NEWS
WINE INTELLIGENCE: SOUTH KOREA IS WORLD’S 2ND MOST ATTRACTIVE WINE MARKET
By Susan Lewis
13-11-2020
Credit: David Mathews
South Korea is now the second most attractive wine market in the world after only USA, up eight places from 10th last year, according to Wine Intelligence.
In its annual “Global Compass 2020” report published earlier, Wine Intelligence also ranked China up two places to 4th this year, and Singapore up seven places to 12th on the market attractiveness league table.
Japan in 18th place is the 4th most attractive wine market in Asia after South Korea, China and Singapore.
Indonesia in 27th place and Philippines in 29th have both trumped more matured markets like Hong Kong in 33rd place and Taiwan in 36th place.
Wine Intelligence employed a range of economic and wine market measures to assess the attractiveness of 50 key wine markets.
This year they have included a new variable to reflect the effects of COVID-19 on each market. Based on these factors, they give each market a score out of 10.
Source: Wine Intelligence
South Korea, China and Singapore all ranked higher this year partly because of their relative success in controlling the spread of the coronavirus.
South Korea’s market attractiveness topped other Asian markets because of a faster growth in wine consumption over the past decade.
From 2014 to 2019, still wine consumption in South Korea grew at compound annual growth rate of 5.2 per cent, after growing by 4.7 per cent per annum between 2009 and 2014.
While the size of the market is relatively small at 4.3 million cases, only Russia, India and the United Arab Emirates recorded stronger growth rates over the period.
South Korea is the third biggest destination for still wine consumption in Asia behind China and Japan.
The country’s still wine consumption has a lot of room to grow due to its comparatively low per capita consumption rate. In 2019, the rate of consumption was 0.9 litres per head, compared to 25 litres in Australia and 12 litres in the USA.
(the writer can be contacted at: info@thewinechronicle.com)
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