Republic of Korea - Rum - Market Analysis, Forecast, Size, Trends and Insights
Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.
View PricingRepublic of Korea: Rum Market 2024
Rum Market Size in Republic of Korea
In 2023, after two years of growth, there was significant decline in the South Korean rum market, when its value decreased by X% to $X. Overall, consumption, however, posted prominent growth. Over the period under review, the market hit record highs at $X in 2022, and then contracted in the following year.
Rum Exports
Exports from Republic of Korea
In 2023, rum exports from South Korea dropped remarkably to X litres, with a decrease of X% compared with the previous year's figure. Over the period under review, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2022 with an increase of X%. Over the period under review, the exports attained the maximum at X litres in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.
In value terms, rum exports declined to $X in 2023. In general, exports saw a precipitous decline. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports attained the peak of $X. From 2020 to 2023, the growth of the exports failed to regain momentum.
Exports by Country
Japan (X litres) was the main destination for rum exports from South Korea, with a X% share of total exports. Moreover, rum exports to Japan exceeded the volume sent to the second major destination, Malaysia (X litres), sevenfold.
From 2012 to 2023, the average annual rate of growth in terms of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X.9% per year) and India (X% per year).
In value terms, Japan ($X) remains the key foreign market for rum exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by India ($X), with a X% share of total exports.
From 2012 to 2023, the average annual growth rate of value to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Malaysia (X% per year).
Export Prices by Country
In 2023, the average rum export price amounted to $X per litre, jumping by X% against the previous year. Overall, the export price recorded a modest expansion. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per litre. From 2021 to 2023, the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per litre), while the average price for exports to Malaysia ($X per litre) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced a decline.
Rum Imports
Imports into Republic of Korea
In 2023, after two years of growth, there was significant decline in overseas purchases of rum, when their volume decreased by X% to X litres. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when imports increased by X%. Imports peaked at X litres in 2019; however, from 2020 to 2023, imports failed to regain momentum.
In value terms, rum imports shrank to $X in 2023. Over the period under review, total imports indicated a moderate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then dropped in the following year.
Imports by Country
Vietnam (X litres), the United States (X litres) and Thailand (X litres) were the main suppliers of rum imports to South Korea, together accounting for X% of total imports. France, Spain, the Philippines, Nepal and Cuba lagged somewhat behind, together accounting for a further X%.
From 2012 to 2023, the biggest increases were recorded for Nepal (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, the United States ($X) constituted the largest supplier of rum to South Korea, comprising X% of total imports. The second position in the ranking was taken by Thailand ($X), with a X% share of total imports. It was followed by France, with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and France (X% per year).
Import Prices by Country
In 2023, the average rum import price amounted to $X per litre, leveling off at the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per litre in 2021; afterwards, it flattened through to 2023.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per litre), while the price for Vietnam ($X per litre) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the rum market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 11011040 - Rum and other spirits obtained by distilling fermented sugarcane products (important: excluding alcohol duty)
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
-
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
-
4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
-
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
-
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
-
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
-
LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
Recommended reports
This report provides an in-depth analysis of the rum market in Asia.
This report provides an in-depth analysis of the rum market in the U.S..
This report provides an in-depth analysis of the rum market in China.
This report provides an in-depth analysis of the rum market in the EU.
This report provides an in-depth analysis of the global rum market.