Asia: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Market Size for Spirits, Liqueurs And Other Spirituous Beverages in Asia

The Asian market for spirits, liqueurs and other spirituous beverages reduced slightly to $X in 2022, dropping by -1.9% against the previous year. Overall, consumption continues to indicate a strong increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Spirits, Liqueurs And Other Spirituous Beverages in Asia

In value terms, production of spirits, liqueurs and other spirituous beverages fell to $X in 2022 estimated in export price. In general, production posted strong growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 43% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports in Asia

In 2022, after five years of growth, there was decline in overseas shipments of spirits, liqueurs and other spirituous beverages, when their volume decreased by -2% to X litres. The total export volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 18%. As a result, the exports attained the peak of X litres, and then fell in the following year.

In value terms, exports of spirits, liqueurs and other spirituous beverages contracted to $X in 2022. The total export value increased at an average annual rate of +3.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when exports increased by 21% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Korea represented the largest exporter of spirits, liqueurs and other spirituous beverages in Asia, with the volume of exports accounting for X litres, which was near 44% of total exports in 2022. Japan (X litres) ranks second in terms of the total exports with a 20% share, followed by China (12%). Vietnam (X litres), Turkey (X litres), Thailand (X litres), India (X litres), Armenia (X litres) and Hong Kong SAR (X litres) followed a long way behind the leaders.

South Korea experienced a relatively flat trend pattern with regard to volume of exports of spirits, liqueurs and other spirituous beverages. At the same time, Japan (+18.1%), Vietnam (+8.2%), Armenia (+7.2%), India (+5.8%), Hong Kong SAR (+5.4%) and Turkey (+4.1%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +18.1% from 2012-2022. Thailand and China experienced a relatively flat trend pattern. From 2012 to 2022, the share of Japan and Vietnam increased by +15 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest spirits, liqueurs and other spirituous beverages supplier in Asia, comprising 51% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 14% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +7.3%. In the other countries, the average annual rates were as follows: Hong Kong SAR (+5.1% per year) and South Korea (-2.2% per year).

Export Prices by Country

The export price in Asia stood at $X per litre in 2022, with an increase of 1.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2018 an increase of 19% against the previous year. Over the period under review, the export prices hit record highs at $X per litre in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per litre), while South Korea ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+13.3%), while the other leaders experienced more modest paces of growth.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports in Asia

Imports of spirits, liqueurs and other spirituous beverages stood at X litres in 2022, with an increase of 12% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. Over the period under review, imports of hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, imports of spirits, liqueurs and other spirituous beverages soared to $X in 2022. The total import value increased at an average annual rate of +4.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Japan (X litres), followed by China (X litres), South Korea (X litres), the United Arab Emirates (X litres), India (X litres) and Singapore (X litres) represented the main importers of spirits, liqueurs and other spirituous beverages, together achieving 60% of total imports. Israel (X litres), Kazakhstan (X litres), Vietnam (X litres), Turkey (X litres), Iraq (X litres), Armenia (X litres) and Hong Kong SAR (X litres) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by South Korea (with a CAGR of +16.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest spirits, liqueurs and other spirituous beverages importing markets in Asia were China ($X), Hong Kong SAR ($X) and Japan ($X), with a combined 38% share of total imports. The United Arab Emirates, Singapore, India, South Korea, Israel, Turkey, Vietnam, Kazakhstan, Iraq and Armenia lagged somewhat behind, together accounting for a further 43%.

South Korea, with a CAGR of +15.9%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per litre in 2022, growing by 6.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2018 when the import price increased by 10%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per litre), while Armenia ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform