South Korea Makgeolli Market Insights Forecasts to 2033

• The South Korea Makgeolli Market Size was Estimated at USD 39.7 Million in 2023
• The Market Size is Growing at a CAGR of 7.56% from 2023 to 2033.
• The South Korea Makgeolli Market Size is Expected to Reach USD 82.3 Million by 2033.

The South Korea Makgeolli Market size is expected to reach USD 82.3 Million by 2033, at a CAGR of 7.56% during the forecast period 2023 to 2033.

Market Overview

The South Korea Makgeolli Market is focused on the production, distribution, and consumption of Makgeolli, a typical Korean rice wine distinguished by its sweet, tangy flavor, low level of alcohol (6-8%), and milky appearance. In the South Korea makgeolli market, there is a growing demand for premium and flavored variants, driven by younger consumers seeking modern twists on traditional drinks, and export growth is notable as global interest in Korean culture rises. Health-conscious trends boost the popularity of makgeolli for its probiotics and natural ingredients, while innovative packaging, such as cans and single-serving options, attracts convenience-focused consumers. Furthermore, the South Korea makgeolli market presents significant opportunities, driven by rising domestic interest among younger generations and global demand fuelled by the Hallyu wave. Makgeolli's alignment with health and wellness trends, due to its probiotic benefits and natural fermentation, provides an opportunity to cater to health-conscious consumers. Furthermore, adopting sustainable brewing practices and eco-friendly packaging can appeal to environmentally conscious buyers, combining tradition with modern consumer demands to drive future growth.

Report Coverage

This research report categorizes the market for the South Korea makgeolli market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea makgeolli market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea makgeolli market.

Driving Factors

The South Korea makgeolli market is being driven by factors such as increased urbanization, with younger, affluent city dwellers embracing the beverage for its cultural significance and versatility. Social media has increased its popularity, with influencers and food bloggers promoting it as part of the larger K-food trend. The craft alcohol movement has resulted in a surge in artisanal makgeolli, which caters to niche markets looking for premium, small-batch products. Sustainability trends also play a role, with breweries implementing environmentally friendly practices in response to consumer demand for ethical products. Furthermore, government export initiatives and the growing integration of Korean cuisine into global dining are boosting makgeolli's domestic and international popularity.

Restraining Factors

The South Korea makgeolli market faces a number of challenges, including low awareness in international markets where consumers may be unfamiliar with its taste and production methods. Makgeolli faces competition from other popular alcoholic beverages such as craft beer and wine, which may surpass its appeal.

Market Segment

• The flavored segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the flavor, the South Korea makgeolli market is divided into flavored, non-flavored, and others. Among these, the flavored segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is because it appeals to younger and non-traditional consumers by providing diverse and palatable options that mask the tangy flavor of traditional Makgeolli. Flavors such as fruit, herbs, and wellness-oriented ingredients increase its versatility and trendiness, which is aided by effective marketing.

• The off-trade segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe.

Based on the distribution channel, the South Korea makgeolli market is divided into off-trade, on-trade, and others. Among these, the off-trade segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe. The growth can be attributed to its convenience, accessibility, and widespread distribution via supermarkets and convenience stores. Rising at-home drinking trends, diverse packaging options, and the availability of a variety of flavors all influence consumer preferences. Discounts and promotional campaigns in retail outlets drive sales even higher, propelling it to the top of the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea makgeolli market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Kooksoondang Brewery
• Lotte Chilsung Beverage
• Baesangmyun Brewery
• Seoul Jangsoo
• Jinro Co., Ltd.
• Samyang Foods Co., Ltd.
• Muhak Co., Ltd.
• Chungbuk Traditional Liquor Brewery
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2024, South Korean convenience store chain CU introduced its premium makgeolli, 'TAK-ALL,' to customers, with the new product aiming to differentiate itself from existing offerings by providing higher quality.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea Makgeolli Market based on the below-mentioned segments:

South Korea Makgeolli Market, By Flavor

• Flavored
• Non-Flavored
• Others

South Korea Makgeolli Market, By Distribution Channel

• Off-Trade
• On-Trade
• Others