With 55 million residents, South Korea is currently the 10th world economy. South Korea’s wine market is one of the largest in Asia, and it is expanding rapidly. This market has thrived in recent years, thanks in part to free trade agreements with the European Union, the United States, and Chile.
“It is a lively economy which, yet resisting to the current crisis (inflation, logistic and energy costs), keeps growing”, underlines Elisa Budri, Arione Export Department Specialist. “This growth is reflected to our compartment which depends mainly on the consumers’ economic availability. Moreover, South Korea has evolved in the wine knowledge, and I would locate it in an intermediate position between Japan and China. The products knowledge regards also the high-quality products and there is openness to innovation, especially from Millennials”.
The rising popularity of wine signals future growth potential for producers and the country, particularly when compared to other emerging wine countries in Pacific Asia, which ensure a high PIL per capita, a low unemployment rate, and minimal corruption. Excellent news for wineries contemplating entering or expanding their presence in this market.
The country’s wine pole is Seoul, where the majority of wines are marketed, and it is in this capital that Arione will participate in a tasting arranged with IEM’s support (International Exhibition Management) in the development of promotional activities on Tuesday November 22nd. The tasting will be hosted inside a prestigious setting: the Shilla Seoul Hotel, a place where the local tradition meets contemporary luxury.
Arione believes and invests in the Korean market, as Elisa Budri confirms: “This appointment represents an important promotion opportunity to let people know and appreciate our company and our diversified and wide product line. With the intention of raising awareness and brand recognition in this vibrant Asian market that is experiencing significant growth, Arione seized the chance to develop this market even further”.
Budri’s statements underline this Asian country’s potential, which was ranked second globally in the “Top 15 Most Attractive Markets” by Wine Intelligence last year for the second year in a row, up from tenth place in 2019.
Furthermore, South Korea had a greater rate of imports with a larger value in 2021 when compared to the four major Asian important markets: South Korea (+69%), Japan (+12%), Hong Kong (+41%) and Continental China (-13%). Wine consumers’ population in South Korea has increased to almost a million from 2017 (according to Wine Business International) and the wine import business haa reached the impressive figure of 559 million dollars in 2021 (+69% in value and +41% in volume with respect to the previous year), after the previous record of 220 million dollars in 2020. 2021 was the first year that South Korean wine imports surpassed the $500 million mark.