South Korea Baby Food Market Size by Categories, Distribution Channel, Market Share and Forecast, 2022-2027

South Korea Baby Food Market Size by Categories, Distribution Channel, Market Share and Forecast, 2022-2027

Summary

“South Korea Baby Food Market Size by Categories, Distribution Channel, Market Share and Forecast, 2022-2027” is an analytical report by GlobalData which provides extensive and highly detailed current and future market trends in the South Korean market.

The number of live births in South Korea stood at 0.3 million in 2021. The crude birth rate decreased from 1.24 in 2015 to 0.81 in 2021. The GDP of South Korea grew by 4% in 2021 primarily owing to the successful COVID-19 vaccination campaigns, while consumer price inflation stood at 2.5%. Overall value sales of the baby food sector in South Korea has decreased in recent years, with the sector registering a negative compound annual growth rate (CAGR) of 3.6%. Likewise, in volume terms, the sector fell in 2021, at a negative CAGR of 5.0%. Baby milks remained by far the largest category in value terms with over 55% of the baby food sector, followed by baby wet meals & other. Maeil Dairies, Namyang Dairy, and Ildong Foodis were the top three companies in 2021. In 2021, Maeil Dairies remained the overall leader in the baby food sector. Hypermarkets & supermarkets remained the leading distribution channel accounting for over 60% of overall value sales in 2021. GlobalData estimates that the number of live births will decrease further over the forecast period in South Korea. Consequently, the market for baby food in the country is expected to decrease in both value and volume terms during 2021-27, at a negative CAGR of 1.0% and 4.1%, respectively.

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 & developments, segmentation, per capita trends and the various manufacturers & 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.

• Value sales of baby milks decreased from KRW440 billion ($389 million) in 2015 to KRW325.5 billion ($284.5 million) in 2021, declining at a negative CAGR of 4.9% during 2015-21.
• Volume sales of the baby cereals & dry meals category fell from 4.95 million kg in 2015 to 1.31 million kg in 2021, contracting at a negative CAGR of 19.8% during 2015-21.
• Value sales of the baby wet meals & other category grew from KRW33.7 billion ($29.8 million) in 2015 to KRW77.4 billion ($67.6 million) in 2021, posting a CAGR of 14.8% during 2015-21.
• In volume terms, the baby finger food category rose slightly from 0.24 million kg in 2015 to 0.39 million kg in 2021, registering a CAGR of 8.2%.
• During 2015-21, per capita expenditure on baby drinks increased by 230.8% in current price terms and by 206.2% in constant price terms.

• Evaluate important changes in consumer behavior and identify profitable markets and areas for product innovation.
• Analyse current and forecast behavior trends in each category to identify the best opportunities to exploit.
• Detailed understanding of consumption by individual product categories in order to align your sales and marketing efforts with the latest trends in the market.
• Investigates which categories are performing the best and how this is changing market dynamics.