The turnover in wine by size class in South Korea has seen fluctuations from 2013 to 2023. The highest turnover noted was in 2015 with a significant year-on-year increase of 29.92%, reaching over 635 billion KRW. However, the turnover declined sharply by -24.56% in 2016. From 2017 onward, a downward trend was observed with minor year-on-year variations, culminating at approximately 467 billion KRW in 2023. The market has largely stabilized around this figure from 2018 to 2023, with minimal annual declines. The 5-year CAGR leading up to 2023 is -0.31%, indicating a slight but consistent decrease.
Future trends to watch for:
• Consumption patterns changes and health awareness influencing consumer preferences.
• The rise of premium and organic wine segments.
• E-commerce and digital engagement strategies potentially boosting online wine sales.
• Economic fluctuations and policy changes impacting import and pricing structures.
• Technological advancements in wine production and logistics improving efficiency.
