Italy stands out abroad not only for agribusiness, pasta production or the fashion industry, but also traditionally for wine production. And for some time now, thee business opportunities for tricolor wine producers seem to have multiplied, especially to the Far East and especially to South Korea.
“In this country, tricolor wine is becoming synonymous with culture and lifestyle.” explained the Ambassador of Italy to South Korea, Federico Failla, At the last leg of the High Street Italy last February. And how can you blame them: Italian excellences are highly appreciated abroad, for their elegance, quality and functionality. And as for wine, the appeal of the Italy brand and the ability to adapt to the local diet are the pivotal elements that have contributed to the boom of Made in Italy wine in the Korean market.
With a major fair on the horizon: the Seoul International Wine & Spirits 2023. Let's find out in this article numbers, trends and business opportunities for Italian wine exports.
South Korea is an extremely dynamic country. Starting with economic growth: in 2020, the year of the Covid, GDP fell by only -0.70%, unlike the world's leading economies, which instead reported losses of even double digits. And in the post-Covid period? Growth stood at 4.10% in 2021 and 2.60% in 2022, numbers that show that South Korea is a quick-response country in the face of any emergency.
Regarding exports, Italy is the second largest European supplier to South Korea, just behind Germany, with a market share of 1.2% according to the latest data from the Ministry of Foreign Affairs.
Wine in Korea still represents a niche product, like all other agri-food products, but the curiosity of its inhabitants has already shown a positive attraction to Italian culture and, above all, to our cuisine and its leading products.
In addition, the country's geographical location, midway between China and Japan, with export conditions similar to those required by other Asian nations makes the South Korea a possible new destination for Italian wine sales abroad.
In 2021, the value of incoming wine in South Korea totaled the record amount of $506.2 million, or an increase in value of 76% over the previous year.
In terms of individual countries, France was South Korea's largest supplier of wine last year (shipments of $162.6 million); followed by the United States ($81.6 million), Chile ($68.6 million) and Spain ($37.9 million).
Italian data place our country still a few places behind with Just over $7 million in 2021 Italian wine exports, but with a growing figure of 17%. Despite this, South Korea's is a country with high growth potential, with the italian still wines (particularly the reds) protagonists of A rebound of +60% on the year Covid, and with the sparkling wines Italians which in 2022 detected a increase in imports by +25% Compared with the year of the Covid.
European wines are therefore the most popular, especially those from France and Spain, followed by those from Italy.Also in the ranking of the most popular wines are Chilean wines, due to their excellent value for money, and Australian wines, which are advantaged by geographical proximity.
Instead, by type of wine, Korean consumers' preferences include:
The average price per bottle remains under 20 euros, although Korean consumers are willing to pay an average of 30 euros per bottle for quality wines.
Younger people state a clear preference for sweeter tasting wine, for example, Muscat, resulting favorite among all as a variety. Regarding both red and white wines, Koreans much prefer those with clearly discernible hints of fruit.
In fact, Koreans generally prefer to consume wines with a simple taste, higher residual sugar concentration, and fruity flavor. Finally, the’Aging is not among the tastes most appreciated by the average consumer, particularly the younger consumer.
While the South Korean wine market has been clearly growing for at least a decade, several observers trace the 2021 wine import boom back to the Covid-19 pandemic and in particular To the tendency of consumers to drink more at home, rather than in bars and restaurants.
On closer inspection, an important factor has contributed to this great growth in imports, namely the’easing starting in the second half of 2020., by the Korean government, Of the laws on the ’purchase of alcohol online: Whereas previously it was only possible to buy alcohol in physical stores, the current law allows alcohol to be ordered online (although then it can only be picked up in a retail store or restaurant).
In addition to this, there seems to be A change in the drinking culture among the population, which is manifested in certain behaviors, such as:
Italian wine producers can therefore greatly benefit from the business opportunities present in Korea with Italian wine exports: the numbers reported so far show that exporting Made in Italy wine to Korea can be the winning choice to expand their business abroad, gaining wide feedback in terms of end consumers and increased profits.
In order to take advantage of this opportunity, Octagona offers Italian companies engaged in wine production operational support for participation in the fair Seoul International Wines & Spirits Expo 2023, which Will be held in Seoul from June 22 to 24, 2023.
Why participate?
The Seoul International Wines & Spirits Expo is the only wine and spirits expo in Korea for the past 21 years, and It attracts more than 10,000 buyers and 35,000 visitors each year.
As the only mainstream exhibition platform in the Korean wine and spirits market, the Seoul International Wine & Spirits Expo 2023 Provides an opportunity to expand direct sales and promotion to actual consumers who purchase products. During the event, innovative events and seminars can also be attended to understand industry trends through events and to open new marketing channels through efficient one-on-one meetings with industry players.
With the support of Octagona, you will be able to:
If you have read this far, you have surely understood what the extraordinary opportunities of Italian wine exports to South Korea can be.
Therefore, don't miss your chance to attend the Seoul International Wine & Spirits Expo 2023: Octagona can offer you specialized operational support. Contact us and tell us about your export project: we will study together the best solution for your company.
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