Republic of Korea: Grape Wine Spirits Market 2024

Grape Wine Spirits Market Size in Republic of Korea

The South Korean grape wine spirits market dropped to $X in 2022, reducing by -10.3% against the previous year. Overall, consumption recorded a perceptible setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Grape Wine Spirits Production in Republic of Korea

In value terms, grape wine spirits production fell to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced decrease. The most prominent rate of growth was recorded in 2018 with an increase of 41% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Grape Wine Spirits Exports

Exports from Republic of Korea

In 2022, the amount of spirits obtained from distilled grape wine or grape marc exported from South Korea expanded remarkably to X litres, picking up by 15% against 2021 figures. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 486% against the previous year. Over the period under review, the exports attained the maximum at X litres in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, grape wine spirits exports contracted to $X in 2022. Overall, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 299%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X litres), Guatemala (X litres) and Norway (X litres) were the main destinations of grape wine spirits exports from South Korea, with a combined 60% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +555.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for spirits obtained from distilled grape wine or grape marc exports from South Korea, comprising 49% of total exports. The second position in the ranking was taken by France ($X), with a 16% share of total exports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to -12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+23.0% per year) and China (+45.8% per year).

Export Prices by Country

The average grape wine spirits export price stood at $X per litre in 2022, with a decrease of -24.9% against the previous year. In general, the export price recorded a abrupt decrease. The pace of growth appeared the most rapid in 2015 an increase of 136%. Over the period under review, the average export prices reached the peak figure at $X per litre in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per litre), while the average price for exports to Guatemala ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+28.7%), while the prices for the other major destinations experienced more modest paces of growth.

Grape Wine Spirits Imports

Imports into Republic of Korea

Grape wine spirits imports into South Korea declined to X litres in 2022, which is down by -10.5% compared with the previous year. In general, imports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 37%. Imports peaked at X litres in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, grape wine spirits imports shrank to $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.0% against 2014 indices. The growth pace was the most rapid in 2021 when imports increased by 40% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

Panama (X litres), France (X litres) and Singapore (X litres) were the main suppliers of grape wine spirits imports to South Korea, with a combined 79% share of total imports. These countries were followed by the United Arab Emirates, India and Vietnam, which together accounted for a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +40.6%), while imports for the other leaders experienced a decline.

In value terms, Singapore ($X) constituted the largest supplier of spirits obtained from distilled grape wine or grape marc to South Korea, comprising 81% of total imports. The second position in the ranking was held by France ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value from Singapore totaled +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+0.1% per year) and the United Arab Emirates (+71.7% per year).

Import Prices by Country

In 2022, the average grape wine spirits import price amounted to $X per litre, shrinking by -4.1% against the previous year. In general, the import price, however, showed resilient growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 181%. The import price peaked at $X per litre in 2021, and then dropped slightly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per litre), while the price for Panama ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+22.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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