Top Growth Opportunities: Wine in South Korea

Top Growth Opportunities: Wine in South Korea

  • January 2018 •
  • 98 pages •
  • Report ID: 5291880 •
  • Format: PDF
Top Growth Opportunities: Wine in South Korea

Among the top 10 wine markets, South Korea ranks eighth in terms of per capita expenditure in US dollar terms, larger than China and Malaysia. Per capita expenditure on wine products recorded strong growth of over 11% CAGR during 2011-2016, owing to strong economic development and increasing disposable incomes.

South Korean wine market recorded strong growth at a CAGR of about 12% during 2011-2016 and grew from over US$1.6 Billion in 2011 to around US$2.8 Billion in 2016. However, the market is forecast to record slower growth at a CAGR of around 7.5% during 2016-2021, owing to a weakening South Korean won against the US dollar, and the is expected to be worth over US$4 Billion by 2021.

South Korean wine market is being led by the still wine category, which recorded growth at a CAGR of over 10% during 2011-2016 and was valued at about US$2.2 Billion in 2016. However, it is expected to record slower growth at 7.5% CAGR during the next five years and will be worth just over US$3.2 Billion by 2021. On the other hand, sparkling wine, the second largest category in the market, which grew by about 19% CAGR during 2011-2016, is forecast to record the fastest growth at just over 9.5% CAGR during the next five years and will be worth just over US$850Million by 2021.

Similarly, fortified wine, the least valued category, recorded CAGR growth of 2.5% in the last five years and is expected to register faster growth at over 3% CAGR during the forecast period. However, it will be the slowest growing among all the categories and will be worth around US$4Million by 2021.

The report "Top Growth Opportunities: Wine in South Korea", provides recommended actions and detailed analysis of how to target the best growth opportunities for Wine producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of Wine markets in South Korea through our detailed and robust data, expert insight, and case studies.

In particular, this report provides the following -
- Key consumer demographic groups driving consumption within the South Korea market. Improve your consumer targeting by understanding who’s driving the market, what they want, and why.
- A study of market value and volumes over 2011-2016 for South Korea, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
- White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
- Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
- Examples of international and regional product innovation targeting key consumer needs.

Companies mentioned in this report: E-Mart, GS25, Durean Winery, Angel’s Heart, F.W.LangguthErbenGmbh& Co. liters.

- South Korea ranks as one of the smallest market in the global Wine sector in terms of value in US$ terms.
- After a period of high growth at a CAGR of 12% in US$ terms between 2011 and 2016, the South Korea’s Wine market will grow at a slower rate in the next five years to 2021, at a CAGR of 7.9%.
- Wine consumption is centered on older consumers. The mature tastes and premium factors attached to Wine products are driving consumption within this group.
- Over 2016-2021, still wine will remain the highest value category and alongside fortied wine it is expected to record loss of share growth in the same period with sparkling wine gaining market share

Reasons to buy
- This report brings together consumer analysis and market data to provide actionable insight into the behavior of South Korea’s Wine consumers.
- This is based on GlobalData’s unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Wine sector.
- Category, brand, and packaging dynamics are also examined. This allows product and marketing strategies to be better aligned with the leading trends in the market.

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