Soju Market Size, Share, Growth, and Industry Analysis, By Type (Distilled Soju, and Diluted Soju), By Application (Below 20 Years Old, 20-40 Years Old, 40-60 Years Old, and Above 60 Years Old) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

SOJU MARKET REPORT OVERVIEW

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The global soju market size was USD 3100.3 million in 2020 and the market is projected to touch USD 3635.3 million by 2027, exhibiting a CAGR of 2.3% during the forecast period.

Soju, a renowned traditional Korean distilled alcoholic beverage, is crafted primarily from grains such as rice, barley, or wheat. This transparent and colorless libation boasts a neutral flavor profile with subtle undertones of sweetness. Notably potent, its alcohol content typically falls within the range of 16% to 25% alcohol by volume (ABV), though variants with lower alcohol levels exist.

Often savored neat or blended with other beverages, Soju enjoys widespread consumption, deeply ingrained within Korean culture and society, where it holds considerable significance in social gatherings and cultural traditions.

COVID-19 Impact: Increase in At-Home Consumption among Population to Fuel Market Growth

Amid restrictions on dining out and social gatherings, consumers shifted towards consuming alcoholic beverages at home, including Soju, resulting in heightened sales through retail channels.

Lockdown measures leading to the closure of bars, restaurants, and entertainment venues caused a notable downturn in on-premises Soju sales, adversely affecting revenue for both producers and hospitality establishments.

LATEST TRENDS

"Flavor Innovation, Premiumization to Drive Market Growth"

Flavor innovation within the Soju market entails introducing a plethora of new and diverse flavor profiles to meet evolving consumer preferences. While Soju traditionally boasted a neutral taste, recent trends have witnessed manufacturers diversifying into a wide array of flavors to appeal to a broader audience. These innovations range from fruit-infused varieties like strawberry, peach, and grape, to unique combinations such as green tea, lychee, or citrus blends. By offering a spectrum of flavors, Soju brands can captivate new consumers while also providing existing patrons with intriguing options for exploration and enjoyment. This trend underscores the dynamic nature of the Soju market, where innovation plays a pivotal role in fostering consumer engagement and fueling market expansion. An increasing desire for premium Soju offerings, such as aged or artisanal varieties, is observed, appealing to consumers who are willing to invest more for elevated quality and distinctive flavor experiences.

SOJU MARKET SEGMENTATION

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• By Type

Based on type the global soju market can be categorized into Distilled Soju, and Diluted Soju.

Distilled Soju: Within the global Soju market, Distilled Soju represents the traditional iteration of the beverage, crafted through a distillation process to attain its distinctive alcohol content. Typically boasting an alcohol by volume (ABV) percentage ranging from 20% to 25%, this variant offers a robust and concentrated flavor profile.

Diluted Soju: Diluted Soju is a type of Soju that experiences dilution with water following distillation, yielding a reduced ABV percentage, generally ranging from 16% to 20%. This variant presents a gentler taste profile and is frequently favored by individuals in search of a less intense alcoholic beverage choice.

• By Application

Based on application the global soju market can be categorized into Below 20 Years Old, 20-40 Years Old, 40-60 Years Old, and Above 60 Years Old.

Below 20 Years Old: In the global Soju market, the Below 20 Years Old category includes individuals who are under the legal drinking age and are restricted from purchasing alcoholic beverages.

20-40 Years Old: The 20-40 Years Old segment encompasses young adults and professionals in the workforce who often indulge in Soju during social gatherings and events.

40-60 Years Old: The 40-60 Years Old category includes middle-aged consumers who might enjoy Soju as part of their dining experiences or social events.

Above 60 Years Old: The Above 60 Years Old segment consists of older adults who may occasionally consume Soju due to its cultural significance or as a part of traditional customs.

DRIVING FACTORS

"Cultural Significance to Boost the Market"

The profound cultural significance of Soju within Korean society drives its integration into social gatherings, celebrations, and traditional rituals, fostering steady demand both domestically and internationally, thus contributing to soju market growth.

"Changing Consumer Preferences to Expand the Market"

The evolution of consumer tastes and preferences, including an increasing desire for distinct flavors, premium choices, and healthier alternatives, shapes the development and marketing strategies of Soju products to meet diverse consumer demands, thereby driving market growth.

RESTRAINING FACTOR

"Regulatory Restrictions to Potentially Impede Market Growth"

Tight regulations overseeing the sale, advertising, and distribution of alcohol can impede market growth and restrict the rollout of fresh products or marketing tactics within the Soju industry.

SOJU MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market is driven by the adoption of regulatory frameworks"

Analyzing the Soju market in North America entails a thorough exploration of market trends, consumer preferences, and competitive landscapes unique to the region. This examination considers factors such as consumption patterns, regulatory frameworks, and cultural influences that influence Soju demand in North America. Acquiring these insights is crucial for Soju manufacturers and distributors to craft customized strategies for expanding the soju market share in the region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through product innovation"

Key players in the Soju market are dominant companies that wield considerable influence over market dynamics and competitive strategies. These firms often hold substantial market share and demonstrate strengths in product innovation, distribution channels, and brand recognition. Examples of such key industry players in the Soju market comprise established brands with robust presence both domestically and globally.

List of Market Players Profiled

• HiteJinro (South Korea)
• C1 Soju (South Korea)
• bohae (South Korea)
• Mackiss (South Korea)
• Andong (South Korea)

INDUSTRIAL DEVELOPMENT

January 2024: The market takes into account elements like product range, market share, and continuous industry advancements. This thorough analysis helps businesses comprehend their position within the competitive arena, facilitating informed decision-making. A clearer picture of the competitive landscape emerges with access to key development strategies and insights into company standings.

REPORT COVERAGE

The future demand for soju market is covered in this study. The Research report includes the Increase in At-Home Consumption due to the Covid-19 Impact. The report covers the latest trends in Cultural Significance. The paper includes a segmentation of the soju market. The research paper includes the driving factors that are Miniaturization Trends to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for soju.