Convenience Food - South Korea

South Korea

Revenue in the Convenience Food market amounts to €7.66bn in 2024. The market is expected to grow annually by 5.29% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€142bn in 2024).
In relation to total population figures, per person revenues of €148.10 are generated in 2024.
In the Convenience Food market, volume is expected to amount to 1.98bn kg by 2029. The Convenience Food market is expected to show a volume growth of 3.3% in 2025.
The average volume per person in the Convenience Food market is expected to amount to 33.5kg in 2024.

Key regions: Canada, China, Spain, Japan, Philippines

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Convenience Food Market in South Korea has seen minimal growth due to factors such as increasing health awareness and the convenience of ready-to-eat meals and soups. However, the overall market is impacted by slow adoption of digital technologies compared to other regions.

Customer preferences: Convenience food market in South Korea is experiencing a growing demand for healthier options, driven by cultural emphasis on a balanced diet and increasing health consciousness among consumers. This has led to a rise in demand for convenient yet nutritious ready-to-eat meals, as well as a surge in popularity for plant-based and organic convenience foods. Additionally, with the rise of single-person households and busy lifestyles, consumers are seeking more convenient meal solutions, leading to the growth of online food delivery services and meal kit subscriptions.

Trends in the market: In South Korea, the Convenience Food Market is experiencing a surge in demand for healthy, convenient food options. This has led to the rise of plant-based and gluten-free options, as well as the use of natural ingredients and traditional Korean flavors. As consumers become more health-conscious, there is also a growing trend towards online ordering and delivery services for convenience foods. This shift towards healthier and more convenient options has significant implications for industry stakeholders, who must adapt their offerings and marketing strategies to stay competitive in this evolving market.

Local special circumstances: In South Korea, the Convenience Food market is thriving due to the fast-paced lifestyle and the high demand for quick and easy meal options. The country's advanced technology and efficient transportation system also contribute to the success of this market, as consumers can easily access a wide variety of convenience foods from various locations. Additionally, South Korea's strong food culture and emphasis on quality ingredients have led to the development of unique and innovative convenience food products. Government regulations and policies promoting health and wellness have also influenced the market, with a growing demand for healthier and more nutritious convenience food options.

Underlying macroeconomic factors: The Convenience Food Market in South Korea is affected by various macroeconomic factors, including global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The increasing demand for convenience food products in South Korea can be attributed to the country's strong economic growth, rising disposable income, and changing consumer lifestyles. Additionally, government initiatives promoting domestic food production and investment in the food industry have also contributed to market growth. However, factors such as inflation, fluctuating exchange rates, and trade tensions with neighboring countries may pose challenges to the market's performance. Furthermore, the aging population and increasing health consciousness among consumers are driving the demand for healthier convenience food options, presenting opportunities for market growth.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

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, and consumer price 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 Food 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.