The wine market in South Korea showed stability from 2014 to 2019, with volumes hovering around 31.0 to 33.0 thousand metric tons. A significant drop occurred in 2020 due to possible disruptions like the pandemic, plummeting to 27.39 thousand metric tons. Recovery followed in 2021 with a notable increase of 20.48%, maintaining consistency through 2022 and 2023 at 34.0 thousand metric tons. The year-on-year growth for 2023 was stagnant at 0%, while over the last five years, the CAGR stands at 0.6%. Forecasts indicate a modest growth of approximately 2.2% by 2028, with an annual average increase of 0.44%.
Looking forward, the market may witness trends like increased demand for premium and organic wines, influenced by a growing health-conscious consumer base. Additionally, evolving consumer preferences towards experiential and lifestyle products could drive new engagement models for wine retailers in South Korea.
