South Korea Alcoholic Beverages Market Outlook

Synopsis
The above chart is South Korea Alcoholic Beverages Market Outlook (2018 to 2032)

Market Dynamics

As one of the top 15 countries in alcoholic beverage consumption, south korea has a strong demand for alcohol. demand is especially strong for soju, but wine, beer, and makgeolli are also popular options. according to the ministry of economy and finance’s (mofe) 2020 regional reports, the total alcoholic beverage consumption in south korea was valued at 3.5 trillion krw, a 3.6% increase compared to 2019. south korea’s traditional soju boasting the highest market share of 53.7%, followed by beer, wine, and makgeolli. demand for alcoholic beverages has been stable for years in south korea, and the outlook for the future looks very positive. in the years 2018 and 2020, the alcoholic beverage market grew by approximately 5.7% and 3.6%, respectively. this growth rate is expected to continue in the future and is expected to be even higher in the coming years. the country is also experiencing population growth, which is likely to contribute to the market’s growth in the future. the economic growth in south korea is also expected to increase demand for alcoholic beverages in the future. over the last five years, growth in real per capita income in the country has averaged around 4.3%, and consumer confidence is expected to remain high. this will likely lead to more discretionary spending, which will include more purchases of alcoholic beverages. in the next 15 years, the outlook for the south korean alcoholic beverage market looks very positive. the country is expected to experience economic growth, population growth, and continue to be big consumers of alcoholic beverages. as a result, demand for alcohol is expected to continue to grow and the market overall will be highly lucrative. wine, beer, and makgeolli are all expected to experience growth over the coming years, although soju is expected to remain the leader in the industry.