South Korea gains ground on the US as premier global wine market

Published Sep 7, 2021

Tridge summary

A recent report by Wine Intelligence has identified South Korea as a rapidly growing wine market, ranking it as the second most attractive global wine market after the US. The study, which evaluates various economic and wine market factors, highlights South Korea's significant growth in the wine industry, with a CAGR of over 11% from 2016 to 2020. Despite the global wine industry experiencing a decline in 2020 due to the pandemic, the report indicates that consumers have shifted their consumption habits, leading to new opportunities in the wine market. The top five global wine markets are the US, South Korea, UK, Ireland, and Germany, with Colombia emerging as a new growth market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

South Korea is becoming an increasingly important destination for wine exporters, according to a recent study commissioned by Wine Intelligence. As underlined in the organisation’s 'Global Compass 2021' report, South Korea is now just one step behind the US in terms of “global market attractiveness”. Wine Intelligence commissioned the study to measure key economic and wine market factors, in order to rank wine’s attractiveness in 50 focus nations. In 2020, South Korea rose eight places to take the #2 spot, where it remains again this year. “The US’s strong economic rebound, partly funded by government stimulus, along with a standout year for wine sales, kept it ahead in our rankings,” said Lulie Halstead, CEO at Wine Intelligence. “However, #2 South Korea is gaining fast in our model. Wine growth in the US is tailing off, whereas still wine volume in South Korea grew by more than 11% CAGR 2016-2020, according to IWSR Drinks Market Analysis,” she added. The study also indicated ...

Source: Harpers