The historical production data of spirits in South Korea from 2013 to 2023 indicates some fluctuations and trends. The production in 2023 stood at 2.6636 trillion South Korean Wons. The year-on-year variation from 2022 to 2023 was a modest increase of 0.96%, showing a consistent yet slow growth over the most recent years. The last five years have exhibited a compound annual growth rate (CAGR) of 1.05%, suggesting slight but steady progress following the downturn in 2020.
The forecasted data from 2024 to 2028 suggests an overall growth rate of 3.88% across the five years, with a forecasted five-year CAGR of 0.76%. This indicates that the industry is expected to maintain a slow but stable growth trajectory.
Future trends to watch for include potential impacts from economic shifts, changes in consumer preferences towards premium or local spirits, and any regulatory changes affecting the spirits industry. Another important factor to monitor is the potential impact of health-conscious consumer behaviors influencing lower alcohol consumption.