Cider, Perry & Rice Wine - South Korea

The Cider, Perry & Rice Wine market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers have shown a growing interest in alternative alcoholic beverages, such as cider, perry, and rice wine. This can be attributed to several factors. Firstly, there is a growing trend towards healthier lifestyles, and these beverages are often perceived as being more natural and less processed compared to traditional beer and spirits. Additionally, the unique flavors and cultural heritage associated with rice wine and perry have also contributed to their popularity among consumers.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in South Korea is the increasing demand for premium and craft products. Consumers are willing to pay a premium for high-quality beverages that offer unique flavors and experiences. This has led to the emergence of small-scale producers and artisanal brands that cater to this niche market segment. Furthermore, there has been a rise in the popularity of flavored ciders and perry, with innovative flavors such as apple and pear blends, as well as fruit-infused rice wines, gaining traction among consumers.

Local special circumstances: South Korea has a rich cultural heritage when it comes to rice wine, known as "makgeolli. " This traditional Korean alcoholic beverage has been enjoyed for centuries and is deeply ingrained in the country's culinary traditions. The popularity of makgeolli has not only contributed to the growth of the rice wine market but has also influenced consumer preferences towards other rice-based alcoholic beverages. Additionally, the rise of the Korean wave, or "hallyu," has also played a role in increasing the popularity of cider, perry, and rice wine. Korean dramas and music have gained a global following, which has led to an increased interest in Korean culture, including its traditional beverages.

Underlying macroeconomic factors: The growing Cider, Perry & Rice Wine market in South Korea can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and consumer spending power. As a result, consumers are more willing to explore and experiment with different alcoholic beverages, including cider, perry, and rice wine. Furthermore, the government has also implemented policies to promote the growth of the alcohol industry, including the reduction of import tariffs on certain alcoholic beverages. This has created a more favorable business environment for both domestic and international producers in the market.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.