Country Profile: Confectionery Sector in South Korea
South Korean Confectionery sector accounted for a volume share of 0.66% of the global market and 3.1% of the regional (Asia-Pacific) market, in 2016. The sector was valued at ₩1,387,946.3 Million (US$1,196.5 Million) in 2016 and is expected to grow at a CAGR of 4.1% during 2016-2021. Increasing disposable income, rising demand for distinct flavors, high quality and exotic products is driving the South Korean Confectionery sector. Per capita consumption stood at 1.66kg when compared to the global and Asia-Pacific levels of 2.46kg and 0.81kg, respectively, in 2016.
Chocolate was the largest with value sales of ₩581,699.6 Million (US$501.4 Million) in 2016. Furthermore, it is expected to grow the fastest at a CAGR of 5% compared to Gum (3.9%) and Sugar Confectionery (2.8%).
Hypermarkets & Supermarkets was the leading distribution channel in the South Korean Confectionery sector, accounting for a total value share of 65.6% in 2016. It was followed by Convenience Stores and Vending machines with shares of 16.6% and 5.3%, respectively, in the same year. Flexible Packaging is the most commonly used package material in the South Korean Confectionery sector. In 2016, it accounted for a volume share of 72.8%, followed by Paper & Board and Rigid Plastics with shares of 12.9% and 12.6%, respectively.
Xylitol is the leading brand in both value and volume terms in the South Korean Confectionery sector. The top five brands accounted for 24.2% value share, in 2016. Health & Wellness attributes such as ‘Free From’ and consumer benefits such as ‘Health Management’ are the most sought after Health & Wellness claims in the South Korean Confectionery sector.
The report Country Profile: Confectionery Sector in South Korea provides insights on high growth markets to target, trends in the usage of package materials, category level distribution channel data and market share of brands.
In particular, this report provides the following -
Market data: Overall market value and volume data with growth analysis for 2011-2021.
Category coverage: Value and growth analysis for Chocolate, Gum, and Sugar Confectionery with inputs on individual category share within each market and the change in their market share forecast for 2016-2021.
Leading players: Market share of brands and private labels, including private label growth analysis from 2011-2016.
Distribution data: Percentage of sales within each market through distribution channels such as Cash & Carries and warehouse Clubs, Hypermarkets & Supermarkets, Convenience Stores, Food & Drinks Specialists, eRetailers and others.
Packaging data: consumption breakdown for package materials and pack types in each market, in terms of percentage share of number of units sold. Package material data for Glass, Flexible Packaging, Paper & Board, Rigid Plastics, and others; Pack data for: Carton, Film, Bag/Sachet, Tub, Wrapper, Bottle, and Tube.
Companies mentioned in this report: August Storck Kg, Banden bulk, BARU NV, Brown & Haley, Cemoi Chocolatier, Chocoladefabriken Lindt & Sprüngli AG, Chocolat Frey Ag, Crown Confectionery Co., Ltd., Ferrero, Golden Sea, Hawaiian Host, Kraft Foods, Lotte Co., Ltd., Mars, Incorporated, Mondelez International, Inc, Natra SA, Strauss Group Ltd., The Hershey Company, Tuvana, Chew-ets, Nestle.
The Confectionery sector in South Korea is forecast to grow at 4.1% CAGR in value terms during 2016-2021
Per capita consumption of Gum is high in South Korea compared to global and regional levels
Hypermarkets & Supermarkets is the largest distribution channel followed by Convenience Stores
Xylitol accounts for the leading share in the South Korean Confectionery sector
Flexible Packaging is the most commonly used package material in the South Korean Confectionery sector
Reasons to buy
Identify high potential categories and explore further market opportunities based on detailed value and volume analysis
Existing and new players can analyze key distribution channels to identify and evaluate trends and opportunities
Gain an understanding of the total competitive landscape based on detailed brand share analysis to plan effective market positioning
Manufacturers can identify the opportunities to position products with H&W attributes/benefits
Access the key and most influential consumer trends driving Confectionery products consumption, and how they influence consumer behavior in the market which will help determine the best audiences to target
Our team of analysts have placed a significant emphasis on changes expected in the market that will provide a clear picture of the opportunities that can be tapped over the next five years, resulting in revenue expansion.