South Korea Wine Market Forecast 2023-2030

South Korea Wine Market Forecast 2023-2030

KEY FINDINGS

The South Korea wine market growth is expected to project a CAGR of 3.09% in terms of revenue and 1.08% in terms of volume during the forecast period, 2023-2030. The market growth is accredited to changing consumer preferences, increasing disposable incomes, and evolving lifestyles.

MARKET INSIGHTS

The South Korea wine market encompasses an increasing number of consumers embracing wine as a popular alcoholic beverage choice. Wine consumption in South Korea has grown steadily, driven by factors such as a growing wine culture, westernization of diets, and an expanding middle-class population.

Further, there is a growing preference for red wines, followed by white and sparkling varieties. Consumers are increasingly seeking diverse wine experiences. In addition, there is a growing trend of premium and high-quality wines, driven by consumers' willingness to explore premium options and indulge in wine for special occasions.

Also, the e-commerce sector has played a pivotal role in the distribution of wine, making it convenient for consumers to explore a wide range of options from the comfort of their homes. Moreover, the association of moderate wine consumption with health benefits presents an opportunity to market wine as a healthier alternative to other alcoholic beverages in South Korea.

COMPETITIVE INSIGHTS

Some of the prominent companies in the market are Indulge Co Ltd, Kooksoondang Brewery Co Ltd, Keumyang International Co Ltd, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments