Industry Notes / Moutai and Baijiu overseas / Chapter 2 of 4 · Line
Nine years of falling output
A shrinking pie, not a normal inventory cycle
- 20161358
- 2019785
- 2024414
- 2025355
Baijiu output fell from about 13.58 m kl in 2016 to about 3.55 m kl in 2025—roughly −74% from the peak. Demographics and occasions shrink the denominator; share consolidates into prestige names.
Source：国家统计局白酒产量公开序列（万千升）
Research notes, not investment advice.