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SOUTH KOREA WINE MARKET FORECAST 2023-2030

SCOPE OF THE REPORT

South Korea Wine Market by Product (Fortified Wine and Vermouth (Port, Sherry, Vermouth, Other Fortified Wine), Non-grape Wine (Apple Wine, Other Non-grape Wine), Sparkling Wine (Champagne, Other Sparkling Wine), Still Light Grape Wine (Still Red Wine, Still Rosé Wine, Still White Wine)) Market by Trade (Off-trade, on-trade) Market by Price Range (Sparkling Wine, Still Red Wine, Still Rosé Wine, Still White Wine)

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MARKET OVERVIEW

The South Korea wine market was valued at 726.40 million liters in 2022 and is expected to reach 814.27 million liters by 2030, growing at a CAGR of 1.08% during the forecast period, 2023-2030.

Wine is an alcoholic beverage produced via fermentation using fruits, cherries, rice, berries, pomegranate, grapes, etc. The terroir, grape types utilized, weather fluctuations, and winemaking methods are some of the variables that affect a wine variety’s distinctive qualities. Wine consumption has several positive health effects, as well, including increased bone density, decreased cholesterol, a decreased chance of heart disease, and others.

Rice wine is the most popular type of wine in South Korea. However, industry figures show barely 13% of all alcoholic beverage sales in South Korea are wine. The country is mostly a beer and spirit market.

South Korea Wine Market

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In South Korea, wine is primarily consumed at home (about 80%), either with meals or as a treat at the end of the day. It is viewed as a drink to savor while sipping. Many South Koreans adopted wine as a household beverage throughout the pandemic.

In actuality, food compatibility still ranks as the top motivator for purchases. Younger South Koreans who are health-conscious and view wine as more sophisticated are particularly drawn to its more moderate consumption occasions. The nation is regarded as among the most accepting globally of organic wines, ranking fourth after China, Sweden, and Germany.

One of the key growth drivers of the South Korea wine market is the increasing imports of wine. Although many people consider wine to be luxurious, it is also more reasonably priced than many of the spirits that are used for business or work-related drinking. 

Similarly, cheap wines are becoming increasingly prevalent in the South Korean market and wine imports have risen rapidly. Besides, the South Korean wine industry has been a bright spot for exporters when the market is moving in favor of indigenous producers. For instance, 2021 saw a sharp increase in Canadian wine exports to South Korea. Overall, the South Korean wine market is developing and has room to expand. 

However, the South Korean wine business is struggling due to strict laws governing wine sales. South Korea has strong laws governing the selling of alcoholic beverages, and online sales are not allowed. 

In addition, alcoholic beverage orders and payments are accepted through websites and applications, but customers must pick up their orders in person from shops or a designated collection location. Moreover, the retail price of imported wines in South Korea is many times higher due to the combined effects of import duty, municipal spirits taxes, shipping costs, and distributor markups, which restrains the industry’s expansion.

Inkwood Research’s report on the South Korea wine market provides in-depth insights and a segmentation analysis of the market. The detailed assessment of the market includes PEST analysis, competitive landscape, key buying criteria, market share analysis, brand share analysis, and value chain analysis. Moreover, the segmentation analysis of the market includes product, trade, and price range.

Some of the key players in the South Korea wine market are Indulge Co Ltd, Keumyang International Co Ltd, Kooksoondang Brewery Co Ltd, and Shinsegae L&B Co Ltd.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2030
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million), Volume (Million Liters)
Segments Analyzed
Product, Trade, Price Range
Countries AnalyzedSouth Korea
Companies AnalyzedBohae Brewing Co Ltd, Indulge Co Ltd, Keumyang International Co Ltd, Kooksoondang Brewery Co Ltd, Lotte Chilsung Beverage Co Ltd, Shinsegae L&B Co Ltd

