Republic of Korea: Wine Market 2024

Wine Market Size in Republic of Korea

The South Korean wine market surged to $X in 2022, jumping by X% against the previous year. Overall, consumption recorded a significant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Wine Production in Republic of Korea

In value terms, wine production soared to $X in 2022 estimated in export price. In general, production showed a temperate expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Wine Exports

Exports from Republic of Korea

In 2022, after three years of growth, there was significant decline in shipments abroad of wine and grape must, when their volume decreased by X% to X litres. Overall, exports, however, posted a notable increase. The pace of growth appeared the most rapid in 2014 when exports increased by X%. The exports peaked at X litres in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, wine exports declined significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a moderate increase. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X litres) was the main destination for wine exports from South Korea, with a X% share of total exports. Moreover, wine exports to the United States exceeded the volume sent to the second major destination, France (X litres), sevenfold. The third position in this ranking was held by Hong Kong SAR (X litres), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and Hong Kong SAR (X% per year).

In value terms, the largest markets for wine exported from South Korea were France ($X), Singapore ($X) and the United States ($X), together accounting for X% of total exports. Hong Kong SAR, Australia and China lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, China, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wine export price stood at $X per litre in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per litre in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per litre), while the average price for exports to the United States ($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 Nigeria (X%), while the prices for the other major destinations experienced a decline.

Wine Imports

Imports into Republic of Korea

In 2022, purchases abroad of wine and grape must decreased by X% to X litres for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of X litres, and then dropped in the following year.

In value terms, wine imports expanded slightly to $X in 2022. Overall, imports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Chile (X litres), France (X litres) and Italy (X litres) were the main suppliers of wine imports to South Korea, together comprising X% of total imports. Spain, the United States, Australia, New Zealand and South Africa lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by New Zealand (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Italy ($X) were the largest wine suppliers to South Korea, with a combined X% share of total imports. Chile, Spain, Australia, New Zealand and South Africa lagged somewhat behind, together accounting for a further X%.

New Zealand, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 wine import price amounted to $X per litre, growing by X% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wine import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per litre), while the price for Spain ($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 States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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