Food - South Korea

  • South Korea
  • Revenue in the Food market amounts to €123.00bn in 2024. The market is expected to grow annually by 5.11% (CAGR 2024-2029).
  • The market's largest segment is the segment Meat with a market volume of €24.44bn in 2024.
  • In global comparison, most revenue is generated in China (€1,470bn in 2024).
  • In relation to total population figures, per person revenues of €2,377.00 are generated in 2024.
  • In the Food market, 8.8% of total revenue will be generated through online sales by 2024.
  • In the Food market, volume is expected to amount to 35.59bn kg by 2029. The Food market is expected to show a volume growth of 3.6% in 2025.
  • The average volume per person in the Food market is expected to amount to 591.80kg in 2024.

Key regions: United States, Canada, China, India, South Korea

 
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Analyst Opinion

The Food market in South Korea has been experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing competition from imported products, and government regulations. Despite the sub-markets of Dairy Products & Eggs, Meat, Fish & Seafood, and others showing potential for growth, the overall market is limited by the country's aging population and slowing economy. However, advancements in technology and the rise of e-commerce may offer opportunities for future growth in the market.

Customer preferences:
In South Korea's booming food market, there has been a notable shift towards healthier and more sustainable food options. With the rise of health-conscious consumers, there is a growing demand for locally sourced, organic, and plant-based products. This trend is also driven by a younger generation's interest in ethical and environmentally friendly food choices. Additionally, the rise of delivery apps and online grocery shopping has made it easier for busy urban dwellers to access these products, leading to a surge in their popularity.

Trends in the market:
In South Korea, The Food market industry is experiencing a shift towards healthier and more sustainable food options. This trend is reflected in the increasing popularity of organic and locally-sourced produce, as well as a growing demand for plant-based and vegetarian options. This trajectory is significant as it aligns with the country's rising awareness of health and environmental issues. For industry stakeholders, this trend presents opportunities to tap into the growing market for these products and services. However, it also poses challenges, such as adapting to changing consumer preferences and adjusting business models to incorporate sustainable practices.

Local special circumstances:
In South Korea, The Food market is heavily influenced by the country's unique cultural preferences and regulatory policies. Traditional Korean cuisine, such as kimchi and bibimbap, remains a staple in the market, while imported Western foods have also gained popularity. Additionally, strict regulations on food safety and labeling have been implemented, leading to a high level of consumer trust in locally sourced and produced products. These factors, combined with the country's strong economy and growing demand for convenience, have contributed to the overall growth and success of The Food market in South Korea.

Underlying macroeconomic factors:
The Food market in South Korea is heavily impacted by macroeconomic factors such as economic growth, consumer spending, and government policies. With a strong and stable economy, South Korea has experienced a rise in disposable income and a growing middle class, leading to an increased demand for diverse and higher quality food products. Moreover, the government has implemented various policies to support the development of the food industry, including tax incentives and investments in research and development. Additionally, global economic trends, such as the growing demand for healthy and sustainable food options, have also influenced the market in South Korea, with consumers becoming more health-conscious and willing to pay a premium for such products.

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
  • Product Types
  • Purchase Criteria
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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