The demand for wine in South Korea has shown fluctuating trends over the last decade. In 2023, the market stood at 34.0 thousand metric tons, consistent with the previous year. Between 2014 and 2019, the market experienced mild growth, averaging a yearly increase (CAGR) of 0.6%. The year 2020 saw a significant dip in demand by 17% due to external factors, followed by quick recovery with 20.48% growth in 2021. Over the last five years (2019-2023), the wine market witnessed a moderate growth with an average yearly increase of 0.6%.
Future trends forecast a steady growth in wine demand with a projected 5-year CAGR of 0.44%, resulting in an estimated demand of 34.94 thousand metric tons by 2028, marking a total growth rate of 2.2% over this period. Key trends to watch for include changing consumer preferences towards premium wines, influence of younger demographics, and potential government regulations on alcohol consumption.
