Country Profile: Dairy & Soy Food Sector in South Korea
South Korean Dairy & Soy Food sector accounted for a volume share of 1% of the global market and 2.5% of the regional (Asia-Pacific) market in 2016. The sector was valued at ₩9,242,942.1 Million (US$7,967.7 Million) in 2016 and is forecast to grow at a value CAGR of 0.4% during 2016-2021. The slow growth of the sector can be attributed to increased milk prices, declining birth rates and aging population. Per capita consumption of Dairy & Soy Food products stood at 48.8kg when compared to the global and Asia-Pacific levels of 50kg and 29.7kg, respectively, in 2016.
Milk is the largest with value sales of ₩4,375,895.1 Million (US$3,772.2 Million) in 2016. Furthermore, Drinkable Yogurt is expected to grow fastest at a CAGR of 4.6% during the same period.
Hypermarket & Supermarkets account for a leading share in the distribution of Dairy & Soy Food products in South Korea. In 2016, Hypermarkets & Supermarkets held 48% value share, followed by On-Trade transactions with 18.3% share. Convenience Stores and Food & Drinks Specialists accounted for shares of 11.9% and 10.7%, respectively, in the same year. Rigid Plastics is the most commonly used packaging material in the South Korean Dairy & Soy Food sector. In 2016, it accounted for a volume share of 72.2% followed by Paper & Board with a share of 25.1%, in 2016.
Health & Wellness attributes such as ‘Naturally Healthy’ and ‘Functional & Fortified’ consumer benefits such as ‘General Wellbeing’ are the most sought after Health & Wellness claims in the South Korean Dairy & Soy Food sector. South Korea’s GDP per capita grew from ₩26,771,715.4 in 2011 to ₩31,831,645.5 in 2016, registering a CAGR of 3.5%. South Korea offers good growth potential to consumer goods companies on account of high GDP growth rate coupled with a high employment level.
Seoul Milk is the leading brand in the South Korean Dairy & Soy Food sector. The top five brands in the sector accounted for 42.1% value share, while private labels held 5% share by value in 2016.
The report Country Profile: Dairy & Soy Food Sector in South Korea, provides insights on high growth markets to target, trends in the usage of packaging materials, category level distribution channel data and market share of brands.
In particular, this report provides the following analysis -
Companies mentioned in this report:
- Market Data: Overall market value and volume data with growth analysis for 2011-2021. The overall market value and volume included in the report is split on the basis of On-trade and Off-trade
- Category Coverage: Value and growth analysis for Butter & Spreadable Fats, Cheese, Cream, Dairy-Based & Soy-Based Desserts, Drinkable Yogurt, Fromage Frais & Quark, Milk, Soymilk & Soy Drinks, and Yogurt 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 On-trade, Cash & Carries and warehouse Clubs, Hypermarkets & Supermarkets, Convenience Stores, Food & Drinks Specialists, eRetailers and others
- Packaging Data: Consumption breakdown for packaging materials and container types in each market, in terms of percentage share of number of units sold. Packaging material data for Glass, Flexible Packaging, Paper & Board, Rigid Plastics, and others; container data for: Carton, Film, Bag/Sachet, Tub, Wrapper, Bottle, and Tube.
Arla Foods, Dairy Crest Group Plc,Groupe Lactalis,Honey-Butter Products Co., Inc.,Isigny Sainte Mère Coopérative,Lotte Co., Ltd.,Maeil Co.Ltd,Namyang Dairy Products Co. Ltd,Savencia SA,Seoul Dairy Cooperative,Dongwon F&B,Emmi Group,Eredi Angelo Baruffaldi Srl,Kraft Foods Group, Inc.,Lemnos Foods Pty Ltd,Litehouse Foods Inc,Pacific Cheese Co.Scope
Reasons to buy
- The South Korean Dairy & Soy Food sector is expected to grow at a CAGR of 0.4% during 2016-2021.
- The slow growth of the sector can be attributed to increased milk prices, declining birth rates and aging population.
- Of the eight markets, Milk is the largest market in 2016.
- Hypermarket & Supermarkets is the leading channel for distribution in the South Korean Dairy & Soy Food sector.
- The top five brands in the sector accounted for 42.1% value share, in 2016.
- Rigid Plastics is the most commonly used packaging material in the South Korean Bakery & Cereals sector.
- 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 Dairy & Soy Food 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
- The packaging analysis report helps manufacturers, in identifying the most commonly used packaging materials in the sector
- Analysis on key macro-economic indicators such as GDP per capita, population (overall and breakdown by age), and consumer price index. It also covers a comparative analysis of political, economic, socio-demographic, and technological indicators (PEST) across 50 countries.