The production of wine in South Korea has experienced fluctuations over the past decade, with notable declines in 2014 and 2016, and significant recovery in 2021. In 2023, the value stood at 205.4 Billion South Korean Wons, reflecting a moderate growth of 0.85% from the previous year. Over the past five years, the Compound Annual Growth Rate (CAGR) was 0.54%, indicating relatively stable but slow growth. Forecasts suggest a gradual increase with a 5-year CAGR of 0.68%, culminating in a 3.45% growth rate by 2028.
Future trends to watch for include potential impacts of changing consumer preferences towards premium and natural wines, the influence of international market dynamics, and evolving local production capabilities in response to technological advancements and climate change.
