Non-Alcoholic Drinks - South Korea

The Non-Alcoholic Drinks market in South Korea has been experiencing significant growth in recent years. Customer preferences have shifted towards healthier beverage options, leading to an increased demand for non-alcoholic drinks. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in South Korea have been influenced by a growing health-consciousness among consumers. With an increasing focus on personal well-being, individuals are opting for beverages that offer nutritional benefits and are low in calories. This has led to a rise in the consumption of non-alcoholic drinks such as herbal teas, vitamin-infused waters, and natural fruit juices. The trend towards healthier choices is not unique to South Korea, as it is observed in markets worldwide. As a result, companies in the non-alcoholic drinks sector have been introducing new products and reformulating existing ones to cater to this demand. In addition to changing customer preferences, there are also local special circumstances that have contributed to the growth of the Non-Alcoholic Drinks market in South Korea. The country has a strong tea-drinking culture, with traditional teas like green tea and barley tea being popular choices. This has created a favorable environment for the introduction of new non-alcoholic beverages that incorporate traditional tea flavors. Companies have capitalized on this trend by launching innovative tea-based drinks that appeal to both traditional and modern tastes. Furthermore, South Korea has a well-developed beverage market with a wide range of options available to consumers. This has created a competitive landscape where companies are constantly striving to differentiate themselves and attract customers. As a result, there has been an increase in product innovation and marketing efforts in the non-alcoholic drinks sector. Companies are investing in research and development to create unique flavors and packaging designs that stand out in the market. They are also leveraging digital marketing platforms to reach a wider audience and promote their products. Underlying macroeconomic factors have also played a role in the development of the Non-Alcoholic Drinks market in South Korea. The country has a strong economy and a high standard of living, which has contributed to increased disposable incomes. As a result, consumers have more purchasing power and are willing to spend on premium and healthier beverage options. This has created a favorable market environment for non-alcoholic drinks companies to introduce new products and target a wider range of consumers. In conclusion, the Non-Alcoholic Drinks market in South Korea is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards healthier beverage options, the influence of traditional tea-drinking culture, and a competitive market landscape have all contributed to the development of the market. With continued innovation and marketing efforts, the market is expected to further expand in the coming years.

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 Non-Alcoholic Drinks, 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 Non-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. The market is updated twice a year.