It is expected that Korea will soon be a dark-stained battlefield of global wine companies.
According to the data made available by the international wine and liquor exhibition Vinexpo, Korea is predicted to import 3.98 million boxes of wine, each being nine liters, in 2017. This is equivalent to 47.78 million bottles, which is 16.77% more than the quantity of last year.
The consumption of red wine is expected to soar in particular. Vinexpo estimated that the amount will go up by 19% to 2.78 million boxes between 2013 and 2017, while the imports record a 25.54% growth from US$393.5 million to US$494 million. Korea’s wine consumption showed a turnaround last year after a 10.62% decline between 2008 and 2012.
Under the circumstances, wine exporters are looking to penetrate the Korean market more aggressively. Those in the United States, Spain and many more countries have started their business in Korea since the conclusion of the KORUS FTA and the Korea-EU FTA.
The amount and volume of imported US wine increased 11.6% and 16.8% year-on-year during the first 11 months of 2013, respectively. The percentages amount to 35.2% and 18.4% for Spanish wine as well.
“Korea is a very attractive market for wine breweries, where they can expect a double-digit annual growth,” said the exhibition organizer, adding, “In the near future, Korea will be the third-largest wine importer in Asia to follow Japan and China.”