South Korea's distilled alcoholic beverages import volume has shown an overall upward trend from 2014 to 2023, with imports increasing from 39.0 thousand metric tons in 2014 to 44.0 thousand metric tons in 2023. Notably, there was a significant dip in 2020 with a -17% year-on-year decrease, likely influenced by the COVID-19 pandemic. However, recovery was swift, highlighted by a 20.48% increase in 2021. The average annual growth rate (CAGR) over the last five years stands at 0.46%, reflecting steady growth following market stabilization post-pandemic.
For future trends, the forecast till 2028 indicates a modest but consistent growth with a 5-year CAGR of 0.52%, suggesting market confidence and gradual increase in demand. The projected import volume for 2028 is 45.27 thousand metric tons, representing a 2.63% growth from 2023.
Future trends to watch for:
- Impact of evolving consumer preferences on import volumes
- Economic factors influencing disposable income and spending power
- Regulatory changes and trade agreements that may affect import dynamics
- Potential disruptions from global health crises or geopolitical events