Juices - South Korea

The Juices market in South Korea has been experiencing significant growth in recent years.

Customer preferences: Consumers in South Korea have shown a growing preference for healthier beverage options, which has contributed to the increasing demand for juices. With rising health consciousness and a desire for natural and nutritious products, consumers are seeking alternatives to sugary carbonated drinks. Juices are seen as a healthier option, as they are often made from real fruits and contain essential vitamins and minerals. Additionally, the convenience of ready-to-drink juices has also played a role in driving consumer demand.

Trends in the market: One notable trend in the South Korean Juices market is the increasing popularity of functional juices. These juices are fortified with additional nutrients or ingredients that offer specific health benefits. For example, there is a growing demand for juices enriched with antioxidants, probiotics, or collagen, which are believed to have various health benefits. This trend reflects the increasing consumer focus on overall well-being and the desire for products that offer more than just basic nutrition. Another trend in the market is the rise of premium and organic juices. Consumers in South Korea are willing to pay a premium for high-quality juices that are made from organic or locally sourced ingredients. This trend is driven by a desire for products that are perceived as healthier and more environmentally friendly. Premium and organic juices are often marketed as having superior taste and higher nutritional value, which appeals to health-conscious consumers.

Local special circumstances: South Korea has a strong culture of traditional herbal medicine, which has influenced the Juices market. Traditional Korean herbal juices, known as "yakju," are gaining popularity as consumers seek natural remedies for various health issues. These herbal juices are made from a combination of herbs and fruits and are believed to have medicinal properties. The demand for yakju reflects the cultural significance of traditional medicine and the belief in the healing power of natural ingredients.

Underlying macroeconomic factors: The growing Juices market in South Korea can also be attributed to favorable macroeconomic factors. The country has a stable economy and a high standard of living, which has led to increased disposable income among consumers. As a result, consumers are more willing to spend on premium and healthier products, including juices. Additionally, the government has been promoting a healthy lifestyle through various initiatives and campaigns, which has further fueled the demand for juices. In conclusion, the Juices market in South Korea is experiencing growth due to changing customer preferences, including a desire for healthier options and convenience. The market is also driven by trends such as the demand for functional and premium juices. Local special circumstances, such as the influence of traditional herbal medicine, have also contributed to the market's development. Overall, favorable macroeconomic factors and government initiatives have created a conducive environment for the growth of the Juices market in South Korea.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.