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Learn moreSep 2020
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The COVID-19 pandemic has had a very strong impact on sales of alcohol drinks in South Korea. The most obvious trend to have emerged from the COVID-19 situation is the severe declines seen in on-trade sales due to the government-mandated shutdown of the country’s hospitality industry for an extended period at the peak of the pandemic.
The South Korean authorities avoided lockdowns by instead pursuing a strategy of early and aggressive mass testing, isolating anybody infected and tracking their movements to locate other people who had come into contact with them. Within two weeks of its first case, the country was producing more than 100,000 test kits per day and it had tested over 600,000 people by early May.
The forecast period is expected to be favourable for South Korea’s leading local beer breweries. As of 2020, the South Korean government has introduced a new volume-based excise tax system for all alcohol drinks and this is expected to benefit locally produced beer.
2019 saw Hite Jinro Co maintain the leading position in alcoholic drinks, with Oriental Brewing Co not far behind and both of these leading players well ahead of the chasing pack. Local companies have a significant influence on the entire alcoholic drinks industry in South Korea.
The defining trend in South Korea’s alcoholic drinks industry over the forecast period is expected to be the shift towards consumers focusing primarily on the quality of their drinks and the enjoyment of alcohol consumption within a social setting. This is set to represent a move away from consumers prioritising alcohol content and low prices in an effort to maximise the intoxication potential of their purchases.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Alcoholic Drinks industry in South Korea with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Alcoholic Drinks industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.
When you purchase this report, you also get the data and the content from these category reports in South Korea for free:
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This industry report originates from Passport, our Alcoholic Drinks market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.