South Korea Baby Food Market experienced negative growth. The decline in number of births in 2013, 2014, and 2016 brought about a corresponding drop in baby food consumption. Overall consumption fell by 5.5% and retail sales increased by 13.6% in current price terms and 2.1% at constant prices between 2010 and 2016.
Baby Milk dominates, claiming over 60.9% of the total market. Cereals and dry meals have fared less well in terms of volume sales, registering 21.9% and wet meals and others sector remains small with 17.2%. The decline in the birth rate in future will inevitably have an impact on overall volume in the market. Overall, the market is therefore expected to grow by only 2.3% in volume and by 19.5% in value by 2022.
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Key Findings
1. Overall consumption fell by 5.5% and retail sales increased by 13.6% in current price terms and 2.1% at constant prices between 2010 and 2016.
2. Meals and others is the fastest growing baby food category, comprising 17.2% of overall baby food volumes by 2016.
3. The vast majority of baby food sold in Korea is manufactured within the country.
4. Multinational representation is very low in South Korea, due mainly to the supremacy of the two leading domestic suppliers, Namyang and Maeil.
5. Sales via e-commerce have expanded rapidly in recent years as many overseas brands are available online, and an increasing number of mothers are buying these products.
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What else does this report offer?
• Consumption data based upon a unique combination of industry research, fieldwork, market sizing work and our in-house expertise to offer extensive data about the trends and dynamics affecting the industry.
• Detailed profile of the companies operating and new companies considering entry in the industry along with their key focus product sectors.
• Market profile of the various product sectors with the key features and developments, segmentation, per capita trends and the various manufacturers and brands.
• Overview of baby food retailing with a mention of the major retailers in the country along with the distribution channel.
• Future projections considering various trends which are likely to affect the industry.
Reasons To Buy
1. Evaluate important changes in consumer behavior and identify profitable markets and areas for product innovation.
2. Analyse current and forecast behavior trends in each category to identify the best opportunities to exploit.
3. Detailed understanding of consumption by individual product categories in order to align your sales and marketing efforts with the latest trends in the market.
4. Investigates which categories are performing the best and how this is changing market dynamics.
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