Korea Addicted to 'Highball'... Last Year's Whiskey Import Value Hits New Record

The import volume of whiskey in South Korea has surpassed 30,000 tons for the first time ever. This surge is attributed to the significant increase in imports of relatively affordable whiskey, driven by the rising popularity of highballs as a new way to enjoy alcoholic beverages last year.

원본보기 아이콘

According to customs export-import statistics on the 16th, the domestic whiskey import volume?including Scotch, bourbon, and rye?last year was 30,586 tons, a 13.1% (3,548 tons) increase from the previous year’s 27,038 tons. This is the highest figure since related statistics began in 2000, breaking the previous record of 27,379 tons set in 2002 after 21 years. The import value was $259.57 million (approximately 342.5 billion KRW), a 2.7% ($7.27 million) decrease from 2022’s $266.84 million, but it still exceeded $200 million for the second consecutive year, reflecting the recent popularity of whiskey.

The domestic whiskey market had been steadily shrinking due to reduced working hours following the introduction of the five-day workweek and 52-hour workweek system, as well as decreased entertainment demand after the implementation of the Improper Solicitation and Graft Act (Kim Young-ran Act) in 2016. However, the COVID-19 pandemic sparked a new drinking culture centered on home drinking and solo drinking, leading to a rebound spearheaded by whiskey, culminating in last year’s record-high import volume.

원본보기 아이콘

In particular, the growing popularity of whiskey highballs among younger consumers is seen as a major factor behind the increase in import volume. In the early days of the whiskey boom following the pandemic, whiskey’s excellent storability and the appeal of high-proof spirits attracted consumers who enjoyed strong flavors. Over time, however, highballs?whiskey mixed with soda water for easier drinking?gained attention as a mainstream drinking trend, securing broad appeal and fueling growth.

원본보기 아이콘

The decrease in import value last year can also be understood in this context. Until 2022, the domestic whiskey market mainly experienced qualitative growth centered on single malt whiskeys enjoyed for their flavor. Last year, however, the popularity of highballs emphasizing easy drinkability increased demand for relatively affordable whiskey, resulting in quantitative growth. Additionally, the fact that whiskey import value in 2022 reached $200 million for the first time in 12 years since 2010, marking an all-time high, posed a challenge to breaking the record this year.

By country, British whiskey?including Scotch?still accounted for an overwhelming volume and share. Last year, imports of British whiskey totaled 24,818 tons and $211.02 million, representing over 80% of total imports. However, in terms of growth, producers outside Scotland showed remarkable progress. American whiskey, led by bourbon, saw import volume (3,639 tons) and import value ($27.43 million) increase by 33.6% and 26.5%, respectively, compared to the previous year. Japanese whiskey, represented by Suntory’s “Gakubin” and “Yamazaki,” also saw import volume (897 tons) and import value ($7.99 million) rise by 68.3% and 92.5%. Additionally, Taiwanese whiskey, famous for “Kavalan,” recorded an import value of $2.07 million last year, more than doubling compared to two years ago. Kavalan is a brand that BTS’s RM named as his “favorite whiskey” on YouTube, which he enjoyed with Suga.

원본보기 아이콘

Import values of other distilled spirits besides whiskey also mostly showed an upward trend. Last year, tequila imports reached $6.48 million, a 10.4% increase from the previous year, and rum imports rose 10.2% to $3.22 million. Notably, brandy?including cognac?saw import value increase by 118.2% to $11.04 million last year compared to $5.06 million in 2019 before the pandemic. During the same period, gin imports ($5.55 million) also grew by 111.8%. An industry insider explained, “The previously uniform drinking culture, concentrated on specific types of alcohol, has diversified in recent years according to individual preferences. Interest in various types of spirits and drinking methods is increasing, so a variety of imported spirits are expected to continue expanding their market presence this year.”

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.