South Korea Whiskey Market Overview, 2028

South Korea Whiskey Market Overview, 2028

The South Korean whiskey market features a diverse range of players, including international brands, domestic distilleries, and independent bottlers. Major international whiskey brands such as Johnnie Walker, Glenfiddich, and Macallan have a significant presence and enjoy a loyal customer base. In addition, local distilleries like The Single Malt Whiskey, owned by Lotte Chilson Beverage Co., and Korea Whiskey, produced by HiteJinro, have gained recognition and are contributing to the growth of the domestic industry. South Korean consumers are becoming increasingly discerning when it comes to whiskey. While blended Scotch whiskey remains popular, there is a growing demand for single malt and single cask expressions. Consumers are drawn to the complexity and craftsmanship of these whiskies, appreciating their unique flavor profiles and the stories behind the distilleries. Moreover, the rising interest in mixology and cocktail culture has further fueled the demand for whiskey, as it is a versatile spirit that complements various ingredients and flavors.

According to the research report South Korea Whiskey Market Overview, 2028, published by Bonafide Research, The South Korea Whiskey Market is expected to grow at above 6.31% CAGR from 2023 to 2028. South Koreans are known for their love of food, and whiskey has found its place in culinary experiences. Whiskey pairing events, where different whiskies are matched with specific dishes to enhance the dining experience, have gained popularity. The intricate flavors of whiskey can complement the diverse range of Korean cuisine, creating unique taste combinations. South Korea has witnessed the rise of whiskey investment clubs where like-minded individuals come together to invest in rare and collectible whiskies as a group. These clubs pool their resources to acquire valuable bottles and share the investment returns, combining their passion for whiskey with a potential financial gain. Auction houses in South Korea now regularly hold whiskey auctions, providing a platform for collectors and enthusiasts to buy and sell rare and valuable bottles. These auctions attract both local and international participants, contributing to the growth of the secondary whiskey market in the country. Social media platforms, particularly Instagram and YouTube, have played a significant role in popularizing whiskey in South Korea. Whiskey enthusiasts and influencers share their tasting notes, recommendations, and experiences, fostering a vibrant online community that further fuels interest and engagement with the spirit. The popularity of whiskey has led to the creation of a range of merchandise beyond the bottles themselves. Whiskey-themed accessories, including glassware, whiskey stones, decanters, and even whiskey-scented candles, have gained popularity as people seek to incorporate their love for whiskey into their lifestyle.

The South Korean government plays a crucial role in regulating the whiskey market. It imposes strict import regulations, ensuring the quality and safety of imported spirits. The Korean Food and Drug Administration (KFDA) monitors labeling and packaging standards to protect consumers and maintain transparency in the market. Compliance with these regulations is essential for international brands to enter and thrive in the South Korean market. The future of the South Korean whiskey market appears promising. The growing economy, increasing disposable income, and evolving consumer preferences indicate continued growth in demand for whiskey. As South Korean consumers become more knowledgeable about whiskey, they are likely to explore a wider range of options, including limited editions, rare releases, and experimental expressions. Whiskey tasting events, festivals, and educational initiatives are also gaining popularity, further boosting the market's growth potential. With a growing number of discerning consumers and a thriving cocktail culture, the future of the South Korean whiskey market looks promising, presenting exciting opportunities for both local and international players to cater to the evolving tastes and preferences of whiskey enthusiasts in the country.

The popularity of K-Pop, South Korea's music genre, has had a surprising influence on the whiskey market. Many K-Pop idols are seen enjoying whiskey in music videos and variety shows, leading to an increased interest in whiskey among their fans, who often want to emulate their favorite idols' tastes and preferences. Soju, a traditional Korean spirit, has long been the dominant alcoholic beverage in South Korea. Similarly, there is a growing trend of whiskey and soju mixology, where people combine the two spirits to create unique cocktails. This fusion of traditional and international flavors has gained popularity, particularly among the younger demographic. South Korea hosts several whiskey festivals throughout the year, where whiskey enthusiasts and industry professionals come together to celebrate their shared passion. These festivals feature tasting booths, masterclasses, cocktail competitions, and whiskey-related activities, offering a platform for whiskey lovers to discover new brands, expressions, and trends. Traditionally, whiskey was considered a masculine drink in South Korea. However, there has been a notable increase in the number of female whiskey drinkers. Women are breaking stereotypes and embracing whiskey as their preferred spirit, contributing to the diversification of the consumer base and challenging preconceived notions. To cater to the growing demand for whiskey and the desire for exploration and variety, subscription services focusing on whiskey have emerged. These services deliver curated selections of different whiskies to subscribers' doorsteps, allowing them to discover new brands and expressions without having to commit to full-sized bottles.

Considered in this report:
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• South Korea Whiskey Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Grain Type:
• Malt/ Barley Whisky
• Wheat Whisky
• Rye Whisky
• Corn Whisky
• Blended Whisky
• Others

By Type:
• Scotch Whiskey
• American Whiskey
• Irish Whiskey
• Canadian Whiskey
• Japaneese Whiskey
• Others

By Quality:
• Premium
• High-End Premium
• Super Premium

By Beverage Type:
• Alcoholic
• Non-Alcoholic

By Flavor:
• Non-Flavored
• Flavored

By Distribution Channel:
• Off Trade
• On Trade

By Off Trade Distribution Channel:
• Supermarkets and Hypermarkets
• Liquor Stores
• Online Stores
• Others

By On Trade Distribution Channel:
• Hotels, Restaurants & Bars
• Others

By Age of Whisky:
• Below 12 Years
• 12 to 18 Years
• Above 18 Years

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to whiskey industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.