The fermented beverages market in South Korea has shown steady growth from 2014 to 2023, with a slight decline in specific years. The market stood at 1.56 million metric tons in 2023, reflecting a 0.52% year-on-year increase, and an average CAGR of 0.68% over the last five years. Historical data indicates periods of growth interspersed with small declines, particularly in 2018 and 2020.
From 2024 onwards, the market is forecasted to expand at a slower pace with an anticipated average annual growth of 0.43%, ultimately reaching 1.6 million metric tons by 2028. This represents a total forecasted growth of 2.18% over the next five years.
Future trends to watch for include:
- Increasing consumer preference for health-oriented fermented beverages.
- Potential innovations in product formulations and flavors.
- Expanding distribution channels and online market presence.
- Impact of regulatory changes on production and labeling standards.
