Korean wine market rebounds as demand for affordable options rises

(MK database)

By Lee Hyo-seok and Minu Kim

After a Covid-19-driven surge that was followed by a dip, South Korea’s wine market is seeing a resurgence, thanks to the increasing demand for affordable wines priced around 10,000 won ($7.17) per bottle. As inflation remains high, consumers are increasingly opting for budget-friendly wines, a trend that has reinvigorated sales in this segment.

According to industry sources, sales of Diablo, a well-known budget wine in the 10,000-won range, have rebounded over the past two years. The company’s 2024 sales totaled 1.5 million bottles as of October, the highest figure for the same period over the last five years. Diablo, which has achieved million-seller status with over 1 million bottles sold annually for six consecutive years, continues to lead this segment. Another affordable wine from importer Ah Young FBC, Alpaca, has also ended its downward trend, recording over 10 percent growth in 2024.

The rebound in wine sales is mirrored in import trends. Data from the Korea Customs Service shows that wine imports in containers under two liters totaled $90.9 million in the third quarter of 2024, up 3.5 percent from $87.8 million in the same period during the previous year. Wine import volume rose by 14.7 percent, from 9,028 tons to 10,356 tons. The significant gap between import value and volume growth suggests that demand for more affordable wines has notably increased, as more budget-friendly options dominate the import market.