Distribution companies “obsessed with wine” in South Korea

As the domestic wine market has grown significantly every year since the spread of the novel coronavirus infection (Corona 19), large retailers such as Lotte, Hyundai, and Shinsegae have started to introduce large wine stores one after another. As group owners are increasingly taking over luxury wineries in the US or introducing their own products based on their special love for wine, competition in the wine market is getting fiercer as Hanwha Group and Doosan enter the wine business. According to the import and export trade statistics of the Korea Customs Service on the 25th, domestic wine imports exceeded $330 million in 2020, after Corona 19, from $200 million in 2017 before Corona 19. Then last year, it reached $559.81 million, up about 70% from the previous year, and this year, it also recorded $534.05 million by November. Considering that December is the peak season for wine, total imports are expected to increase significantly compared to last year. An official from the ...