PUBLISHER: Grand View Research | PRODUCT CODE: 1553645
PUBLISHER: Grand View Research | PRODUCT CODE: 1553645
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.