South Korea Wine Market Trends, Growth, And Demand Forecast 2024-2032

South Korea Wine Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 3.70% (2024-2032)

The growing efforts of the governing body to promote wine consumption through educational campaigns and wine-tasting events are raising awareness and appreciation for wine among consumers in South Korea. According to the latest report by IMARC Group, the South Korea wine market size is projected to exhibit a growth rate (CAGR) of 3.70% during 2024-2032.

Download sample copy of the Report: https://www.imarcgroup.com/south-korea-wine-market/requestsample

South Korea Wine Market Trends and Drivers:

The South Korea wine market is expanding rapidly, owing to several interconnected factors. Primarily, the market is driven by the growing popularity of wine as a lifestyle beverage as well as shifting customer tastes. Besides this, wine consumption in South Korea has increased dramatically, especially among women and younger demographics, because of the expanding influence of Western culture and the rising disposable income of consumers. Additionally, the South Korea wine market is further supported by the expanding variety of wines available in retail outlets and the growth of online platforms, making imported and premium wines more accessible. In line with these factors, government initiatives to reduce tariffs on wine imports under free trade agreements have contributed to the market's expansion by lowering costs and broadening the range of international wine options.

Another notable trend in the South Korea wine market is the increasing preference for premium and niche wines, such as organic, biodynamic, and low-alcohol options, driven by health-conscious consumers. Moreover, the popularity of wine pairing with various cuisines, including Korean dishes, has enhanced the beverage's appeal, while the rising trend of at-home consumption is propelling sales of smaller bottle sizes and convenient packaging. In addition to these factors, the growing influence of social media and wine education programs is also shaping consumer choices and encouraging experimentation. Furthermore, wineries are leveraging innovative marketing strategies, such as virtual wine-tasting events and collaborations with local influencers, to engage a wider audience. Consequently, these factors are anticipated to sustain strong growth in the South Korea wine market over the forecasted period.

We explore the factors driving the growth of the market, including technological advancements, consumer behaviors, and regulatory changes, along with emerging South Korea wine market trends.

South Korea Wine Industry Segmentation:

The report has segmented the market into the following categories:

Product Type Insights:

• Still Wine

• Sparkling Wine

• Fortified Wine and Vermouth

Color Insights:

• Red Wine

• Rose Wine

• White Wine

Distribution Channel Insights:

• Off-Trade

• Supermarkets and Hypermarkets

• Specialty Stores

• Online Stores

• Others

• On-Trade

Regional Insights:

• Seoul Capital Area

• Yeongnam (Southeastern Region)

• Honam (Southwestern Region)

• Hoseo (Central Region)

• Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• Accolade Wines

• Bacardi Limited

• Pernod Ricard SA

Key highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• COVID-19 Impact on the Market

• Porter’s Five Forces Analysis

• Strategic Recommendations

• Historical, Current and Future Market Trends

• Market Drivers and Success Factors

• SWOT Analysis

• Structure of the Market

• Value Chain Analysis

• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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