Wine in South Korea
The 1998 Asian economic crisis severely affected the imported wine market in Korea but the economy has since restructured and wine imports have grown past pre-crisis levels. The domestic industry has virtually disappeared as it is not competitive with imported wines.
The wide promotion of the health benefits of drinking red wine has sparked strong interest from new drinkers, predominantly the younger generation. This has lead to the opening of wine schools, wine bars, wine exhibitions and internet-based wine organisations.
Koreans are willing and able to pay for quality, bottled table wines; their average per capita income is among the highest in Asia. To complement this, they are extremely brand conscious and have a taste for luxury products.
The retail environment is highly advanced.
For more information and assistance, email the Corporation’s Executive Officer – Emerging Markets, Ali Hogarth. Wine Australia also maintains a Korean language website.
Market Requirements
South Korea has a number of regulations in relation to wine importation. Wine is subject to significantly lower taxation rates than other alcohol products such as beer and spirits, but the combined effect of taxation and retail mark-ups can make wine imports considerably more expensive than local traditional alcoholic beverages.
The Export Market Guide entry for South Korea contains comprehensive marketing and regulatory information including duties and taxes, labelling requirements and an overview of Australian wine in South Korea. Access to the Guide is by subscription.
Useful Contacts
South Korean Resources
Australian Resources