Republic of Korea: Market for Wine Of Fresh Grapes (Except Sparkling Wine) 2024

Market Size for Wine Of Fresh Grapes (Except Sparkling Wine) in Republic of Korea

In 2022, the South Korean wine of fresh grapes market decreased by -0.9% to $X for the first time since 2016, thus ending a five-year rising trend. Over the period under review, consumption, however, showed a strong expansion. As a result, consumption attained the peak level of $X, leveling off in the following year.

Exports of Wine Of Fresh Grapes (Except Sparkling Wine)

Exports from Republic of Korea

In 2022, overseas shipments of wine of fresh grapes (except sparkling wine) decreased by -79.9% to X litres, falling for the second consecutive year after two years of growth. Overall, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 228% against the previous year. As a result, the exports attained the peak of X litres. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, wine of fresh grapes exports fell dramatically to $X in 2022. In general, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 349%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X litres) was the main destination for wine of fresh grapes exports from South Korea, accounting for a 68% share of total exports. Moreover, wine of fresh grapes exports to the United States exceeded the volume sent to the second major destination, France (X litres), sevenfold. Hong Kong SAR (X litres) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+39.8% per year) and Hong Kong SAR (+21.9% per year).

In value terms, France ($X), the United States ($X) and Singapore ($X) constituted the largest markets for wine of fresh grapes exported from South Korea worldwide, with a combined 76% share of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +41.8%, 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

In 2022, the average wine of fresh grapes export price amounted to $X per litre, picking up by 148% against the previous year. In general, the export price, however, continues to indicate a slight slump. Over the period under review, the average export prices reached the peak figure 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 Singapore ($X per litre), while the average price for exports to the United States ($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 (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wine Of Fresh Grapes (Except Sparkling Wine)

Imports into Republic of Korea

In 2022, after four years of growth, there was significant decline in supplies from abroad of wine of fresh grapes (except sparkling wine), when their volume decreased by -10.2% to X litres. Over the period under review, imports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 42%. As a result, imports attained the peak of X litres, and then reduced in the following year.

In value terms, wine of fresh grapes imports stood at $X in 2022. In general, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 70% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Chile (X litres), Spain (X litres) and France (X litres) were the main suppliers of wine of fresh grapes imports to South Korea, with a combined 55% share of total imports. Italy, the United States, Australia and New Zealand lagged somewhat behind, together comprising a further 37%.

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 +27.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wine of fresh grapes suppliers to South Korea were France ($X), the United States ($X) and Italy ($X), together comprising 63% of total imports. Chile, Australia, Spain and New Zealand lagged somewhat behind, together accounting for a further 29%.

New Zealand, with a CAGR of +26.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wine of fresh grapes import price stood at $X per litre in 2022, picking up by 12% against the previous year. Overall, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wine of fresh grapes import price increased by +61.6% against 2016 indices. The pace of growth was the most pronounced in 2021 an increase of 20%. The import price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per litre), while the price for Spain ($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 (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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