Soft drinks enjoyed considerable growth in total volume terms over three consecutive years at the end of the review period. Bottled water contributed strongly to the expansion of off-trade value sales with double-digit growth.
Numbers of outlets of the five major convenience stores stand at over 40,000 in 2018 after reaching 30,000 in 2016. Convenience stores have become mainstream distribution channels thanks to rising single households and their ease of access despite higher prices than other channels.
Lotte Chilsung Beverage maintained its leading position in soft drinks over the review period, although market share in off-trade value terms has trended downwards slightly. Strong distribution channels and a wide product portfolio help to maintain its position as a market leader.
A long economic slump has made soft drinks companies conservative in their approach to new product development over the review period. Even category leaders are hesitant about diving into a new challenge due to fast-changing product life cycles when targeting the millennial generation with sophisticated palates.
Soft drinks is forecast to experience significant growth over the forecast period in total volume terms, led by still bottled water with double-digit growth. Off-trade sales are projected to outperform on-trade sales due to consumers seeking high cost effectiveness.
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This industry report originates from Passport, our Soft Drinks market research database.