Global Soju Market Size To Worth USD 8.68 Billion By 2033 | CAGR of 5.24%
Category: Consumer GoodsGlobal Soju Market Size To Worth USD 8.68 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Soju Market Size is to Grow from USD 5.21 Billion in 2023 to USD 8.68 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.24% during the projected period.
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Browse key industry insights spread across 202 pages with 110 Market data tables and figures & charts from the report on the "Global Soju Market Size, Share, and COVID-19 Impact Analysis, By Type (Distilled and Diluted), By Packaging (Bottles, Cans, and Pouches), By Distribution Channel (On Trade and Off Trade), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/soju-market
Soju is a transparent, colorless liquor that originated in Korea. Made from exceptionally powerful distilled rice liquor, this drink is often flavored similarly to vodka. It tastes clean and smooth, so it goes well with a wide range of Korean dishes. The most popular spirit in the world by volume, soju, has seen a steady rise in sales in recent years. It is the clearest, most basic spirit, containing 20–24% alcohol by volume. This drink is traditionally sipped on its own or combined with food to create a cocktail. Soju's unique flavor profile and versatility contribute to its growing popularity. It can be drunk straight, on the rocks, or in a variety of cocktails to suit a variety of palates. Soju is essential for parties and social events because it promotes social interaction. For generations, it has been vital in numerous historical and contemporary circumstances. Soju has expanded beyond the social sphere in Korea and given rise to a booming manufacturing market. Furthermore, indulging excessive alcohol use can harm the liver, increase the risk of cancer, and create cardiovascular issues. As a consequence, this has caused the market's growth to slow down and the soju market to contract.
The distilled segment is expected to hold the largest market share of the soju market during the projected timeframe.
Based on the type, the soju market is divided into distilled and diluted. Among these, the distilled segment is expected to hold the largest market share of the soju market during the projected timeframe. A strong social drinking culture, strongly associated with soju, is becoming more widespread, especially in South Korea. This trend is especially notable among Korean expatriates and those interested in Korean cuisine and social practices. The adaptability of soju in cocktails is also popular among bartenders around the world, contributing to its growing availability in taverns and dining establishments.
The bottles segment holds the highest market share of the soju market during the projected timeframe.
Based on the packaging, the soju market is divided into bottles, cans, and pouches. Among these, the bottles segment holds the highest market share of the soju market during the projected timeframe. Soju preserved in bottles lasts longer than other types of packaging in terms of flavor and quality. Because the sealed container adds to the soju's integrity and prolonged quality and pleasure, consumers may become more confident and prefer bottled options.
The off trade segment is anticipated to grow at the highest CAGR of the soju market during the projected timeframe.
Based on the distribution channel, the soju market is divided into on trade and off trade. Among these, the off trade segment is anticipated to grow at the highest CAGR of the soju market during the projected timeframe. Customers can readily access soju through off-trade channels at any time, whether they want to shop in physical stores or online. Soju is more convenient to consume at home since it is more easily accessible, allowing consumers to purchase it without having to travel to bars or other specialized sites. Off-trade further subdivide supermarkets and hypermarkets, convenience stores, the internet, and other groups.
North America is expected to hold the largest share of the soju market over the forecast period.
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North America is expected to hold the largest share of the soju market over the forecast period. Consumers in North America starting to realize how versatile soju is when it comes to mixed drinks and cocktails. The inventive and various ways that bartenders and mixologists are incorporating liquor into cocktail mixes are contributing to the allure of Soju at pubs and restaurants across the wider region. The increasing popularity of Korean food, K-dramas, and K-pop has led to a rise in soju consumption among American consumers. As the influence of Korean culture grows, soju is emerging as a popular and preferred choice for anybody seeking authentic Korean food and beverages.
Asia Pacific is predicted to grow at the fastest pace in the soju market during the projected timeframe. The country in the Asia-Pacific region with the highest soju consumption is South Korea. Soju is a popular drink among young people and is often coupled with food because of its South Korean roots and extensive social and cultural importance. As a result, the soju market has expanded throughout the Asia-Pacific region. The Asia-Pacific region is becoming more urbanized and better off quickly, which has led to a burgeoning middle class with different drinking and lifestyle habits. In keeping with contemporary social standards and the increasing demand for a greater variety of alcoholic beverages, soju is readily available in metropolitan bars, restaurants, and social gathering locations.
Major vendors in the soju market are HiteJinro Co., Ltd., Lotte Chilsung Beverage Co., Ltd., Korea Alcohol Co., Ltd., Hwayo, The Soju Company, OB Brewing Co., Ltd., Sool Soju, Tokki Soju, The Han, C1 Soju, Bohae, Chungbuk, Hallasan, Mackiss, and others.
Recent Developments
- In July 2024, Hite Jinro, a Korean corporation that distributes the most spirits globally, launched an ultra-premium unique expression of soju made from Icheon rice that was distilled in 1924 to commemorate its 100th anniversary. Icheon rice is of such high quality that kings have always taken it as a gift.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the soju market based on the below-mentioned segments:
Global Soju Market, By Type
- Distilled
- Diluted
Global Soju Market, By Packaging
- Bottles
- Cans
- Pouches
Global Soju Market, By Distribution Channel
- On Trade
- Off Trade
Global Soju Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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