South Korea Cheese Market Overview, 2027

South Korea Cheese Market Overview, 2027

Cheese was formerly restricted to fast-food and Western-style restaurant meals such as pizza, hamburgers, and pasta. Cheese is increasingly often used in Korean dishes such as Teokbokki and Ramen. Cheese is also being utilized more frequently in the food processing business, particularly as an ingredient in Home Meal Replacement (HMR) products. Pulmuone, a leading food processor, recently introduced 'Mozzarella Cheese Ball' and 'Red Bean Cream Cheese Ball.' With the widespread usage of air fryers, HMR products including cheese ingredients have grown in popularity since they are simple to prepare and improve the taste and texture of cheese when cooked in air fryers. Imported cheese (mainly from the United States and New Zealand) is preferred by food processors because it is less expensive than native cheese. Some well-known cheese brands in South Korea include Seoul Milk Cheddar Slice Cheese, Maeil Calcium Cheese, Maeil Sangha Cheddar Slice Cheese, Namyang de Vinch, Namyang Better-tasting Cheese, and Namyang Better-tasting Cheese.

According to the report, South Korea Cheese Market Overview, 2027, published by Bonafide Research, the market is anticipated to add USD 0.32 Billion by 2027. Cheese sales are expected to rise as consumers' purchasing power rises in industrialized economies. Furthermore, changing dietary habits and an increasing number of working women are projected to fuel the Cheese market's potential for growth. Furthermore, increased consumption of pizza and other European-style fast foods appears to be one of the key trends for expanding cheese sales potential, particularly among young people. The increased demand for diverse product flavors in local cuisines drives the South Korean cheese business. Aside from that, rising regional consumption of authentic regional cheese is fueling market growth. Furthermore, market growth is being driven by the increasing premiumization of cheese by a number of regional brands.

Cheese is a popular snack in Korea, particularly among children, because parents regard it as a good source of protein and calcium. Cheese snack products geared towards health-conscious parents, such as cheese with additional veggies and additive-free and sugar-free cheese, are being introduced by food processors. The goods are available in a variety of shapes, such as string cheese or cheese cubes, as well as small, convenient containers. Cheese was once thought to be solely a snack for children. Cheese is increasingly regularly consumed by adults as a healthy snack, a snack to mix with alcoholic beverages, and as a salad topping.

South Korea has a population of 51.7 million people, with 25.9 million men and 25.8 million women. 6.2 million of the entire population are under the age of 14. 36.7 million People between the ages of 15 and 64 make up the population. There are 41.9 million urban residents and 9.8 million rural residents. According to the World Bank, South Korea's GDP in 2021 was USD 1.8 trillion, with an inflation rate of 2.5% and a per capita income of $34,757.7. Increasing per capita and per capita consumption of cheese are the main forces for the expansion of the South Korean cheese market. In 2022, the average volume per person in the Cheese segment is predicted to be 2.2kg. South Korea Cheese is expected to cost between US$ 7.66 and US$ 8.33 per kilogram in 2022. In September 2022, South Korea's Cheese exports totaled $917k, while imports totaled $70.4M, resulting in a $69.5M negative trade deficit.

Because of the ease of having all products in one location and a large selection at the same time, supermarkets and hypermarkets dominate the South Korean Cheese Market. The largest hypermarkets and supermarkets in South Korea include E-Mart, Lotte Mart, Home plus Mart, and COSTCO. Online grocery retail has risen dramatically throughout Korea, particularly in Seoul and nearby high-density metropolitan regions. More consumers are taking advantage of the convenience of refrigerated and frozen products with same-day delivery choices. This trend also increases cheese consumption because consumers appreciate the convenience of receiving fresh dairy products delivered to their house within hours. Furthermore, the recent development of online specialized cheese stores allows Korean consumers to purchase a varied selection of cheese, including premium artisanal cheese, in a simple manner.

The higher fat content of cheese is expected to be one of the noticeable features among other constraints restricting the global dairy industry's growth potential. Cheese consumption is restricted among the obese population due to the negative health effects of higher fat content.

Covid-19 Impact:
During the COVID-19 pandemic outbreak, the business was severely disrupted due to changing demand. The worldwide lockdowns prompted the foodservice industry to close, cutting demand for all processed food goods dramatically. Furthermore, costs are likely to reduce as high-quality products become less desirable. In contrast, increased adoption of low-cost varieties at wholesale prices from retail shops for home cooking is expected to balance the supply chain. Following the pandemic, the Cheese market is likely to benefit from the re-establishment of the foodservice sector and renewed cheese processing capacity.

Considered in this report
• Geography: South Korea
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• South Korea Cheese market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Mozzarella
• Cheddar
• Feta
• Parmesan
• Roquefort
• Others

By Source
• Animals
• Plants

By Type
• Natural
• Processed

By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online retail
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Cheese industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.