There are three main reason to export wien to South Korea or to open a Business there .
1. Between 2005 and 2009, wine consumption in South Korea increased by 12.23%. As the economy recovers and as a result of the bilateral trade agreements signed by the Korean government and the European Union, wine consumption is expected to grow substantially between 2010 and 2014, up 49.93%.
This growth will mainly benefit still light wines, especially reds, while the consumption of local wines, which are often blends of fruit-based products with grape-based wines, should continue to diminish.
South Korea is the 3rd largest consumer of wine in Asia behind China and Japan. (VINEXPO – The iwsr / 19 January 2011)
2. Even when compared to the USA – another market with a young wine-drinking consumer profile – South Korea looks particularly young. Over a third of the country’s imported wine drinkers are aged 29 or younger (South Korea Vinitrac® 2010). The trendy and sophisticated reputation wine enjoys in South Korea, offers a great potential for wine marketers, and is perhaps best conveyed by the popularity of Terroir. Not in sense that you might think however. “Terroir” is a popular TV drama based around wine and the steamy relationship between a glamorous Korean traditional wine expert and a dashing mysterious wine connoisseur!
3. According to the Korean importer Winenara, 66% of the wine gifts given to celebrate Chuseok, the major Korean harvest festival, were European wines. The usually much sought after Chilean wines only accounted for 15% of gifts this year, 3% less than last year. In the meantime, American wines also lost 2% of the share of this market and covered only 10% of gifts.
The Marketing Director of Winenara points out that “Italian and French wines are usually quite popular when celebrating traditional national holidays, but this year’s marked growth in the purchase of European wines is probably linked to the direct consequences of the recent free trade agreement with the European Union, which came into practice in July 2011”. (Ubifrance- 15 September 2011)