Korean Wine Market.

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Presentation transcript:

Korean Wine Market

Korea’s Drinking Culture 1. It’s always been important. People would drink alcohol during rituals as a way to show respect to their elders and ancestors. 2. RESPECT Being invited to drink with your superiors is one of the biggest compliments a Korean worker can receive. 3. Comradery There’s a lot of hierarchy in Korea, especially in the workplace. So Koreans look at drinking as a chance to bond with their peers in a way they can’t at work.

Early stage of development Korean Wine Market Early stage of development Over the last 10 years South Korea’s wine market has gone up 400%. 71% of the wine exported to Korea is Red wine. Wine accounts for less than 1% of all alcoholic beverages consumed. Source: http://chartsbin.com/view/1017 Source: http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Wine%20Market%20Brief_Seoul%20ATO_Korea%20-%20Republic%20of_10-30-2013.pdf

Early stage of development Korean Wine Market Early stage of development France has a 30% market share, roughly $60,000,000. Chile has a 22% market share, roughly $44,000,000. Italy has a 16% market share, roughly $32,000,000. America has a 11% market share, roughly $22,000,000. Source: http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Wine%20Market%20Brief_Seoul%20ATO_Korea%20-%20Republic%20of_10-30-2013.pdf

Comparable Markets: Japan Japanese wine market capitalization is $1.47 Billion, 700% more than the value of Korea’s. America holds a 7.7% market share, roughly $128,590,000. Wine accounts for about 3.5% of alcoholic beverages consumed. Source: http://chartsbin.com/view/1017 Source: http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Wine%20Annual_Tokyo%20ATO_Japan_2-21-2013.pdf

Comparable Markets: China China is now the largest red wine market worldwide. Chinese wine drinkers drank 1.86 Billion bottles of red wine in 2013. An increase of 136% over the last 5 years! American wine producers currently have about a 4% market share of the import market, roughly $80,000,000 annually. Wine still only accounts for 3.6% of alcohol consumed. Source: http://chartsbin.com/view/1017 Source: http://gsm.ucdavis.edu/blog-feature/wine-china

Expectations of the Korean Wine Market By 2017 Korea is expected to import 48 million bottles of wine. Imports of red wine alone are estimated to be $494 million by 2017. If the American market share flat lined at 11%, it would still be valued at $54,000,000. A 145% increase! Source: http://www.businesskorea.co.kr/article/3003/wine-market-korea-become-key-market-global-wine-companies