South Korea Alcoholic Beverages Market to Grow at a CAGR of 4.8% During 2024-2032, Aided by Rising Popularity of Premium Beverages

South Korea exhibits a distinct social phenomenon regarding alcohol consumption. Compared to other countries, South Korea boasts a slightly higher per capita alcohol intake. This can be attributed, in part, to the deep integration of drinking into the country's social fabric. Alcoholic beverages are often seen as a crucial element of social interaction and are frequently encouraged during gatherings with friends, family, and even business associates.

An evolving consumer palate, with a marked shift towards premium and craft offerings, reflects a growing desire for more refined flavours, higher quality ingredients, and unique drinking experiences. This has spurred innovation within the market, with established brands expanding their premium ranges and a surge in the popularity of craft breweries and distilleries.

Furthermore, the South Korea alcoholic beverages market growth is benefitting from the diversification of consumer preferences. Health-conscious consumers are driving the demand for low- and no-alcohol options, while others seek out unique flavour profiles and imported brands. This presents exciting opportunities for both domestic and international players in the market.

Rising disposable income among consumers is fuelling a significant surge in demand for high-end and luxury alcoholic products. This shift in consumer preference, towards premium offerings, is further propelling the market expansion.

Heineken NV (OTCMKTS: HEINY), a leading global brewer, established a strong presence in South Korea with the founding of Heineken Korea. Headquartered in Seoul with five strategically located branches, Heineken Korea has played a pivotal role in shaping the domestic imported beer market. The company offers a diverse portfolio catering to a variety of consumer preferences. This includes regional and local specialities, allowing them to cater to a wider audience and adapt to evolving tastes. 

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Market Breakup by Type, End Use, and Distribution Channel:

• On the basis of type, the market is divided into beer, traditional spirits, whiskey, white spirits, wine, rum, tequila and mescal, liqueurs, and brandy and cognac.

• The market can be segmented based on end use into pub, bars, and restaurants and retail.

• The market can be segmented based on distribution channel into hypermarkets and supermarkets, convenience stores, speciality stores, and department stores, among others.

Key Findings of the Report:

• In 2018, South Korea's domestic shipment volume for alcoholic beverages reached 3.4 million kiloliters. This statistic highlights the substantial role of domestically produced alcoholic beverages within the South Korean market. Furthermore, domestic products hold a dominant share, accounting for an impressive 87 per cent of the total volume consumed in the country.

• Imported wines and distilled spirits hold a comparatively smaller portion of the South Korea alcoholic beverages market share. This trend can be attributed to factors such as consumer preference for familiar domestic products, potential price differences, or established distribution networks favouring local producers.

• Beer and soju are the most popular choices, likely reflecting their established presence and cultural significance within South Korea. This dominance extends to production as well, with local producers serving as the primary source of beer, soju, and rice wine.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea alcoholic beverages market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, end uses, and distribution channels of alcoholic beverages in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea alcoholic beverages market are 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., and Asahi Group Holdings Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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