South Korea Beer Market to Reach Around USD 31.70 Billion by 2032, Driven by the Growing Demand for Local Craft Beers

South Korea is the world’s 10th largest beer market. The country has an in-built drinking culture, and beer plays a pivotal role in socialising. South Korea has a trend of mixing soju (local alcohol, made of fermented rice) and beer. This pair is often enjoyed by Koreans while having snacks such as fried chicken, and even Korean barbeque. This well-liked combination has even given rise to festivals celebrating chicken and beer, the largest of which is the yearly Daegu Chimac Festival held in the southeast city of Daegu.

In the beer market in South Korea, companies such as Anheuser-Busch InBev NV, Hite Jinro Co Ltd and Lotte Group hold significant potions. Some of the popular beer brands include J Draft and Queen's Ale. The deployment of advanced technologies such as artificial intelligence in the branding and development of new products is also aiding the South Korea beer market growth.

In April 2023, LOTTE Asahi Liquor Co., Ltd., a subsidiary of Asahi Group Holdings, Ltd. (OTCMKTS: ASBRF), launched the Asahi Super Dry Nama Jokki Can in South Korea. Limited quantities of the product, which is already available in Japan, were made available beginning in May 2023. Additionally, a summer launch of a year-round product that is only intended for the South Korean market is planned. This product is developed in a way that lets customers experience the same flavour as a mug of draft beer served at a bar or restaurant. Through LOTTE Asahi Liquor, the Asahi Group has been pushing the sale of Asahi Super Dry in South Korea. By providing cutting-edge products, Asahi Group aims to deliver great-tasting beers from the comfort of home.

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Market Analysis by Packaging Material, Packaging Type, and Distribution Channel:

• The market, on the basis of packaging material, can be divided into glass, metal, and PET.

• Based on packaging type, the market can be divided into bottle and can, among others.

• The distribution channels for beer include restaurants and bars and retail.

Key Findings of the Report:

• In South Korea, consumers are looking for value-for-money beers. As a result, beer manufacturers are introducing larger packaging that are offering value for money. Some of the economical beers include Cass, Cold Brewed Beer, by Oriental Brewery; Terra, by HiteJinro and OB Beer; a 100% Malt Lager by Oriental Brewery.

• Local craft beer demand is booming in South Korea due to the diversified consumer preferences. In 2023, the local craft beer market grew to USD 323 million (370 billion won). Craft beer manufacturers use a range of raw materials, including hemp seed, to draw in customers with their inventive offers.

• The strong social drinking culture in South Korea propels the demand for beer. Additionally, beer festivals and the influence of social media further support the South Korea beer market expansion.

• The South Korea market is witnessing a surge in imported premium beer demand. Imported beers from Germany and Belgium are gaining popularity, and the young population prefer such beers.

Key Offerings of the Report:

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

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the packaging materials, packaging types, and distribution channels of beer in South Korea.

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

The major players in the South Korea beer market are 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., and Jeju Beer Co., 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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