14 September 2018
South Korea frozen food market is expected to be valued at USD 1,629.3 million by 2024 driven primarily by growing aging population which demands frozen foods with high nutritional value and low preservatives. Time limitations are driving the demand for more timely ways of shopping and convenience products. Increase in women workforce, single person household and longer working commutes have reduced the time available for home meal preparation and grocery shopping owing to which people are shifting towards frozen processed foods that merely take one step for preparation, for instance, boiling or heating.
The Korean market is primarily influenced by the number of rising number of people adopting western style diet which is expected to boost the demand for popular U.S. and European products. Trending demand for organic and fresh frozen food products has also seen an increase among young professionals and older population who are trying to stay fit. Convenient pricing is further expected to support the growth of frozen food products in the Korean market over the coming years.
Convenience along with traditional appeal is the new trend when it comes to product innovation. Formal mealtimes which used to take minutes to cook and eat are considered to be past times. Millennials nowadays often consider eating impulsively rather than eating traditional meals. Therefore, manufacturers are expected to focus on innovation of quick and healthy frozen snacks that can be enjoyed depending on different occasion.
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Frozen seafood products dominate the market with market revenue share of 44.5% in 2016 followed by ready meal segment. Commonly found recipe’s such as potatoes, ribs, spines and chicken are already boosting the sale of frozen food products in Korean market. Growing acceptance of frozen processed food by chefs across various restaurants and cuisines in South Korea is further expected to drive the demand for frozen products such as ready meals, meat & poultry, seafood, sorbets, and confectionery over the future period.
Segmentation by Type
• Frozen ready meals
• Frozen Pizza
• Frozen fish/seafood
• Frozen meat
• Frozen potato products
• Frozen bakery products
Segmentation by Distribution Channel
Key players analyzed:
• Dongwon F&B
• Hansung Enterprise Co., Ltd.
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