Based on the historical data for distilled alcoholic beverages in South Korea from 2014 to 2023 and the forecast data from 2024 to 2028, several trends can be observed. Between 2014 and 2019, demand showed a gradual increase, with a significant drop in 2020 likely due to the impact of the COVID-19 pandemic. However, the market rebounded strongly in 2021, maintaining its growth through to 2023. For 2023, the demand stood at approximately 297 Thousand Metric Tons, with a year-on-year growth of 0.68% and a 5-year CAGR of 0.27%.
As we move forward, forecasts indicate a steady increase in demand for distilled alcoholic beverages. From 2024 to 2028, the demand is expected to grow with a 5-year CAGR of 0.59%, translating to a total growth rate of 2.97%. This suggests a stable and consistent market with moderate but reliable growth.
Future trends to watch for include potential market disruptions such as changes in consumer preferences towards healthier or non-alcoholic alternatives, as well as the impact of regulatory changes that could affect market dynamics. Additionally, innovations in product offerings and marketing strategies could play a significant role in shaping the demand for distilled alcoholic beverages in South Korea.
