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The South Korea Ready to Drink beverages market is further expected to grow at a CAGR of about 3.7% in the forecast period of 2023-2028. Work-from-home culture and increased demand immunity-boosting drinks are expected to drive the market growth exponentially during the forecast period.
The demand for RTD beverages surged quickly as a result of the work-from-home culture during the lockdown. After and during COVID-19, consumers' greater knowledge and alertness led them to switch to more immunity-boosting RTD drinks. To meet the growing consumer demand, significant brands developed and introduced immunity-boosting beverages in a variety of tastes.
Ready to drink beverages are becoming more popular due to growing consumer awareness of the health risks associated with carbonated drinks. The key players' strategies for market expansion include tailoring health-beneficial items for women, children, and fitness enthusiasts. People have discovered ways to make leisure and social gatherings more enjoyable while working from home. Demand is driven by consumers who want beverages that fit into a busy lifestyle and maintain the premium quality and taste of the drinks.
Numerous innovative concepts, including infused and functional beverages, have been created in response to rising customer demand for tempting and pleasant flavours. Ready to drink beverages have multiple ingredients added to them, so consumers are becoming more interested in them due to their outstanding nutritional value and vibrant flavour.
Ready to drink beverages are drinks that are sold in single-use packaging and are ready to consume right after opening the packaging. Ready to drink beverages are now overtaking the marketplace as a result of growing consumer demand. These days, innovative packaging styles are available for all types of beverages, including juices, coffees, teas, alcoholic beverages, milk, and even health drinks.
By type, the South Korea ready to drink beverages market can be segmented into:
Based on packaging, the South Korea ready to drink beverages market can be divided into:
Based on distribution channel, the South Korea ready to drink beverages market can be bifurcated into:
To maintain a healthy lifestyle, consumers favour natural and organic products, driving manufacturers to produce numerous sugar-free, vegan, gluten-free, and organic ready to drink beverages. It has further led to the emergence of natural and health-beneficial ingredient cocktails with cheaper prices and easy accessibility, proliferating the increased investment in the sector.
The expansion of e-commerce coupled with the growth of ready to drink beverages, such as, 'Sansachun ’, a rice wine used for medicinal purpose to relieve anxiety and tension, has significant market value in South Korea. Similarly, 'bokbunja wine’ is made from bokbunja raspberry, a wild raspberry indigenous to South Korea, has therapeutic qualities prevents issues including frequent urination, early greying of hair, and hazy vision linked to altered liver and kidney functions, popularising healthy beverages in the market.
Positioning RTD beverages as recreational goods have attracted a younger demographic and secured the future of premiumization in RTD beverages, giving significance to the premiumization of beverages and aiding the emergence of various start-ups in the beverage sector. The fruit and vegetable RTD beverage sector is expanding owing to the surging demand of consumers for wholesome drinks. The growing health-conscious population is shifting towards cold-pressed drinks as they aim to eat right, choosing a balanced diet while lowering obesity. Moreover, the significant factor driving fruit and vegetable RTD beverage expansion is the nutritional value of these drinks, as they contain vitamins, minerals, and enzymes, thus boosting the RTD beverage market in South Korea.
As nutrients enriched flavoured water replaces fruit as a healthy alternative, consumers, and manufacturers are constantly investing in research and development to cater to this growing need. Moreover, the availability of various flavours and functional benefits has a positive impact while urging companies to innovate flavoured water to make it eco-friendlier and more sustainable. With an increased standard of living and rising disposable income, the inclination towards premium products is increasing. Thus, driving consumers, especially millennials and generation Z, to experiment with new flavours and product categories.
The growing popularity of gym, zumba, yoga and aerobics, together with the rising number of participants in half and full marathons, has further propelled the demand for energy drinks. Since sports drinks are high in chlorides, calcium, sodium, magnesium, and potassium , they are frequently consumed by fitness enthusiasts, athletes and sportspersons. Contrarily, energy drinks contain sugar and stimulant substances and provide customers with mental and physical stimulation while losing electrolytes and carbohydrates during strenuous physical activity.
Due to flavour familiarity and accessibility, ready to drink coffee demand is expected to increase quickly attributed to additional flavours and other healthy components, significantly accelerating the South Korea RTD beverages market growth. For example, Kanguru partnered with Binggrae and launched red ginseng, green tea, and many other energy drink flavours which attracted working-class and students in South Korea.
