South Korea Instant Food Market Overview, 2028

South Korea Instant Food Market Overview, 2028

South Korea is known for its wide range of ready-to-eat meals in the instant food market. These meals cater to busy individuals who seek quick and convenient options without compromising on taste. Ready-to-eat meals often include traditional Korean dishes such as bibimbap, bulgogi, and kimchi stew. South Korean instant food brands have gained popularity and recognition in international markets. Korean instant noodles, snacks, and ready-to-eat meals are exported to various countries, appealing to consumers around the world who are curious to try Korean flavours and experience the convenience of Korean-style instant food. Snacks are an essential part of the South Korean instant food market. From crispy seaweed snacks (gim) to crunchy rice crackers (ppeongtwigi) and flavoured corn chips, a wide variety of snacks cater to different tastes and preferences. Snacks are enjoyed as quick bites or accompaniments to meals. Consumers in South Korea are increasingly looking for healthier instant food options as a result of the rising health consciousness trend. To meet the demand for meals that are balanced and nutritious, manufacturers have responded by introducing whole-grain options, lower-sodium instant noodles, and healthier alternatives to ingredients. Furthermore, The South Korean instant food market is known for its innovative packaging and cooking methods. Instant noodle cups with built-in strainers, special cooking instructions, and unique flavours showcase the industry's commitment to enhancing the consumer experience and convenience.

According to the research report South Korea Instant Food Market Overview, 2028, published by Bonafide Research, the South Korea Instant Food market is projected to reach a market size of above USD 7 Billion by 2028. Instant food can be a part of various occasions and celebrations in South Korea. For instance, during outdoor activities, picnics, or hiking trips, people often pack instant food as a convenient and satisfying meal option. Instant food can also be enjoyed during festive occasions, as a quick snack during celebrations, or as a part of a larger meal spread. Furthermore, South Korea's instant food market is known for its continuous innovation and fusion of flavours. Manufacturers often introduce new and unique instant food products that combine traditional Korean ingredients with international flavours or incorporate trending food concepts. This constant innovation keeps the market exciting and appeals to adventurous consumers. The global popularity of Korean entertainment, known as Hallyu, has had a significant impact on the South Korean instant food market. The exposure of Korean cuisine and food culture through Korean dramas, music, and movies has sparked curiosity and interest in Korean instant food products among international consumers, leading to increased exports and market growth. Products considered in this report are breakfast cereal, Instant Noodles, pasta, snacks, instant ready meals, desserts, and others. In South Korea, instant noodles are a growing market, and they cover the highest market share. Instant noodles, known as Ramyeon in South Korea, hold a significant place in the country's culinary culture. They have become an iconic part of Korean cuisine and are deeply ingrained in the food habits of the population. Ramyeon is not only a convenient meal option but also evokes a sense of nostalgia and familiarity, making it a popular choice among consumers. South Korea offers a vast variety of instant noodle flavours and variations to cater to different tastes and preferences. From spicy and savoury to mild and unique regional flavours, there is a Ramyeon option for every palate. This diverse range of flavours contributes to the popularity of instant noodles and ensures that consumers can find a flavour that suits their individual preferences.

There are several opportunities and challenges that are present in the South Korean instant food market. There are a lot of domestic and international brands competing for market share in the South Korean instant food market. New entrants and smaller competitors attempting to establish themselves in the market face difficulties as a result of this fierce competition. In a crowded market, differentiation through distinctive flavours, product features, or branding becomes essential. While instant food products are convenient and widely consumed in South Korea, there can be negative perceptions associated with them. Some consumers view instant food as less healthy or authentic compared to freshly prepared meals. Overcoming such perceptions and positioning instant food as a viable and nutritious meal option requires effective marketing and communication strategies. Fluctuations in the prices of raw materials can impact the profitability of instant food manufacturers. Ingredients such as wheat, palm oil, and flavour enhancers may experience price volatility, which can affect production costs. Manufacturers need to manage these cost fluctuations effectively to maintain competitive pricing without compromising on product quality. Furthermore, there is an increasing demand for healthier instant food options in South Korea. This presents an opportunity for manufacturers to develop and market instant food products that are low in sodium, use natural ingredients, and offer better nutritional profiles. Health-focused innovations can cater to changing consumer preferences and tap into the growing health-conscious market segment. South Korean instant food products, especially Ramyeon, have gained popularity globally. This presents an opportunity for manufacturers to expand their export markets and capitalise on the growing interest in Korean cuisine. By adapting flavours and packaging to suit international tastes, South Korean instant food brands can leverage their reputation and expertise to further penetrate global markets.

Based on the packaging types, which include normal and frozen packaging types, in South Korea, the normal packaging segment is the leading market. Using standard packaging allows for portion control and convenience. Customers are able to easily measure and prepare the desired quantity of instant food using individual sachets or packets, resulting in zero waste. Customers who are looking for quick and simple meal options like this convenience. Based on the distribution channels, which include supermarkets and hypermarkets, departmental and convenience stores, online stores, and others, in the South Korean market, departmental and convenience stores are leading the market. In the future, the online store will grow at the highest CAGR rate. There are several online stores that offer the wide range of the instant food in South Korea market, Coupang, Gmarket, 11st, WeMakePrice and Lotte Mart Online Shopping.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea Instant Food 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 type:
• Breakfast Cereal
• Instant Noodles & pasta
• Snacks
• Instant ready Meal
• Desserts
• Others

By Packaging Type:
• Normal
• Frozen

By Distribution channel:
• Supermarket/Hypermarket
• Departmental/Convenience Store
• Online Store
• Others (Specialty Stores)

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 Instant Food 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.