Italy stands out abroad not only for the agri-food sector, for the production of pasta or for the fashion sector, but traditionally also for the production of wine. And for some time, thehe business opportunities for Italian wine producers seem to have multiplied, especially towards the Far East and in particular towards South Korea.
“In this country, Italian wine is becoming synonymous with culture and lifestyle” explained the Ambassador of Italy in South Korea, Federico Failla, at the last stop on the High Street Italy last February. And who can blame him: Italian excellence is highly appreciated abroad for its elegance, quality and functionality. And as far as wine is concerned, the appeal of the Italian brand and the ability to adapt to the local diet are the key elements that have contributed to the boom of Made in Italy wine on the Korean market.
With an important fair on the horizon: the Seoul International Wine & Spirits 2023. In this article, let's find out 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 Covid, GDP fell by only -0.70%, unlike the main world economies, which instead reported losses even in double digits. And in the post-Covid? Growth stood at 4.10% in 2021 and 2.60% in 2022, numbers that show that South Korea is a country with a quick reaction in the face of any emergency.
As for exports, Italy is the second European supplier of 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 the rest of agro-food products, but the curiosity of its inhabitants has already shown a positive attraction towards Italian culture and, above all, towards our cuisine and its flagship products.
Furthermore, the geographical position of the country, halfway between China and Japan, with export conditions similar to those required by other Asian nations makes the South Korea a new possible destination for the sale of Italian wine abroad.
In 2021, the value of wine entering South Korea totaled the record amount of 506.2 million dollars, ie an increase in value of the 76% over the previous year.
As far as individual countries are concerned, last year France was the most important wine supplier of South Korea (shipments for 162.6 million dollars); followed by the United States (81.6 million dollars), Chile (68.6 million dollars) and Spain (37.9 million dollars).
The Italian data place our country still a few positions behind with just over 7 million dollars in 2021 of Italian wine exports, but with a growing figure of 17%. Despite this, South Korea is a country with high growth potential, with i Italian still wines (especially the reds) protagonists of a rebound of +60% on the Covid year, and with i sparkling wines Italians which in 2022 took over a increase in imports of +25% compared to the year of the Covid.
European wines are therefore the most appreciated, especially the French and Spanish ones, followed by the Italian ones. In the ranking of the most appreciated wines we also find Chilean wines, thanks to the excellent quality-price ratio, and Australian ones, which are advantaged by their geographical proximity.
Instead, based on the type of wine, among the preferences of Korean consumers we find:
The average price per bottle remains under 20 euros, even if Korean consumers are willing to pay an average of 30 euros per bottle for quality wines.
The younger ones declare a clear preference for the sweeter tasting wine, for example Moscato, resulting in everyone's favorite as a variety. As for both red and white wines, Koreans much prefer those with clearly perceptible hints of fruit.
Generally speaking, in fact, Koreans prefer the consumption of wines with a simple taste, with a higher concentration of residual sugar and a fruity flavour. Finally, theAging is not one of the most appreciated tastes by the average consumer, especially by the younger ones.
If the South Korean wine market has been clearly growing for at least ten years, several observers attribute the 2021 wine import boom to the Covid-19 pandemic and in particular to the trend 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 leasing starting from the second half of 2020by the Korean government, laws on buying alcohol online: While previously it was only possible to buy alcohol in physical stores, the current law allows you to order alcohol online (although you can then only pick it up in a retail store or restaurant).
Beyond that, there seems to be a change in the culture of drinking among the population, which manifests itself in some behaviors, such as:
Italian wine producers can therefore benefit greatly from the business opportunities present in Korea with the export of Italian wine: the numbers reported so far demonstrate how the export of Made in Italy wine to Korea can be the winning choice for expanding the its business abroad, obtaining broad results in terms of end consumers and increase in its profits.
In order to take advantage of this opportunity, Octagona offers Italian companies involved in the production of wine operational support for participation in the fair Seoul International Wines & Spirits Expo 2023, That will be held in Seoul from 22 to 24 June 2023.
Why participate?
Seoul International Wines & Spirits Expo is the only wine and spirits expo in Korea in the past 21 years, and each year it attracts more than 10,000 buyers and 35,000 visitors.
As the only mainstream exhibition platform in the Korean wine and spirits market, the Seoul International Wine & Spirits Expo 2023 offers the opportunity to expand sales and direct promotion to the actual consumers who buy the products. During the event, it will also be possible to participate in innovative events and seminars, to understand sector trends through events and to open new marketing channels through efficient one-to-one meetings with sector operators.
With the support of Octagona, you will be able to:
If you've read this far, you've certainly understood what the extraordinary opportunities for Italian wine exports to South Korea can be.
So do not miss the opportunity to participate in the Seoul International Wine & Spirits Expo 2023: Octagona can offer you specialized operational support. Contact us and tell us about your export project: together we will study the best solution for your company.
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