The turnover in the spirits market in South Korea showed steady growth from 2013 to 2023, increasing from 2.2144 trillion to 2.6663 trillion South Korean Wons. This market exhibited modest annual growth, with variations averaging 0.98%-1.07% during the latter years. Notably, the CAGR was 1.09% over the last five years.
Looking ahead, the market is projected to continue its growth trend at an average annual rate of 0.7%, reaching 2.7876 trillion South Korean Wons by 2028. This represents a total forecasted growth rate of 3.57% over the next five years.
Future trends to watch for include shifts in consumer preferences towards premium and craft spirits, impact of regulatory changes, and the increasing influence of e-commerce on spirits sales in South Korea.
