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

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

The East Asian market for spirits, liqueurs and other spirituous beverages contracted slightly to $X in 2022, declining by -2.5% against the previous year. Overall, consumption recorded a strong expansion. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Spirits, Liqueurs And Other Spirituous Beverages in Eastern Asia

In value terms, production of spirits, liqueurs and other spirituous beverages dropped to $X in 2022 estimated in export price. In general, production continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2015 with an increase of 45% against the previous year. Over the period under review, production of reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports in Eastern 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 -2.7% to X litres. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 18%. As a result, the exports reached the peak of X litres, and then dropped in the following year.

In value terms, exports of spirits, liqueurs and other spirituous beverages rose significantly to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +32.7% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 27%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

South Korea was the major exporter of spirits, liqueurs and other spirituous beverages in Eastern Asia, with the volume of exports recording X litres, which was approx. 56% of total exports in 2022. It was distantly followed by Japan (X litres) and China (X litres), together achieving a 40% share of total exports. The following exporters - Hong Kong SAR (X litres) and Taiwan (Chinese) (X litres) - each reached a 3.7% share of total exports.

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%) and Hong Kong SAR (+5.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +18.1% from 2012-2022. China experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan increased by +19 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest spirits, liqueurs and other spirituous beverages supplier in Eastern Asia, comprising 58% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 16% share of total exports. It was followed by South Korea, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms 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 Eastern Asia stood at $X per litre in 2022, picking up by 13% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for spirits, liqueurs and other spirituous beverages increased by +15.2% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the export price increased by 23%. Over the period under review, the export prices attained the maximum at $X per litre in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 China (+6.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports in Eastern Asia

In 2022, the amount of spirits, liqueurs and other spirituous beverages imported in Eastern Asia rose to X litres, surging by 3.7% on the year before. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 13%. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, imports of spirits, liqueurs and other spirituous beverages surged to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +89.9% against 2013 indices. The pace of growth was the most pronounced in 2018 when imports increased by 20%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

In 2022, Japan (X litres), distantly followed by China (X litres), South Korea (X litres) and Hong Kong SAR (X litres) represented the major importers of spirits, liqueurs and other spirituous beverages, together making up 95% of total imports. The following importers - Taiwan (Chinese) (X litres) and Macao SAR (X litres) - each reached a 4.6% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +16.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest spirits, liqueurs and other spirituous beverages importing markets in Eastern Asia were China ($X), Hong Kong SAR ($X) and Japan ($X), together accounting for 74% of total imports. These countries were followed by South Korea, Macao SAR and Taiwan (Chinese), which together accounted for a further 26%.

South Korea, with a CAGR of +15.9%, saw the highest rates of growth with regard to 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 Eastern Asia stood at $X per litre in 2022, picking up by 16% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2018 when the import price increased by 20% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Macao 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 Hong Kong SAR (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform