Republic of Korea: Gin And Geneva Market 2024

Gin And Geneva Market Size in Republic of Korea

The South Korean gin and geneva market dropped to $X in 2022, declining by -6.3% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Gin And Geneva Production in Republic of Korea

In value terms, gin and geneva production declined to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 41%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Gin And Geneva Exports

Exports from Republic of Korea

After four years of decline, shipments abroad of gin and geneva increased by 46% to X litres in 2022. Overall, exports, however, continue to indicate a deep downturn. The pace of growth was the most pronounced in 2016 when exports increased by 63% against the previous year. The exports peaked at X litres in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, gin and geneva exports soared to $X in 2022. In general, exports, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 60%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X litres) was the main destination for gin and geneva exports from South Korea, accounting for a 68% share of total exports. Moreover, gin and geneva exports to Thailand exceeded the volume sent to the second major destination, the Philippines (X litres), threefold.

From 2012 to 2022, the average annual growth rate of volume to Thailand amounted to -10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-12.9% per year) and Japan (-31.5% per year).

In value terms, Thailand ($X) remains the key foreign market for gin and geneva exports from South Korea, comprising 68% of total exports. The second position in the ranking was held by the Philippines ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand stood at -17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-18.1% per year) and Japan (-37.7% per year).

Export Prices by Country

The average gin and geneva export price stood at $X per litre in 2022, declining by -11.2% against the previous year. In general, the export price continues to indicate a abrupt descent. The pace of growth appeared the most rapid in 2013 an increase of 23%. As a result, the export price reached the peak level of $X per litre. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per litre), while the average price for exports to the Philippines ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (-6.0%), while the prices for the other major destinations experienced a decline.

Gin And Geneva Imports

Imports into Republic of Korea

In 2022, purchases abroad of gin and geneva decreased by -4.6% to X litres for the first time since 2016, thus ending a five-year rising trend. Overall, total imports indicated a tangible increase from 2012 to 2022: its volume 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 +58.8% against 2016 indices. The most prominent rate of growth was recorded in 2018 with an increase of 30% against the previous year. Over the period under review, imports attained the peak figure at X litres in 2021, and then fell in the following year.

In value terms, gin and geneva imports declined to $X in 2022. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 44% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, the UK (X litres) constituted the largest supplier of gin and geneva to South Korea, with a 63% share of total imports. Moreover, gin and geneva imports from the UK exceeded the figures recorded by the second-largest supplier, the United States (X litres), sevenfold. France (X litres) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK stood at +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.4% per year) and France (+3.3% per year).

In value terms, the UK ($X) constituted the largest supplier of gin and geneva to South Korea, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 3.6% share of total imports. It was followed by France, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value from the UK totaled +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.0% per year) and France (+17.5% per year).

Import Prices by Country

The average gin and geneva import price stood at $X per litre in 2022, which is down by -4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.1%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 11% against the previous year. Over the period under review, average import prices attained the maximum at $X per litre in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per litre), while the price for the Philippines ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+13.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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