The value added in the spirits sector in South Korea has shown moderate and somewhat inconsistent growth over the last decade. As of 2023, the value added stood at 1.5956 trillion South Korean Won. Starting from 1.1933 trillion in 2013, the sector saw significant year-on-year growth particularly in 2014 (10.3%) and 2016 (9.87%). However, this growth was not uniform with periods of slow and even negative growth, such as in 2017 (-2.71%).
Over the last five years leading up to 2023, the sector experienced a steady but low compound annual growth rate (CAGR) of 0.97%, reflecting modest increases in value added each year, with particularly low growth rates around 1.4-1.5% annually from 2020 to 2023.
Looking forward, the sector is expected to continue this trend of modest growth. The forecast for 2024 and beyond suggests that the value added will rise to 1.6963 trillion by 2028, marking an estimated cumulative growth rate of 4.93% over this period.
Future trends to watch for include potential shifts in consumer preferences, regulatory changes, and the impact of economic factors such as inflation and disposable income. Keeping an eye on these variables will help anticipate further developments within the sector.