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South Korea’s various markets are known for their rapidly changing nature, which can be accredited to the country’s technological advances. One constantly growing industry however, is the alcohol market, as it has large cultural ties, as a social industry For more info and a more detailed market analysis of the Korean beverage market, please click here
Japan’s Revenue from alcoholic drinks alone amounts 19 billion USD in 2021 alone. The market is expected to grow annually by 7.54%.
The most popular alcoholic beverage in South Korea is beer by consumption volume, making up for a market volume of 8 billion USD in 2021 (~42%). It is worth noting however, that in terms of imported beverages, the amount of beer and spirits being imported is being demanded less and is being replaced by healthier choices such as wine in younger consumers, especially female consumers due to growing health concerns.
Due to Australia’s close geographical proximity to Korea than other western beverage producers, an opportunity is presented to high-quality Australian beverage producers to gain a new sales channel for their products.
There is a high level of drinking culture in South Korea, with more than two thirds of South Koreans of legal drinking age stating that they drank alcohol at least once a year. Additionally, due to Korea’s long work days a subculture called “hoesik” became implemented into South Korean work life. This is where people – usually colleagues – meet up after work and eat together while drinking excessive amounts of alcohol. This practise has since become milder due to changes in both law and company politics, however remains present.
Unlike Australia, the legal age of drinking in Korea is twenty rather than eighteen. Alcoholic beverages are also not strictly limited to being sold at liquor stores. Most alcohol is purchased from supermarkets and convenience stores, some of which are open 24/7.
An import license is required to import products to Korea, along with many different forms of documentation. To learn more about the differences in regulation, click here
Our vision at Bevo Shelves is that businesses around the world are provided with top-quality beverages that they can be proud of, and ensuring that distance does not stop our beverage producers’ products to be enjoyed anywhere in the world.
With our platform, we allow businesses to buy and sell high-quality products with just a few clicks. For buyers, our goal is to make the process of ordering as streamlined as possible to ensure there are no issues delivering the product to your business’ doorstep. For sellers, we provide a suite of tools, analytics and professional insights which allow you to pinpoint exactly the where, what, and why of your products’ demand.