US WINE MARKET TO CAPITALIZE ON SOUTH KOREA
South Korea signed a free trade pact with the U.S. last weekend that is expected to help its already blossoming wine market in the next several years. California wineries in particular have taken a closer look at China and other Asian countries already, and are eager to deepen their footprint in South Korea.
A trade deal with Chile in 2004 brought about lower prices and more varieties from the country, and U.S. producers are hoping for something similar to happen. France, Chile and the U.S. lead Korean wine imports at present.
Currently, Soju, a clear Korean liquor similar to vodka, and beer are the main alcoholic beverage of choice in the country. Right now only about 5% of the population is drinking wine.
However, MarketResearch.com forecasts the volume and value of wine sold in South Korea will grow by 45.2% and 188.3% to 2011.
A trade deal with Chile in 2004 brought about lower prices and more varieties from the country, and U.S. producers are hoping for something similar to happen. France, Chile and the U.S. lead Korean wine imports at present.
Currently, Soju, a clear Korean liquor similar to vodka, and beer are the main alcoholic beverage of choice in the country. Right now only about 5% of the population is drinking wine.
However, MarketResearch.com forecasts the volume and value of wine sold in South Korea will grow by 45.2% and 188.3% to 2011.
posted at 12:50 PM
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