South Korea Alcoholic Beverages Market Report and Forecast 2024-2032

South Korea Alcoholic Beverages Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the South Korea alcoholic beverages market is projected to grow at a CAGR of 4.8% between 2024 and 2032. Aided by the evolving drinking culture, the thriving tourism sector, and innovative product launches, the market is expected to grow significantly by 2032.

South Korea's rich and diverse history is replete with traditional alcoholic beverages like Soju, Makgeolli, and Cheongju. In contemporary times, while these traditional drinks continue to be deeply embedded in South Korean society, there is an increasing inclination towards international spirits, craft beers, and wines, leading to an exciting fusion of local and global tastes.

Soju, in particular, holds a unique position in South Korea's alcoholic beverages market. As one of the best-selling spirits worldwide, soju is not only a drink of choice for many South Koreans but also forms an integral part of social rituals, gatherings, and celebrations. Its versatile nature, often used in cocktails and culinary dishes, further underpins its dominance in the market.

However, beyond traditional favourites, South Korea is witnessing a surge in the popularity of wines and craft beers. The increasing global exposure, paired with a more extensive range of international and local choices available, has resulted in a diversified alcoholic palette among consumers. This shift is particularly noticeable among the younger generation, who often prefer experimenting with new and varied alcoholic concoctions.

According to the South Korean alcoholic beverages market analysis, the burgeoning tourism sector in South Korea significantly contributes to the alcoholic beverages market growth. As international tourists immerse themselves in South Korean culture, there's an uptick in the demand for local alcoholic specialties, further propelling the market forward.

Innovation remains at the forefront of the market's evolution. Brewers and distillers are continually experimenting, resulting in the introduction of new flavours, brewing techniques, and sustainable packaging solutions. This innovation extends beyond the product itself, with themed bars, tasting events, and brewery tours offering consumers unique and immersive drinking experiences.

Additionally, health and wellness trends have influenced the South Korean alcoholic beverages market outlook. There's an increasing demand for low-alcohol and alcohol-free beverages, as well as products infused with natural ingredients. The market players are responding by producing drinks that cater to these health-conscious consumers, ensuring that they do not compromise on flavour or quality.

Moreover, the expansion of e-commerce platforms and online retail channels has revolutionised the way consumers shop for alcoholic beverages. The convenience of online shopping, combined with a wide variety of choices and often attractive discounts, has further spurred the South Korean alcoholic beverages market growth.

Market Segmentation

The market can be divided based on type, end use, and distribution channel.

Market Breakup by Type

• Beer
• Further breakup by packaging type

 Bottle

 Can

• Traditional Spirits
• Further breakup by type

 Shochu/soju

 Maesilju

 Others

• Whiskey
• White Spirits
• Further breakup by type

 Vodka

 Gin

• Wine
• Further breakup by type

 Red Wine

 White Wine

 Sparkling Wine

• Rum
• Tequila and Mescal
• Liqueurs
• Brandy and Cognac

Market Breakup by End Use

• Pub, Bars, and Restaurants
• Retail

Market Breakup by Distribution Channel

• Hypermarkets and Supermarkets
• Convenience Stores
• Speciality Stores
• Department Stores
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea alcoholic beverages market. Some of the major 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
• Anheuser-Busch InBev SA/NV
• 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
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.