Soju Market – Introduction
Soju is a colorless and clear beverage originated in Korea. Traditional preparation of soju includes rice, barley or wheat, however, modern producers are engaged in replacing the rice portion with other types of starches that are derived from tapioca, potato or sweet potato.
Leading manufacturers of soju are headquartered in Korea, specifically in South Korea. China, Canada and the United States also represent some of the soju brands and good penetration of traditional Koreans brands. Also, the increasing popularity of soju has also led to the introduction of multiple soju-based equivalents that are available as Western drink mixes based on vodka or other alcoholic drinks.
Some of the key players in the soju market are HiteJinro, Muhak, Lotte Liquor, Kumbokju, Bohae, C1 Soju, Chungbuk, Mackiss, Hallasan and among others. Jinro continues to maintain the leading position in the soju market while accounting for a significant revenue share in the global soju marketplace.
Soju Market Dynamics
Manufacturers Expanding Global Footprints in Potential Markets
As the popularity of soju is rising steadily, leading Korean manufacturers are engaged in leveraging business expansion strategies to increase their soju market revenues. For instance, in December 2018, the leader in soju market – Hite Jinro Co. announced that the company will sell its soju in Russia through Vin Lab stores. Similarly, other soju brands such as Lotte Liquors is also expanding their distribution in the United States, the UK, Canada and other South East Asian countries where consumption of soju is gradually gaining momentum. Major expansion strategies include the adoption of specific marketing solutions and strengthening of marketing and distribution network.
Soju Continues to Maintain Pole Position amid Rising Popularity of Beer, Whisky and Wine
The popularity of alcoholic beverages such as beer, whisky and wine is rising significantly owing to increased accessibility and affordable cost. However, soju continues to capture consumer attention as soju is touted for its health benefits. Also, a good price point and alcohol content almost equivalent to other alcoholic beverages of soju continue to aid in increasing consumption of soju as compared to other alcoholic beverages. Moreover, the soju market is witnessing the introduction of distinct flavored soju products that are gaining significant popularity among new soju consumers.
Soju Market – Regional Outlook
Korea remains the largest consumer of soju despite the increasing popularity of other alcoholic beverages such as whisky, beer and wine across the region. In Europe, Russia is the second largest consumer of soju. Other prominent consumers of soju include the United States, the United Kingdom and Canada. The increasing popularity of soju has led to the global distribution of soju-infused cocktails and mixed drinks in some of the developing countries.
Soju Market – Segmentation
Soju market is segmented on the basis of type and application.
On the basis of type, the soju market is segmented into,
- Diluted soju
- Distilled soju
Based on application, the soju market is segmented into,
- Less than 20 years old
- 20 to 40 years old
- 40 to 60 years old
- More than 60 years old
The report offers a comprehensive evaluation of the soju market. It does so via in-depth qualitative insights, historical data, and verifiable projections about soju market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the soju market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Soju market segments and sub-segments
- Soju market trends and dynamics
- Supply and demand scenario in soju market
- Soju market size
- Current trends/opportunities/challenges in soju market
- Competitive landscape in soju market
- Technological breakthroughs in soju market
- Value chain and stakeholder analysis in soju market
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in soju market dynamics
- Soju market segmentation up to the second or third level
- Historical, current, and projected size of the soju market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Soju market shares and strategies of key players
- Emerging niche segments and regional soju markets
- An objective assessment of the trajectory of the soju market
- Recommendations to companies for strengthening their foothold in the soju market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
- South Korea Alcoholic Drinks Market
- Korean alcoholic beverage
- South Korea alcoholic beverage
- South Korea energy and sports drink
- Korean Soju