Report Update Nov 1, 2024

Republic of Korea - Vermouth - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Vermouth Market 2024

Vermouth Market Size in Republic of Korea

In 2022, after five years of growth, there was significant decline in the South Korean vermouth market, when its value decreased by -5.4% to $X. Over the period under review, consumption, however, showed a significant increase. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Vermouth Exports

Exports from Republic of Korea

Vermouth exports from South Korea was estimated at X litres in 2022, leveling off at the previous year. Overall, exports saw a noticeable downturn. The smallest decline of -51.9% was in 2013. Over the period under review, the exports hit record highs at X litres in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, vermouth exports stood at $X in 2022. In general, exports posted a buoyant increase. The smallest decline of -61.4% was in 2013. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X litres) was the main destination for vermouth exports from South Korea, with a 96% share of total exports. Moreover, vermouth exports to Thailand exceeded the volume sent to the second major destination, Hong Kong SAR (X litres), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Thailand was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (0.0% per year) and Singapore (-82.9% per year).

From 2012 to 2022, the average annual growth rate of value to Thailand was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (0.0% per year) and Singapore (-77.2% per year).

Export Prices by Country

In 2022, the average vermouth export price amounted to $X per litre, remaining stable against the previous year. In general, the export price showed a strong expansion. The growth pace was the most rapid in 2013 a decrease of -19.8% against the previous year. Over the period under review, the average export prices reached the maximum at $X per litre in 2015; however, from 2016 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 Singapore ($X per litre), while the average price for exports to Thailand ($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 Singapore (+33.6%).

Vermouth Imports

Imports into Republic of Korea

In 2022, after five years of growth, there was significant decline in overseas purchases of vermouth, when their volume decreased by -9.1% to X litres. Over the period under review, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2014 when imports increased by 192%. Over the period under review, imports attained the maximum at X litres in 2021, and then fell in the following year.

In value terms, vermouth imports dropped to $X in 2022. In general, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 160%. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Spain (X litres) constituted the largest supplier of vermouth to South Korea, with a 48% share of total imports. Moreover, vermouth imports from Spain exceeded the figures recorded by the second-largest supplier, the United States (X litres), twofold. Italy (X litres) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled +20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+173.0% per year) and Italy (+8.2% per year).

In value terms, the largest vermouth suppliers to South Korea were Spain ($X), Italy ($X) and the United States ($X), with a combined 85% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +157.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vermouth import price amounted to $X per litre, increasing by 5.6% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 7.2% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per litre), while the price for Germany ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for vermouth in the world?

The countries with the highest volumes of in 2021 were China, the United States and India, with a combined 48% share of global consumption.

What are the largest producers of vermouth in the world?

China remains the largest vermouth producing country worldwide, comprising approx. 26% of total volume. Moreover, vermouth production in China exceeded the figures recorded by the second-largest producer, the United States, threefold. The third position in this ranking was occupied by India, with a 9.5% share.

What are the leading suppliers of vermouth to Republic of Korea?

In value terms, Spain, the United States and Italy constituted the largest vermouth suppliers to South Korea, with a combined 95% share of total imports.

What are the leading importers of vermouth from Republic of Korea?

In value terms, the UK remains the key foreign market for vermouth exports from South Korea.

What is the average export price for vermouth in Republic of Korea?

In 2021, the average vermouth export price amounted to $2 per litre, growing by 9.1% against the previous year.

What is the average import price for vermouth in Republic of Korea?

In 2021, the average vermouth import price amounted to $2.3 per litre, with a decrease of -25.6% against the previous year.

This report provides an in-depth analysis of the vermouth market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 11041000 - Vermouth and other wine of fresh grapes flavoured with plants or aromatic substances (excluding alcohol duty)

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023