Soju Market Global Insights, Trends and Huge Business Opportunities 2020 to 2025 | Lotte Liquor, Mackiss, Bohae, Chungbuk, HiteJinro, C1 Soju, Hallasan, Muhak, Kumbokju, Andong

According to this study, over the next five years the Soju market will register a 2.4%% CAGR in terms of revenue, the global market size will reach $ 3252.1 million by 2025, from $ 2959.4 million in 2019.

The Soju Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.

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Top Leading Companies of Global Soju Market are Lotte Liquor, Mackiss, Bohae, Chungbuk, HiteJinro, C1 Soju, Hallasan, Muhak, Kumbokju, Andong and others.

Soju is a clear, colorless distilled beverage of Korean origin.It is usually consumed neat, and its alcohol content varies from about 16.8% to 53% alcohol by volume (ABV).Most brands of soju are made in South Korea. While it is traditionally made from rice, wheat, or barley, modern producers often replace rice with other starches such as potatoes, sweet potatoes, etc.

Soju is a popular local spirit that has comforted people's hearts for many years. No matter whether people feel happy or sad, it has remained Koreans' best friend for a long time. Some people would say they feel something is missing without soju when there is a bowl of hot, boiling kimchi stew on the table or a large plate of pork belly in front of them. Soju is something that many people cannot live without. There are many reasons that people drink soju. Some enjoy getting drunk with close friends. Others drink soju to wash away their fatigue and stress. The liquor is also popular because it also goes well with many dishes. Soju accounts for nearly 40 percent of the total alcohol consumed by people in Korea each year, according to a recent study. Though Koreans drink more beer than soju in terms of absolute volume, soju remains the most popular liquor when comparing volume and alcohol percentage.

Industry News and Updates:

Lotte Liquor Starts to Export Yogurt-flavored Soon Hari Soju to the U.S.

September 18, 2019 – Lotte Liquor, the alcoholic beverage arm of Lotte Chilsung Beverage Co., announced on Sept. 17 that it has started to export its yogurt-flavored Soon Hari soju to the United States. Soon Hari Yogurt is the fifth in the company’s fruit-flavored soju lineup released in the United States. The four existing products are each flavored with citron, peach, apple and strawberry. They are manufactured exclusively for exports. Unlike the products exported to other countries, the Soon Hari Yogurt soju bound for the U.S. market has its name written in English on it. The company intends to directly deliver the characteristics of the product to American consumers.

Earlier this month, 190,000 bottles of 360 milliliter-sized Soon Hari Yogurt were exported to the United States. They will be sold via local supermarkets from mid-September in the western region and late September in the eastern region of the United States. A Lotte Liquor official said that the company has adopted a localization strategy for the yogurt-flavored soju in terms of design, as it did for Soon Hari Peach, for which it manufactured a 750-milliliter bottle in consideration of the fact that American consumers are more accustomed to purchasing big-portion products. “We will strive to make Soon Hari the most representative soju brand in the United States.”

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HiteJinro to export Jinro soju to 7 countries
Jun 10, 2020 – South Korean liquor maker HiteJinro said Wednesday it will start exporting its hit soju brand Jinro Is Back to seven countries, marking the first anniversary of its release. According to the company, it will export 1.3 million bottles of Jinro in the first batch to Japan, China, the US, the UK, Canada, New Zealand and Singapore.

“We decided to export (Jinro) to mark the first anniversary, as there have been consistent demands for exports from the global markets, especially centering on the Korean society,” a HiteJinro official said. “HiteJinro will lead growth of the liquor market by diversifying its product portfolio, not only to target the domestic market but also overseas markets.”

The soju producer introduced the new version of its old soju brand Jinro in April 2019, and more than 300 million bottles were sold in the 13 months since. HiteJinro currently exports soju, including its flagship Chamisul to 80 countries. According to the company, exports grew by 33 percent last year, compared to 2016.

Hite Jinro Penetrating U.S. and Southeast Asian Markets with Its Soju and Beer

February 26, 2020: HiteJinro Co., a South Korean producer of alcoholic beverages including soju and beer, is stepping up its efforts to penetrate overseas markets based on its strong sales performances in the Korean beer and soju market. The company announced on Feb. 25 that its “Strawberry Soju” will be available at 4,600 Seven Eleven stores in the Philippines, Thailand and Singapore.

HiteJinro is selling soju products such as “Cham Iseul Soju” and “Grape Iseul Soju” through Southeast Asia's leading distribution channels. With “Strawberry Iseul Soju” selling at Seven Eleven stores, the company has finished putting Soju products in large retail distribution chains. Strawberry Iseul Soju will hit the shelves at about 2,400 stores in the Philippines, about 2,000 stores in Thailand and about 200 stores in Singapore by the end of February. HiteJinro surpassed 2 trillion won in sales last year on the back of the popularity of “Terra” beer and “Jinro Is Back” soju and made a turnaround in seven years. The company accounted for about 60 percent of the soju market in Korea. Its share of the beer market was also estimated to have risen from 27 percent in 2018 to 33 percent in 2019.

Hite Jinro has been actively tapping overseas markets lately. In January, HiteJinro Philippines was established in Manila, the capital of the Philippines. The company also exported more than 13,000 boxes of soju, including Strawberry Iseul Soju which is popular in Southeast Asia. The Philippine subsidiary is an overseas corporation established three years after the establishment of the Vietnam subsidiary in 2016. It is the company’s sixth overseas subsidiary after those in Japan, the United States, China, Russia and Vietnam.

On The Basis Of Product, The Soju Market Is Primarily Split Into

Distilled Soju
Diluted Soju

On The Basis Of End Users/Application, This Report Covers

Below 20 years old
Between 20 and 40 years old
Age from 40 to 60
Above 60 years old

This report focuses on Soju volume and value at the global level, regional level and company level. From a global perspective, this report represents overall Soju market size by analyzing historical data and future prospect. Regionally, this report focuses on several key regions: North America, Europe, China and Japan etc.

This allows understanding of the market and benefits from any lucrative opportunities that are available. Researchers have offered a comprehensive study of the existing market scenario while concentrating on the new business objectives. There is a detailed analysis of the change in customer requirements, customer preferences, and the vendor landscape of the overall market.

Furthermore, this study will help our clients solve the following issues:

Cyclical dynamics - We foresee dynamics of industries by using core analytical and unconventional market research approaches. Our clients use insights provided by us to maneuver themselves through market uncertainties and interferences.

Identifying key cannibalizes - Strong substitute of a product or service is the most important threat. Our clients can identify key cannibalizes of a market, by procuring our research. This helps them in aligning their new product development/launch strategies in advance.

Spotting emerging trends – The report help clients to spot upcoming hot market trends. We also track possible impact and disruptions which a market would witness by a particular emerging trend. Our proactive analysis helps clients to have early mover advantage.

Interrelated opportunities - This report will allow clients to make decisions based on data, thereby increasing the chances that the strategies will perform better if not best in real world.

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Following are major Table of Content of Soju Industry:

• Soju Market Sales Overview.
• Soju Market Sales Competition by Manufacturers.
• Soju Market Sales Analysis by Region.
• Soju Market Sales Analysis by Type.
• Soju Market Analysis by Application.
• Soju Market -Manufacturers Analysis.

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This release was published on openPR.