Report Update Nov 1, 2024

Republic of Korea - Rum - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Rum Market 2024

Rum Market Size in Republic of Korea

The South Korean rum market declined to $X in 2022, waning by -7.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Rum consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Rum Exports

Exports from Republic of Korea

In 2022, after ten years of growth, there was significant decline in overseas shipments of rum, when their volume decreased by -6.4% to X litres. Overall, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +7.8% 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 +111.5% against 2012 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 22% against the previous year. Over the period under review, the exports attained the peak figure at X litres in 2021, and then dropped in the following year.

In value terms, rum exports reduced slightly to $X in 2022. The total export value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 8.5%. As a result, the exports attained the peak of $X, and then reduced in the following year.

Exports by Country

Japan (X litres) was the main destination for rum exports from South Korea, with a 76% share of total exports. Moreover, rum exports to Japan exceeded the volume sent to the second major destination, the Netherlands (X litres), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (0.0% per year) and India (+44.5% per year).

In value terms, Japan ($X) remains the key foreign market for rum exports from South Korea, comprising 86% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Japan totaled +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+1,298.2% per year) and India (+32.2% per year).

Export Prices by Country

In 2022, the average rum export price amounted to $X per litre, with an increase of 2.7% against the previous year. Over the period under review, the export price, however, showed a pronounced contraction. Over the period under review, the average export prices reached the maximum at $X per litre in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per litre), while the average price for exports to the Netherlands ($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 Japan (-2.2%), while the prices for the other major destinations experienced a decline.

Rum Imports

Imports by Country

The United States (X litres), Vietnam (X litres) and Thailand (X litres) were the main suppliers of rum imports to South Korea, with a combined 59% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +21.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of rum to South Korea, comprising 38% of total imports. The second position in the ranking was taken by Thailand ($X), with a 6.9% share of total imports. It was followed by the Netherlands, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+31.9% per year) and the Netherlands (+10.5% per year).

Import Prices by Country

In 2022, the average rum import price amounted to $X per litre, reducing by -3.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 13%. The import price peaked at $X per litre in 2021, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for rum in the world?

The United States remains the largest rum consuming country worldwide, comprising approx. 71% of total volume. Moreover, rum consumption in the United States exceeded the figures recorded by the second-largest consumer, China, more than tenfold. The UK ranked third in terms of total consumption with a 2.8% share.

What are the largest producers of rum in the world?

The United States remains the largest rum producing country worldwide, accounting for 72% of total volume. Moreover, rum production in the United States exceeded the figures recorded by the second-largest producer, China, more than tenfold. The third position in this ranking was occupied by India, with a 2.7% share.

What are the leading suppliers of rum to Republic of Korea?

In value terms, the United States constituted the largest supplier of rum to South Korea, comprising 40% of total imports. The second position in the ranking was occupied by the UK, with a 14% share of total imports. It was followed by Thailand, with a 9.6% share.

What is the average export price for rum in Republic of Korea?

The average rum export price stood at $4.6 per litre in 2021, shrinking by -77.6% against the previous year.

What is the average import price for rum in Republic of Korea?

The average rum import price stood at $2.5 per litre in 2021, waning by -4.6% against the previous year.

This report provides an in-depth analysis of the rum market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 11011040 - Rum and other spirits obtained by distilling fermented sugarcane products (important: excluding alcohol duty)

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023