(Yicai Global) Dec. 19 -- The world is set to produce less wine than it consumes for the first time in 70 years, which may push the cost of imports in China to historic highs.

"The price of imported wines will surely go up," a wine dealer said, adding that the industry has expected such a rise since the beginning of the second half and that foreign wineries have sent information about price increases.

The cost of imports in China will likely go up 10 percent to 20 percent, industry insiders said.

The Chinese imported wine market saw a price hike of nearly 30 percent annually in 2013 followed by increases of around 20 percent in the next few years. The market will not see much volatility as it still is in a "recovery period," said Yang Zhengjian, deputy secretary-general of the China Food Association.

Some market participants believe that the rising price of imported wine in China may affect the whole wine market, which is returning to value. This is not necessarily a bad thing for a market undergoing with rising consumerism, said Yin Kai, China area director at Groupe Castel, Europe's largest wine producer.

"On the one hand, it could eliminate producers and dealers who are not up to the standard," said Yin. "On the other hand, it will speed up the clearance of a large backlog of wine in bonded areas, which could lead to bigger import volume through Chinese customs than export volume of other countries."