Soju - China | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Soju market amounts to US$480.40m in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$79.36m in 2024.
Revenue, combined amounts to US$559.80m in 2024.
The revenue, at home is expected to grow annually by 3.76% (CAGR 2024-2029).
In global comparison, most revenue, at home is generated South Korea (US$2bn in 2024).
In relation to total population figures, the average revenue per capita, at home of 0.34L are generated in 2024.
In the Soju market, volume, at home is expected to amount to 22.03m L by 2024.
Volume, out-of-home is expected to amount to 1.46m L in 2024.
Volume, combined is expected to amount to 23.49m L in 2024.
The Soju market is expected to show a volume growth, at home of 2.37% in 2025.0.
The average volume per person, at home in the Soju market is expected to amount to 0.02L in 2024.

Definition:

Soju is a clear spirit that is traditionally made from grains such as rice, wheat, or barley, or from sweet potatoes. It can also contain other starches and additives, such as fruit flavors.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per liter, as well as sales channels. Per capita figures refer to a country’s or region’s whole population.

At-home market data covers retail sales via super- and hypermarkets, eCommerce, convenience stores, and similar sales channels. Out-of-home market data includes all sales in hotels and restaurants, sales by catering companies, as well as sales in cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. All prices are valued at retail selling prices, including all sales and consumption taxes.

Key players include HiteJinro and Lotte Chilsung.

Soju, such as Jinro Soju
Fruit Soju, such as Lotte Chum Churum Lemon

Shochu, such as Dassai Shochu
Rice Wine, such as Shaoxing wine

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 alcoholic beverages, 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 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.