The report gives a detailed analysis of the following key players in the South Korea ready to drink beverages market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the ready to drink beverages market based on the Porter's five forces model along with giving a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Type||
|Breakup by Packaging||
|Breakup by Distribution Channels||
|Trade Data Analysis||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Ready to Drink Beverages Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Ready to Drink Beverages Historical Market (2018-2022)
8.3 South Korea Ready to Drink Beverages Market Forecast (2023-2028)
8.4 South Korea Ready to Drink Beverages Market by Type
8.4.1 Fruit and Vegetable Juices
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.4.2 Sports Drinks and Energy Drinks
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.4.3 Dairy Based Beverages
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.4.4 Tea and Coffee
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.4.5 Flavoured and Fortified Water
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.5 South Korea Ready to Drink Beverages Market by Packaging
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.5.2 Tetra Pack
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.5.4 Tin Can
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.6 South Korea Ready to Drink Beverages Market by Distribution Channels
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.6.2 Convenience Stores
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.6.3 Speciality Stores
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Trade Data Analysis
11.1 Major Exporting Countries
11.1.1 By Value
11.1.2 By Volume
11.2 Major Importing Countries
11.2.1 By Value
11.2.2 By Volume
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Lotte Chilsung Beverage Co., Ltd.
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.2 Maeil Co.Ltd
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.3 Dongsuh Companies, Inc.
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.4 OKF Co.
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.5 Hitejinro Co.,Ltd
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.6 Yein T&G Inc.
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
13 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Ready to Drink Beverages Market: Key Industry Highlights, 2018 and 2028
2. South Korea Ready to Drink Beverages Historical Market: Breakup by Type (USD Million), 2018-2022
3. South Korea Ready to Drink Beverages Market Forecast: Breakup by Type (USD Million), 2023-2028
4. South Korea Ready to Drink Beverages Historical Market: Breakup by Packaging (USD Million), 2018-2022
5. South Korea Ready to Drink Beverages Market Forecast: Breakup by Packaging (USD Million), 2023-2028
6. South Korea Ready to Drink Beverages Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
7. South Korea Ready to Drink Beverages Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
8. Major Exporting Countries by Value
9. Major Importing Countries by Value
10. Major Exporting Countries by Volume
11. Major Importing Countries by Volume
12. South Korea Historical Price Trends and Forecast 2018-2028
13. South Korea Ready to Drink Beverages Market Structure
The market is projected to grow at a CAGR of 3.7% between 2021 and 2026.
Work-from-home culture, product innovation, increasing disposable income, improved lifestyle, busy schedules, and inclination toward sustainable drinks are the major drivers.
Growing demand for eco-friendly and premium products, increasing health consciousness, and demand for immunity-boosting drinks among consumers are the key trends.
The dominant type of RTD beverages in the industry are tea and coffee, dairy based beverages, fruit and vegetable juices, sports drinks and energy drinks, and flavoured and fortified water, among others.
The leading distribution channels in the market are convenience stores, hypermarkets/supermarkets, online, specialty stores, and others.
The convenience of consumption of RTD beverages is one of the main draws for customers. Customers can now consume their beverages instantly, anytime, and anywhere. Additionally, premium brands use natural ingredients in their products and innovative packaging designs to attract customers.
The major players in the industry are Lotte Chilsung Beverage Co., Ltd., Maeil Co.Ltd, Dongsuh Companies, Inc., OKF Co., Hitejinro Co.,Ltd, and Yein T&G Inc., among others.
The South Korea ready to drink beverages market is driven by the rising health consciousness among population. Aided by immunity boosting and eco-friendly drinks, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 3.7%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro attributes of the industry. Based on its types, the ready-to-drink beverages industry can be segmented into tea and coffee, dairy based beverages, fruit and vegetable juices, sports drinks and energy drinks, and flavoured and fortified water, among others. On the basis of distribution channels, the market can be divided into Supermarkets/Hypermarkets, convenience Stores, speciality stores, and online, among others. The key players in the above market include Lotte Chilsung Beverage Co., Ltd., Maeil Co.Ltd, Dongsuh Companies, Inc., OKF Co., Hitejinro Co.,Ltd, and Yein T&G Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly skilled team, thus, providing their customers with market insights that are accurate, comprehensive, actionable, and help them remain ahead of their competition.
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