Processed Meat - South Korea
- South Korea
- Revenue in the Processed Meat market amounts to €3.41bn in 2024. The market is expected to grow annually by 3.14% (CAGR 2024-2029).
- In global comparison, most revenue is generated in the United States (€39bn in 2024).
- In relation to total population figures, per person revenues of €65.85 are generated in 2024.
- In the Processed Meat market, volume is expected to amount to 421.10m kg by 2029. The Processed Meat market is expected to show a volume growth of 1.0% in 2025.
- The average volume per person in the Processed Meat market is expected to amount to 7.7kg in 2024.
Key regions: India, China, United Kingdom, Spain, South Korea
Analyst Opinion
The Processed Meat Market in South Korea is experiencing negligible growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and competition from alternative protein sources. Sub-markets like Ham & Bacon, Sausages, and Cold & Roast Meat Products are also contributing to the overall market's slow growth. The convenience and availability of online food ordering services are also impacting the market's growth rate.
Customer preferences: As South Korean consumers become more health-conscious, there has been a growing demand for healthier and more sustainable options in the Processed Meat Market. This has led to an increase in the availability of plant-based and organic processed meat products. Additionally, there has been a shift towards locally sourced and minimally processed meats, reflecting a preference for traditional and natural food options. This trend is driven by a cultural emphasis on maintaining a balanced and wholesome diet, as well as a growing awareness of the environmental impact of meat consumption.
Trends in the market: In South Korea, the Processed Meat Market is experiencing a shift towards healthier options, with consumers increasingly demanding natural and organic products. This trend is further fueled by the rising awareness of the negative health effects of processed meat consumption. As a result, the market is witnessing a rise in the availability of plant-based alternatives and clean label products. This trend is significant, as it reflects a growing consumer preference for healthier food choices. For industry stakeholders, it presents an opportunity to tap into the growing demand for natural and organic processed meat products, while also addressing concerns over health and sustainability. However, it also poses a challenge for traditional processed meat manufacturers, who may need to adapt their processes and offerings to stay competitive in this changing market.
Local special circumstances: In South Korea, the Processed Meat Market of the Meat Market within The Food market is heavily influenced by the country's unique cultural preferences and regulations. South Koreans have a strong preference for fresh and high-quality meat, leading to a demand for innovative and high-tech processing methods. Additionally, the government has strict regulations on food safety and labeling, which has resulted in a robust and reliable processed meat market. Furthermore, South Korea's geographical location and climate have also played a role in shaping the market, with a strong emphasis on traditional and healthy cooking methods.
Underlying macroeconomic factors: The Processed Meat Market of the Meat Market within The Food market in South Korea is also impacted by macroeconomic factors such as consumer spending, economic stability, and government policies. With a strong economy and rising disposable incomes, South Korean consumers are increasingly seeking convenience and variety in their food choices, driving the demand for processed meat products. Moreover, favorable government policies and investments in the food industry are supporting the growth of the processed meat market. However, increasing health awareness and concerns over the consumption of processed foods may hinder market growth in the long term.
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.Visión general
- Revenue
- Volume
- Price
- Sales Channels
- Global Comparison
- Analyst Opinion
- Methodology
- Key Market Indicators