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON WINE MARKET
  3. MARKET DYNAMICS
    1. KEY GROWTH ENABLERS
      1. RISING WINE CONSUMPTION BOOSTS WINE SALES
      2. E-COMMERCE BOOSTS ONLINE WINE SALES IN SOUTH KOREA
      3. YOUNG AND URBAN LIFESTYLE BOOSTS WINE CONSUMPTION
    2. KEY CHALLENGES
      1. COMPLICATED TAX & DUTIES 
      2. CLIMATIC CHANGES AND VINEYARD CONDITIONS AFFECT WINE PRODUCTION
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PEST ANALYSIS
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. OPPORTUNITY MATRIX
    5. VALUE CHAIN ANALYSIS
    6. KEY BUYING CRITERIA
    7. MARKET SHARE ANALYSIS, 2021 & 2022 (IN %)
    8. BRAND SHARE ANALYSIS, 2021 & 2022 (IN %)
  5. MARKET BY PRODUCT (IN TERMS OF REVENUE: $MILLION & IN TERMS OF VOLUME: MILLION LITERS)
    1. FORTIFIED WINE AND VERMOUTH
      1. PORT
      2. SHERRY
      3. VERMOUTH
      4. OTHER FORTIFIED WINE
    2. NON-GRAPE WINE
      1. APPLE WINE
      2. OTHER NON-GRAPE WINE
    3. SPARKLING WINE
      1. CHAMPAGNE
      2. OTHER SPARKLING WINE
    4. STILL LIGHT GRAPE WINE
      1. STILL RED WINE
      2. STILL ROSÉ WINE
      3. STILL WHITE WINE
  6. MARKET BY TRADE (IN TERMS OF REVENUE: $MILLION & IN TERMS OF VOLUME: MILLION LITERS)
    1. OFF-TRADE
    2. ON-TRADE
  7. MARKET BY PRICE RANGE – SPARKLING WINE
  8. MARKET BY PRICE RANGE – STILL RED WINE
  9. MARKET BY PRICE RANGE – STILL ROSÉ WINE
  10. MARKET BY PRICE RANGE – STILL WHITE WINE
  11. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS
      4. BUSINESS EXPANSIONS
    2. COMPANY PROFILES
      1. BOHAE BREWING CO LTD
      2. INDULGE CO LTD
      3. KEUMYANG INTERNATIONAL CO LTD
      4. KOOKSOONDANG BREWERY CO LTD
      5. LOTTE CHILSUNG BEVERAGE CO LTD
      6. SHINSEGAE L&B CO LTD

LIST OF TABLES

TABLE 1: SOUTH KOREA – COUNTRY SNAPSHOT

TABLE 2: SOUTH KOREA WINE MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: SOUTH KOREA WINE MARKET, BY PRODUCT, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 4: SOUTH KOREA WINE MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 5: SOUTH KOREA WINE MARKET, BY PRODUCT, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 6: SOUTH KOREA WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 7: SOUTH KOREA WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 8: SOUTH KOREA WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: SOUTH KOREA WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 10: SOUTH KOREA WINE MARKET, BY NON-GRAPE WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 11: SOUTH KOREA WINE MARKET, BY NON-GRAPE WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 12: SOUTH KOREA WINE MARKET, BY NON-GRAPE WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 13: SOUTH KOREA WINE MARKET, BY NON-GRAPE WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 14: SOUTH KOREA WINE MARKET, BY SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 15: SOUTH KOREA WINE MARKET, BY SPARKLING WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 16: SOUTH KOREA WINE MARKET, BY SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 17: SOUTH KOREA WINE MARKET, BY SPARKLING WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 18: SOUTH KOREA WINE MARKET, BY STILL LIGHT GRAPE WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 19: SOUTH KOREA WINE MARKET, BY STILL LIGHT GRAPE WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 20: SOUTH KOREA WINE MARKET, BY STILL LIGHT GRAPE WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 21: SOUTH KOREA WINE MARKET, BY STILL LIGHT GRAPE WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 22: SOUTH KOREA WINE MARKET, BY TRADE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 23: SOUTH KOREA WINE MARKET, BY TRADE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 24: SOUTH KOREA WINE MARKET, BY TRADE, HISTORICAL YEARS, 2018-2022 (IN MILLION LITERS)

TABLE 25: SOUTH KOREA WINE MARKET, BY TRADE, FORECAST YEARS, 2023-2030 (IN MILLION LITERS)

