Republic of Korea: Spirits And Liqueurs Market 2024

Spirits And Liqueurs Market Size in Republic of Korea

The South Korean spirits and liqueurs market contracted to $X in 2022, which is down by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Spirits And Liqueurs Production in Republic of Korea

In value terms, spirits and liqueurs production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% 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 2019 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Spirits And Liqueurs Exports

Exports from Republic of Korea

In 2022, overseas shipments of spirits, liqueurs and other spirituous beverages increased by X% to X litres, rising for the sixth year in a row after two years of decline. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, spirits and liqueurs exports expanded rapidly to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Japan (X litres) was the main destination for spirits and liqueurs exports from South Korea, accounting for a X% share of total exports. Moreover, spirits and liqueurs exports to Japan exceeded the volume sent to the second major destination, China (X litres), twofold. The United States (X litres) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United States (X% per year).

In value terms, Japan ($X), the United States ($X) and China ($X) constituted the largest markets for spirits and liqueurs exported from South Korea worldwide, together comprising X% of total exports. Vietnam, the Philippines, Malaysia, Cambodia, Australia, Thailand, Canada, Hong Kong SAR and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average spirits and liqueurs export price amounted to $X per litre, standing approx. at the previous year. Overall, the export price, however, showed a mild downturn. The most prominent rate of growth was recorded in 2016 when the average export price increased by X%. The export price peaked at $X per litre in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per litre), while the average price for exports to Japan ($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 Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spirits And Liqueurs Imports

Imports into Republic of Korea

In 2022, overseas purchases of spirits, liqueurs and other spirituous beverages increased by X% to X litres, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, spirits and liqueurs imports surged to $X in 2022. Over the period under review, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the UK (X litres) constituted the largest supplier of spirits and liqueurs to South Korea, accounting for a X% share of total imports. Moreover, spirits and liqueurs imports from the UK exceeded the figures recorded by the second-largest supplier, China (X litres), threefold. The third position in this ranking was taken by Singapore (X litres), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from the UK amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Singapore (X% per year).

In value terms, the UK ($X) constituted the largest supplier of spirits, liqueurs and other spirituous beverages to South Korea, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with an X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and China (X% per year).

Import Prices by Country

The average spirits and liqueurs import price stood at $X per litre in 2022, remaining constant against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per litre in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :