Republic of Korea - Wine And Grape Must - Market Analysis, Forecast, Size, Trends and Insights
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View PricingWine Price in South Korea - 2022
Contents:
- Wine Price in South Korea (CIF) - 2022
- Wine Price in South Korea (FOB) - 2022
- Wine Imports in South Korea
- Wine Exports in South Korea
Wine Price in South Korea (CIF) - 2022
The average wine import price stood at $8.2 per litre in 2022, with an increase of 12% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.6% 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 +59.8% against 2016 indices. The growth pace was the most rapid in 2021 an increase of 20% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.
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 ($16 per litre), while the price for Spain ($3 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 (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Wine Price in South Korea (FOB) - 2022
In 2022, the average wine export price amounted to $3.9 per litre, picking up by 92% against the previous year. Over the period under review, the export price, however, recorded a noticeable downturn. The export price peaked at $6.5 per litre in 2012; however, from 2013 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 France ($16 per litre), while the average price for exports to the United States ($1.5 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 (+11.3%), while the prices for the other major destinations experienced a decline.
Wine Imports in South Korea
In 2022, purchases abroad of wine and grape must decreased by -7.3% to 71M litres for the first time since 2018, thus ending a three-year rising trend. Over the period under review, total imports indicated a buoyant expansion from 2019 to 2022: its volume increased at an average annual rate of +17.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.3% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 41% against the previous year. As a result, imports reached the peak of 77M litres, and then dropped in the following year.
In value terms, wine imports rose slightly to $581M in 2022. In general, imports, however, posted significant growth. The growth pace was the most rapid in 2021 when imports increased by 70%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.
| Import of Wine in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| France | 83.0 | 93.3 | 182 | 203 | 34.7% |
| United States | 33.9 | 56.0 | 89.1 | 103 | 44.8% |
| Italy | 38.6 | 48.7 | 90.7 | 86.0 | 30.6% |
| Chile | 48.6 | 58.5 | 74.8 | 66.7 | 11.1% |
| Spain | 21.3 | 25.6 | 41.5 | 36.3 | 19.4% |
| Australia | 12.8 | 19.5 | 31.8 | 32.3 | 36.1% |
| New Zealand | 4.0 | 6.7 | 15.6 | 15.5 | 57.1% |
| Others | 17.2 | 21.6 | 34.0 | 38.4 | 30.7% |
| Total | 259 | 330 | 560 | 581 | 30.9% |
Top Suppliers of Wine to South Korea in 2022:
- Chile (14.3M litres)
- France (12.7M litres)
- Italy (12.2M litres)
- Spain (12.2M litres)
- United States (7.5M litres)
- Australia (5.1M litres)
- New Zealand (1.9M litres)
Wine Exports in South Korea
In 2022, the amount of wine and grape must exported from South Korea declined rapidly to 50K litres, which is down by -68.1% compared with the year before. Overall, exports faced a significant decline. The growth pace was the most rapid in 2021 when exports increased by 2.2% against the previous year. The exports peaked at 176K litres in 2019; however, from 2020 to 2022, the exports remained at a lower figure.
In value terms, wine exports dropped remarkably to $198K in 2022. In general, exports recorded a precipitous decrease. The smallest decline of -3.9% was in 2021. Over the period under review, the exports hit record highs at $419K in 2019; however, from 2020 to 2022, the exports remained at a lower figure.
| Export of Wine in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| France | 17.1 | 17.0 | 14.4 | 42.0 | 34.9% |
| Singapore | 12.4 | 11.7 | 1.9 | 32.7 | 38.2% |
| United States | 115 | 124 | 167 | 28.9 | -36.9% |
| Hong Kong SAR | 10.8 | 1.6 | 30.5 | 22.1 | 27.0% |
| Australia | N/A | 76.1 | 53.9 | 5.5 | -73.1% |
| China | 6.3 | 4.2 | 1.8 | 1.4 | -39.4% |
| Thailand | 72.7 | 20.2 | 0.9 | N/A | -88.9% |
| Myanmar | 23.0 | N/A | N/A | N/A | 0% |
| Qatar | 17.9 | 5.9 | 11.3 | N/A | -20.5% |
| Others | 143 | 76.3 | 41.7 | 65.1 | -23.1% |
| Total | 419 | 337 | 324 | 198 | -22.1% |
Top Export Markets for Wine from South Korea in 2022:
- Myanmar (undefinedK litres)
- United States (19.2K litres)
- France (2.7K litres)
- Hong Kong SAR (2.6K litres)
- Singapore (2.1K litres)
- Australia (1.2K litres)
- China (0.7K litres)
This report provides an in-depth analysis of the wine 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:
- FCL 564 - Wine
- FCL 563 - Must of Grape
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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