are also beginning to actively respond to industry adjustments. At the recent Luzhou Laojiao distributor conference, Chairman Liu Miao stated that the overall white liquor industry has entered an era of stock competition, and the era of rapid expansion through land grabbing has ended. Slow or even stalled growth will become the new normal.

After nearly a decade of deep adjustments, the industry is at a crossroads in 2025, trying to find new survival rules amid stock and even shrinking battles. The spring sugar and liquor fair in 2026 may provide some answers.