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South Korea Gin Market Overview, 2028

South Korea Gin Market Overview, 2028

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South Korea Gin Market Overview, 2028
South Korea is known for its vibrant and diverse drinking establishments. Gin, a popular alcoholic beverage, has gained significant popularity in the South Korean market. The demand for gin has been driven by changing consumer preferences, growing interest in craft spirits, and the expansion of cocktail culture. Local distilleries have emerged, producing artisanal and flavorful gins that cater to diverse tastes. South Korean consumers are embracing the versatility of gin and experimenting with unique cocktails. Additionally, the market has seen an increase in gin bars, where enthusiasts can explore a wide selection of local and international gin brands. The South Korean gin market continues to evolve, with a focus on quality, craftsmanship, and creativity in gin production and consumption. Gin distilleries have become destinations for gin enthusiasts and tourists alike. Distillery tours and tastings allow visitors to learn about the gin-making process, experience the flavours firsthand, and gain insights into the distillery's history and craftsmanship. Gin allows for botanical exploration, with distilleries incorporating unique and exotic ingredients sourced from around the world. From traditional juniper berries to more unconventional botanicals like lavender, rosemary, or even seaweed, distillers are constantly pushing boundaries in flavour profiles.

According to the research report South Korea Gin Market Overview, 2028, published by Bonafide Research, the South Korea market is projected to reach a market size of more than USD 210 million by 2028. In the South Korean gin market, both traditional London Dry Gin and contemporary styles of gin have gained popularity. However, contemporary or flavoured gins have seen a stronger preference among consumers in recent years. These gins often incorporate unique botanicals, local ingredients, or flavour infusions that offer a distinct and innovative taste experience. Flavoured gins, such as fruit-infused or herbal varieties, have attracted a wider consumer base, particularly among those seeking new and exciting flavour profiles. That being said, traditional London Dry Gin still holds its place among gin enthusiasts and those who appreciate the classic juniper-forward taste. Ultimately, the preference for gin type may vary among individuals based on personal taste preferences and the desire for traditional or experimental flavour profiles. Some well-known sales channels for gin in South Korea include GS25, a popular convenience store chain with a selection of alcoholic beverages, including gin. E-Mart and Lotte Mart, two major retail chains, feature dedicated sections for alcoholic beverages and offer a variety of gin brands. Coupang, a leading e-commerce platform, allows customers to purchase gin and have it delivered to their doorstep. Homeplus, a prominent supermarket chain, includes a section specifically dedicated to alcoholic beverages, providing a range of gin options. Additionally, duty-free shops at Incheon International Airport cater to both domestic and international travellers, offering a selection of gin brands. South Korea's vibrant bar and restaurant scene also plays a role in gin sales, with various establishments featuring gin in their drink menus, allowing customers to enjoy gin-based cocktails and explore different brands.

In South Korea, the government regulates the production, distribution, and sale of alcoholic beverages, including gin, through various regulations. These regulations include obtaining appropriate licences to ensure compliance with standards and regulations for alcohol production and handling. The legal drinking age of 19 is strictly enforced, making it illegal to sell or serve gin to individuals below this age. The government also imposes guidelines for labelling and packaging, ensuring that gin bottles provide accurate information regarding alcohol content, country of origin, and responsible drinking warnings. Advertising and marketing practises are regulated to prevent targeting minors or promoting excessive consumption. Additionally, taxes are levied on gin production and sale, and businesses must fulfil their tax obligations. Adhering to these government regulations is crucial for gin producers, distributors, and retailers to operate legally in South Korea. The gin market in South Korea faces several challenges. Firstly, the strong cultural preference for traditional alcoholic beverages like soju and makgeolli poses a hurdle to introducing gin to the market. Building awareness and acceptance among consumers who are accustomed to these local spirits requires education and marketing efforts. Additionally, the pricing and competitiveness of imported gins can be a challenge, as they tend to be more expensive due to taxes and import costs. This can limit their accessibility to price-conscious consumers. Navigating the regulatory landscape and meeting compliance requirements can also be a challenge for distilleries and importers, requiring time, resources, and expertise.

The future outlook for the gin market in South Korea is highly optimistic and holds significant potential for growth. Several factors contribute to this positive outlook. Firstly, as consumer tastes and preferences continue to evolve, there is a growing interest in exploring new and unique spirits, including gin. The rise of cocktail culture and the expanding presence of bars and restaurants specialising in craft cocktails provide an ideal platform for gin to gain prominence. The demand for premium and artisanal products is on the rise, driven by consumers seeking high-quality and distinct drinking experiences. Secondly, South Korea's exposure to international trends and influences plays a crucial role in shaping the future of the gin market. With increased globalisation and connectivity, consumers are becoming more open to trying new flavours and styles of gin from around the world. This presents an opportunity for both domestic and international gin brands to cater to this growing demand. Furthermore, the emergence of local craft gin distilleries adds a unique element to the market. These small-batch producers focus on creating innovative and handcrafted gins with a strong emphasis on quality and flavour. They contribute to the diversity and richness of the gin market, appealing to discerning consumers who appreciate unique and locally made products.

Considered in this report

• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• South Korea Gin market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type

• London Dry Gin
• Old Tom Gin
• Plymouth Gin
• Others

By Price Point

• Standard
• Premium
• Luxury

BY Sales Channel

• On trade
• Off trade

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analysing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Gin market, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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