NEWS
WINE INTELLIGENCE: SOUTH KOREA IS WORLD’S 2ND MOST ATTRACTIVE WINE MARKET
By Siulan Law Mathews DipWSET
8-9-2021
Credit: David Mathews
South Korea is rated the world’s second most attractive wine market after USA by global wine business think tank the Wine Intelligence in its Global Compass 2021 Report.
This is the second time Wine Intelligence ranked South Korea as no. 2 most attractive wine market, ahead of 48 other countries being rated in its annual study.
In 2020, South Korea rose eight places to take the no. 2 spot, where it remains again this year.
Elsewhere in Asia, Singapore saw substantial growth in wine imports and was designated a “growth” market by Wine Intelligence.
Asia’s biggest wine market China, however, was considered an “emerging” market, having dropped 13 places in the rankings to no. 17.
“The USA’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, no. 2 South Korea is gaining fast in our model. Wine growth in the USA is tailing off, whereas still wine volume in South Korea grew by more than 11 percent 2016-2020, according to IWSR Drinks Market Analysis.”
After the USA and South Korea, rounding out the top-5 ranked markets in the study are the UK, Ireland and Germany, which all saw strong wine volumes during the year.
South Korea has imported USD325 million worth of wines from January to July this year, which is almost twice the value the country imported in the same period last 2020.
(the writer can be contacted at: info@thewinechronicle.com)
ALL RIGHTS RESERVED
**IF YOU THINK THE WINE CHRONICLE IS WORTH SUPPORTING, PLEASE MAKE A DONATION TO HELP US IMPROVE AND CONTINUE OUR WORK**
TRENDING│ FOCUS│ MISSION│ ABOUT US│ CONTACT
| 