Soju is a colorless and clear beverage originated in Korea. Traditional preparation of soju includes rice, barley or wheat, however, modern producers are engaged in replacing the rice portion with other types of starches that are derived from tapioca, potato or sweet potato.
Leading manufacturers of soju are headquartered in Korea, specifically in South Korea. China, Canada and the United States also represent some of the soju brands and good penetration of traditional Koreans brands. Also, the increasing popularity of soju has also led to the introduction of multiple soju-based equivalents that are available as Western drink mixes based on vodka or other alcoholic drinks.
Some of the key players in the soju market are HiteJinro, Muhak, Lotte Liquor, Kumbokju, Bohae, C1 Soju, Chungbuk, Mackiss, Hallasan and among others. Jinro continues to maintain the leading position in the soju market while accounting for a significant revenue share in the global soju marketplace.
Manufacturers Expanding Global Footprints in Potential Markets
As the popularity of soju is rising steadily, leading Korean manufacturers are engaged in leveraging business expansion strategies to increase their soju market revenues. For instance, in December 2018, the leader in soju market – Hite Jinro Co. announced that the company will sell its soju in Russia through Vin Lab stores. Similarly, other soju brands such as Lotte Liquors is also expanding their distribution in the United States, the UK, Canada and other South East Asian countries where consumption of soju is gradually gaining momentum. Major expansion strategies include the adoption of specific marketing solutions and strengthening of marketing and distribution network.
Soju Continues to Maintain Pole Position amid Rising Popularity of Beer, Whisky and Wine
The popularity of alcoholic beverages such as beer, whisky and wine is rising significantly owing to increased accessibility and affordable cost. However, soju continues to capture consumer attention as soju is touted for its health benefits. Also, a good price point and alcohol content almost equivalent to other alcoholic beverages of soju continue to aid in increasing consumption of soju as compared to other alcoholic beverages. Moreover, the soju market is witnessing the introduction of distinct flavored soju products that are gaining significant popularity among new soju consumers.
Korea remains the largest consumer of soju despite the increasing popularity of other alcoholic beverages such as whisky, beer and wine across the region. In Europe, Russia is the second largest consumer of soju. Other prominent consumers of soju include the United States, the United Kingdom and Canada. The increasing popularity of soju has led to the global distribution of soju-infused cocktails and mixed drinks in some of the developing countries.
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