Soju Market Size To Reach $7.59 Billion By 2030 | CAGR: 5.3%

Soju Market Growth & Trends

The global soju market is expected to reach USD 7.59 billion by 2030, expected to grow at a CAGR of 5.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Soju's growing popularity can be attributed to a variety of factors, including diverse product offerings, affordability, social and lifestyle trends, marketing and brand innovation, health and wellness trends, and economic factors.

One key factor is the variety of flavors that soju producers have introduced. By offering a range of flavors and variations, soju appeals to a broader audience, including those who might find traditional soju too strong or unfamiliar. Affordability and accessibility also play significant roles in soju's popularity. Compared to other spirits and wines, soju is relatively inexpensive, making it an attractive option for consumers seeking cost-effective alcoholic beverages. Its wide availability in Asian and international markets further facilitates its purchase and consumption.

Social and lifestyle trends also contribute to Soju's growing presence. Soju is a staple in South Korea for social gatherings, business meetings, and celebrations. This social drinking culture is being exported and adopted in other countries, particularly among Korean expatriates and those who enjoy Korean cuisine and social practices. In addition, soju's versatility in cocktails has made it a favorite among mixologists and bartenders worldwide, increasing its presence in bars and restaurants.

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Soju Market Report Highlights

• Distilled soju accounted for a share of 71.30% in 2023. Distilled soju offers a distinct flavor profile that appeals to a wide range of consumers. Its neutral taste with subtle sweetness provides a flexible base for mixing cocktails or pairing with various cuisines. The clear, smooth taste of distilled soju, often compared to vodka, makes it an attractive choice for those looking for a clean, uncomplicated drinking experience.

• Bottled soju accounted for a share of 48.50% in 2023. Bottled soju offers convenience for consumers who prefer to enjoy their drinks at home or on the go. The ease of storage, handling, and transportation makes bottled soju a practical choice for many, enhancing its appeal.

• On trade is expected to grow at a CAGR of 5.8% from 2024 to 2030. Many bars and restaurants are expanding their beverage menus to include soju, recognizing its popularity and versatility. By offering soju as part of their drink selection, these establishments attract consumers who are interested in trying new and unique beverages, leading to higher demand through on-trade channels.

• North America is expected to grow at a CAGR of 5.4% from 2024 to 2030. North American consumers are often keen to explore new and unique beverages. Soju's distinctive flavor profile and cultural heritage appeal to those looking for novel drinking experiences. This curiosity and willingness to try new products contribute to its growing popularity.

Soju Market Segmentation

Grand View Research has segmented the global soju market based on type, packaging, distribution channel, and region.

Soju Type Outlook (Revenue, USD Million, 2018 - 2030)

• Distilled

• Diluted

Soju Packaging Outlook (Revenue, USD Million, 2018 - 2030)

• Bottles

• Cans

• Pouches

Soju Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• On Trade

• Off Trade

  • Hypermarkets & Supermarkets

  • Convenience stores

  • Online

  • Others

Soju Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Central & South America

  • Brazil

• Middle East & Africa

  • UAE

List of Key Players in the Soju Market

• HiteJinro Co., Ltd.

• Lotte Chilsung Beverage Co., Ltd.

• Korea Alcohol Co., Ltd.

• Hwayo

• The Soju Company

• OB Brewing Co., Ltd.

• Sool Soju

• Tokki Soju

• The Han

• C1 Soju