Market Insights Consumer Food Dairy Products & Eggs

Cheese Substitutes - South Korea

South Korea

Revenue in the Cheese Substitutes market amounts to €5.14m in 2024. The market is expected to grow annually by 6.37% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€230m in 2024).
In relation to total population figures, per person revenues of €0.10 are generated in 2024.
In the Cheese Substitutes market, volume is expected to amount to 244.10k kg by 2029. The Cheese Substitutes market is expected to show a volume growth of 4.6% in 2025.
The average volume per person in the Cheese Substitutes market is expected to amount to 0.0kg in 2024.

Key regions: Canada, South Korea, United Kingdom, Japan, Philippines

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Analyst Opinion

The Cheese Substitutes Market in South Korea is experiencing minimal growth, impacted by factors such as the rising health awareness among consumers and the convenience of online health services. This market is expected to continue growing at a stable pace due to the increasing adoption of digital technologies.

Customer preferences: As more consumers prioritize health and wellness, there has been a growing demand for plant-based alternatives to traditional dairy products in South Korea. This trend is driven by factors such as ethical and environmental concerns, as well as health considerations. Additionally, the rise of flexitarian and vegan diets has also contributed to the increasing popularity of cheese substitutes in the country. This shift towards plant-based options is expected to continue, with consumers becoming more conscious about the impact of their food choices on their health and the environment.

Trends in the market: In South Korea, the Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a growing trend towards plant-based alternatives to traditional dairy products. This trend is driven by consumer interest in healthier and more sustainable options, as well as dietary restrictions and preferences. As a result, major industry players are expanding their product portfolios to include a variety of cheese substitutes, such as nut-based, soy-based, and coconut-based options. This trend is expected to continue, with the potential for further innovation and market growth in the future.

Local special circumstances: In South Korea, the Cheese Substitutes Market within the Dairy Products & Eggs Market has been growing due to the increasing health consciousness among consumers. The market is driven by the country's strong cultural preference for dairy products and the availability of a variety of substitutes, such as soy milk and tofu. Additionally, government regulations promoting plant-based diets and sustainability have also contributed to the growth of this market. The country's high adoption of technology and e-commerce has also facilitated the rise of online dairy alternative brands, catering to the growing demand for convenient and healthy options.

Underlying macroeconomic factors: The Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market in South Korea is strongly influenced by macroeconomic factors such as consumer purchasing power, government policies on food imports, and shifts in consumer preferences towards healthier and more sustainable food options. The country's robust economic growth and rising disposable income have led to increasing demand for premium dairy alternatives, driving market growth. Additionally, the government's promotion of plant-based diets and sustainable food production is creating a favorable regulatory environment for cheese substitute manufacturers, further boosting market growth. Rising health consciousness and the growing trend of veganism among the younger population are also contributing to the demand for alternative dairy products, driving the growth of the cheese substitutes market in South Korea.

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.