South Korea Beer Market Report and Forecast 2023-2028

South Korea Beer Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the South Korea beer market reached a value of more than USD 19.32 billion in 2022. Aided by the growing consumer preference for premium and craft beers, along with the expanding brewery sector, the market is expected to grow at a CAGR of 4.6% between 2023 and 2028, reaching a value of USD 25.3 billion by 2028.

Beer, a popular alcoholic beverage globally, is made from fermented cereal grains, such as barley, wheat, corn, and rice, with hops providing the characteristic bitterness and flavour. South Korea, traditionally a soju-dominated market, has been seeing a gradual shift in alcohol preference with an increasing popularity of beer among the younger demographic.

The evolution of consumer preference is driving the South Korea beer market growth. Consumers are showing a shift from mass-market lagers to a more diverse range of beer styles, including ales, stouts, and IPAs. This shift is primarily due to the exposure to international beers, growing travel experiences, and an increasing interest in experiencing new tastes and flavours.

In addition, the rise of craft breweries in South Korea has significantly contributed to the South Korea beer market expansion. These breweries, with their small-scale operations, focus on quality, flavour, and traditional brewing methods. They offer an array of unique and innovative beers, ranging from classic Belgian-style ales to experimental brews, catering to the evolving consumer palette and the increasing demand for premium beers.

Moreover, the trend of pairing food with beer is also aiding in the South Korea beer market development. The tradition of "anju," or consuming food with alcohol, is deeply rooted in South Korean culture. With an increasing number of restaurants and pubs offering food pairings specifically designed for beer, this beverage is gaining further traction in the country.

Furthermore, the ease of accessibility to beer, with its wide availability in both on-trade and off-trade channels, is propelling the South Korea beer market. Supermarkets, convenience stores, online retail, pubs, and restaurants provide consumers with a variety of local and international beer brands. The growth of online sales channels, in particular, has made a wide range of beer styles and brands accessible to consumers across the country, even amidst the pandemic-induced restrictions.

Market Segmentation

The market can be divided based on packaging material, packaging type, and distribution channel.

Market Breakup by Packaging Material

• Glass
• Metal
• PET

Market Breakup by Packaging Type

• Bottle
• Can
• Others

Market Breakup by Distribution Channel

• Restaurants and Bars
• Retail
• Hypermarkets
• Convenience Stores
• Specialised Shops

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the South Korea beer companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Oriental Brewery
• Hite Brewery Company Limited
• Heineken N.V.
• Lotte Chilsung Beverage Co., LTD.
• LOTTE Asahi Co., Ltd.
• BK Co., Ltd.
• Magpie Brewing Co.
• Galmegi Brewing Co.
• Jeju Beer Co., 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.