South Korea Alcoholic Beverages Market Outlook
According to a new report by Expert Market Research titled “South Korea Alcoholic Beverages Market Size, Trends, Share, Analysis, Report, Demand, Forecast 2023-2028″, the South Korea alcoholic beverages market reached a value of more than USD 25.21 billion in 2022. Aided by the evolving consumer preferences, a thriving tourism industry, and burgeoning product innovations, the market is expected to grow at a CAGR of 4.8% between 2023 and 2028, reaching a value of USD 33.42 billion by 2028.
Alcoholic beverages, a deeply ingrained part of South Korean culture, encompass a diverse range of products, including traditional spirits like soju, beers, wines, and more recently, imported spirits. The consumption of these beverages, associated with social interactions and celebrations, is widespread. With unique flavours, traditional relevance, and expanding varieties, alcoholic beverages have maintained their prominence, leading to the growth of the market.
The South Korea alcoholic beverages market growth is significantly influenced by the evolving consumer preferences. Younger consumers’ inclination towards low-alcohol and flavoured drinks, coupled with the growing female drinker demographic, has induced product diversification. Manufacturers have responded by introducing beverages with innovative flavours and lower alcohol content, thereby appealing to this expanding consumer base and propelling market growth.
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Moreover, the thriving tourism industry in South Korea plays a substantial role in the South Korea alcoholic beverages market development. The country, known for its rich culture and heritage, attracts a significant number of tourists annually. Alcoholic beverages, especially traditional spirits like soju and makgeolli, are a key part of the tourism experience. With the expected resurgence of tourism post-pandemic, the demand for these beverages is poised for an upturn.
Further, the growing popularity of the home-drinking culture has created a new avenue for South Korea alcoholic beverages market expansion. Post the COVID-19 pandemic, consumers have turned towards home consumption of alcoholic beverages. Online sales of alcohol have seen a significant surge, a trend that is expected to continue in the future, thereby fuelling the market growth.
Additionally, continuous product innovations and marketing strategies present significant opportunities for the market. The development of premium and craft alcoholic beverages, health-oriented drinks, and a focus on packaging and branding initiatives are likely to stimulate the South Korea alcoholic beverages market growth. Manufacturers are also exploring collaborations with local and international breweries and wineries to expand their product offerings and reach.
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South Korea Alcoholic Beverages Market Segmentation
The market can be divided based on type, end use, and distribution channel.
Market Breakup by Type
- Traditional Spirits
- White Spirits
- Red Wine
- White Wine
- Sparkling Wine
- Tequila and Mescal
- Brandy and Cognac
Market Breakup by End Use
- Pub, Bars, and Restaurants
Market Breakup by Distribution Channel
- Hypermarkets and Supermarkets
- Convenience Stores
- Speciality Stores
- Department Stores
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the South Korea alcoholic beverages companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Anheuser-Busch InBev NV
- HiteJinro Co., Ltd
- Heineken NV
- Oriental Brewery Co.
- Lotte Chilsung Beverage Co., Ltd
- Casillero del Diablo
- Carlsberg A/S
- Jeju Beer Co., Ltd.
- Beam Suntory Inc
- Muhak Co Ltd
- Diageo Plc
- Molson Coors Beverage Company
- Pernod Richard S.A.
- Asahi Group Holdings Ltd
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