BEIJING, Dec. 8 (Xinhua) -- China's leading liquor maker Kweichou Moutai has said it would raise its average product price by 13 percent next year, a move expected to trigger more price hikes in the high-end liquor industry.

    Moutai claimed "rising raw material costs" and "corporate strategy requirements" were the main reasons for the price increase, China Daily reported Tuesday, citing a statement by the company.

    "A 13 to 16 percent price increase may boost earnings by 20 to 24 percent, and more companies will take the measure," Tong Xun, a beverage analyst at Shanghai-based Shenyin & Wanguo Securities, was quoted as saying.

    The report said the company has raised its product price once every year since 2006. The most recent price hike of 20 percent took place in January 2008.

    Guizhou-based Kweichou Moutai, Sichuan-based Wuliangye Group and Luzhoulaojiao Group are the nation's top three high-end liquor makers. It is expected that prices of Wuliangye and Luzhoulaojiao products are also to rise following the Moutai move.

    "There is a high possibility that Luzhoulaojiao will raise its product price soon, following a market test of an increase," said Teng Wenfei, a food and beverage analyst at Shanghai Securities.

    The report said recovering economic growth and the rich Chinese liquor culture were boosting the market and encouraging makers to raise prices.