TABLE 26: SOUTH KOREA WINE MARKET, BY PRICE RANGE – SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 27: SOUTH KOREA WINE MARKET, BY PRICE RANGE – SPARKLING WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 28: SOUTH KOREA WINE MARKET, BY PRICE RANGE – STILL RED WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 29: SOUTH KOREA WINE MARKET, BY PRICE RANGE – STILL RED WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 30: SOUTH KOREA WINE MARKET, BY PRICE RANGE – STILL ROSÉ WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 31: SOUTH KOREA WINE MARKET, BY PRICE RANGE – STILL ROSÉ WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 32: SOUTH KOREA WINE MARKET, BY PRICE RANGE – STILL WHITE WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 33: SOUTH KOREA WINE MARKET, BY PRICE RANGE – STILL WHITE WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 34: LIST OF ACQUISITIONS

TABLE 35: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 36: LIST OF PARTNERSHIPS 

TABLE 37: LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VALUE CHAIN ANALYSIS

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: MARKET SHARE OF STILL LIGHT GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 7: MARKET SHARE OF FORTIFIED WINE AND VERMOUTH, 2021 & 2022 (IN %)

FIGURE 8: MARKET SHARE OF NON-GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 9: MARKET SHARE OF CHAMPAGNE, 2021 & 2022 (IN %)

FIGURE 10: BRAND SHARE OF STILL LIGHT GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 11: BRAND SHARE OF CHAMPAGNE, 2021 & 2022 (IN %)

FIGURE 12: BRAND SHARE OF FORTIFIED WINE AND VERMOUTH, 2021 & 2022 (IN %)

FIGURE 13: BRAND SHARE OF NON-GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 14: SOUTH KOREA WINE MARKET, GROWTH POTENTIAL, BY PRODUCT, IN 2022

FIGURE 15: SOUTH KOREA WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, 2023-2030 (IN $ MILLION)

FIGURE 16: SOUTH KOREA WINE MARKET, GROWTH POTENTIAL, BY FORTIFIED WINE AND VERMOUTH, IN 2022

FIGURE 17: SOUTH KOREA WINE MARKET, BY PORT, 2023-2030 (IN $ MILLION)

FIGURE 18: SOUTH KOREA WINE MARKET, BY SHERRY, 2023-2030 (IN $ MILLION)

FIGURE 19: SOUTH KOREA WINE MARKET, BY VERMOUTH, 2023-2030 (IN $ MILLION)

FIGURE 20: SOUTH KOREA WINE MARKET, BY OTHER FORTIFIED WINE, 2023-2030 (IN $ MILLION)

FIGURE 21: SOUTH KOREA WINE MARKET, BY NON-GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 22: SOUTH KOREA WINE MARKET, GROWTH POTENTIAL, BY NON-GRAPE WINE, IN 2022

FIGURE 23: SOUTH KOREA WINE MARKET, BY APPLE WINE, 2023-2030 (IN $ MILLION)

FIGURE 24: SOUTH KOREA WINE MARKET, BY OTHER NON-GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 25: SOUTH KOREA WINE MARKET, BY SPARKLING WINE, 2023-2030 (IN $ MILLION)

FIGURE 26: SOUTH KOREA WINE MARKET, GROWTH POTENTIAL, BY SPARKLING WINE, IN 2022

FIGURE 27: SOUTH KOREA WINE MARKET, BY CHAMPAGNE, 2023-2030 (IN $ MILLION)

FIGURE 28: SOUTH KOREA WINE MARKET, BY OTHER SPARKLING WINE, 2023-2030 (IN $ MILLION)

FIGURE 29: SOUTH KOREA WINE MARKET, BY STILL LIGHT GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 30: SOUTH KOREA WINE MARKET, GROWTH POTENTIAL, BY STILL LIGHT GRAPE WINE, IN 2022

FIGURE 31: SOUTH KOREA WINE MARKET, BY STILL RED WINE, 2023-2030 (IN $ MILLION)

FIGURE 32: SOUTH KOREA WINE MARKET, BY STILL ROSÉ WINE, 2023-2030 (IN $ MILLION)

FIGURE 33: SOUTH KOREA WINE MARKET, BY STILL WHITE WINE, 2023-2030 (IN $ MILLION)

FIGURE 34: SOUTH KOREA WINE MARKET, GROWTH POTENTIAL, BY TRADE, IN 2022

FIGURE 35: SOUTH KOREA WINE MARKET, BY OFF-TRADE, 2023-2030 (IN $ MILLION)

FIGURE 36: SOUTH KOREA WINE MARKET, BY ON-TRADE, 2023-2030 (IN $ MILLION)

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