The analysis of South Korea’s alcoholic beverages import volume reveals a generally increasing trend from 2014 to 2023, rising from 447.0 thousand metric tons in 2014 to 953.0 thousand metric tons in 2023. Despite fluctuations, the import volume has grown steadily, showcased by periodic increases peaking in 2017 with a year-on-year variation of 25.69%. The market saw a setback in 2020 with a substantial decline of 13.91% due to global disruptions. Post-2020, the market rebounded significantly with a 24.81% increase in 2021, stabilizing to a 3.14% rise in 2023. The Compound Annual Growth Rate (CAGR) for the previous five years stands at 2.51%, indicating moderate growth over the mid-term.
Looking ahead, the forecasted data suggests continued growth, with an anticipated import volume of 1110 thousand metric tons by 2028. The projected 5-year CAGR of 2.35% suggests that growth will be steady though modest, aligning with the trend from recent years.
Future trends to watch for include a potential increase in demand for premium and craft alcoholic beverages, shifts in consumer preferences towards healthier options, and the influence of regulatory changes on import volumes. Monitoring these factors will be crucial for stakeholders aiming to navigate and capitalize on evolving market conditions.