The number of establishments in the spirits sector in South Korea has shown moderate growth and occasional volatility over the past decade. From 2013 to 2023, the number of establishments grew from 13 to 20, reflecting a mixed pattern with some significant annual fluctuations, including a noticeable downturn in 2020 likely due to external shocks such as the COVID-19 pandemic. The year-on-year variations indicate a moderate recovery post-2020, stabilizing at 20 establishments in 2023. The five-year CAGR leading to 2023 stands at approximately 2.13%, signaling steady growth.
Looking ahead, forecasted data suggests a continued but modest growth trajectory. By 2028, the number of establishments is projected to reach approximately 21.65, with an anticipated five-year CAGR of 1.22%. This implies a forecasted five-year growth rate of 6.23%, indicating a stabilizing but optimistic market environment.
Future trends to watch for include:- Potential market expansion driven by new entrants and diversification of product offerings.- The impact of changing consumer preferences and emerging export opportunities.- Regulatory changes and their influence on market entry and competition dynamics.- External economic conditions and their role in shaping market resilience and growth.