The Champagne Market in Korea: A Sparkling Opportunity

Champagne is a sparkling wine that originated and is produced in France in the Champagne region. It is appreciated worldwide for its fine bubbles and its unique taste. It has always been widely regarded as a symbol of luxury, celebration, sophistication.

"Too much of anything is bad, but too much champagne is just right." – F. Scott Fitzgerald

The market

The global champagne market size was worth around USD 7.3 billion in 2023 and is predicted to grow to around USD 11.9 billion by 2030 with a compound annual growth rate (CAGR) of roughly (% between 2023 and 2033). Champagne is only produced in the region of France, but it is exported to many countries around the world, especially in Europe, North America and Asia-Pacific.

According to data from the Union of Champagne Houses, champagne exports reached 6 billion euros in 2021.

While traditional markets such as France and the United States have long embraced champagne, there has been a remarkable shift in recent years, with Asia and South Korea emerging as a key player in the domain. This article delves into the champagne market in South Korea, its evolution, and the promising future that lies ahead.

"Only the unimaginative can fail to find a reason for drinking champagne." –Oscar Wilde

Fleur Antique

To meet the demand, ICIA&CO collaborated with the Champagne producers Redon family to launch a new champagne : “Fleur Antique”. Fleur Antique, with its impeccable lineage, represents the epitome of elegance and craftsmanship. Crafted using traditional and ancestral methods, knowhow and carefully selected grapes from the Champagne region, with its selective distribution, Fleur Antique embodies the essence of authenticity and luxury that South Korean consumers seek.

Evolution of the South Korean Champagne Market

Over the past decade, the South Korean champagne market has experienced a remarkable evolution. From once being an exclusive indulgence limited to high-end restaurants and luxury hotels, champagne has now permeated the local retail landscape. Supermarkets, specialised wine shops, popularised wine bars, and online platforms have all embraced the allure of champagne, making it more accessible to a wider range of consumers.

At the same time, Korean consumers are becoming more sophisticated and discerning in their choice of champagne. They are looking for high-quality products that reflect their personal taste and identity. Champagne has become a symbol of sophistication and social status, leading to an increased demand among South Koreans seeking to elevate their celebratory experiences.

According to a study by Global Data, the sparkling wine market in South Korea reached a value of more than USD 79.7 million in 2022.

Forecast of the South Korean Champagne Market

The future of the champagne market in South Korea looks exceedingly bright. Experts predict that the demand for champagne will continue to soar as the country's economy flourishes (in 2022, they were the largest customers of personal luxury goods per capita in the world). As the population becomes more affluent and consumers develop a deeper appreciation for luxury goods, champagne is poised to become a staple in both celebratory occasions and everyday indulgences.

Additionally, the millennial generation, known for their affinity for unique experiences and fine products, is driving the growth of the champagne market in South Korea. This demographic values authenticity, craftsmanship, and stories behind products. With its rich history and distinct terroir, champagne appeals to their desire for genuine experiences, making it an ideal choice for those seeking to savour the finer things in life