South Korea Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Chocolate Market is projected to reach USD 602 million by 2024, growing at a CAGR of 2.12% over the forecast period.

Key Highlights

• South Korea consumed an average of 607 grams of chocolate per year, which is expected to increase. Import of chocolate increased per year in the country with total imported chocolate in 2015 reached USD 211 million, up 27% from 2011.
• Increased demand for premium chocolate brands and boxed assortments is the key factor driving the chocolate market. Innovation in product packaging, chocolate with toys is gaining popularity among adults as well. Growing demand for imported chocolate owing to premium varieties is further accelerating the market growth.

Key Market TrendsInnovation in Product and Packaging Remained the Most Adopted Strategy

Companies are introducing varied exotic flavour and pack sizes to attract the consumer. Lotte Confectionery introduced a new product. Green tea flavoured Dream Cacao targeting adult consumers achieved success. Functional chocolate that offers health benefits, such as the launch of fortified chocolate is driving the chocolate market. The value sale of probiotic chocolate increased by 129% in 2017. Chocolate with toys is another focused category for companies to innovate products due to increased demand. Innovation in product flavor, introducing small pack size chocolates, are expected to drive the market where consumers are more price sensitive. The demand for countline sales is primarily driven by on-the-go and impulse purchasing behavior.

Modern Grocery Channels Boosting the Market Sales

Convenience, ease of searching, billing, wide selection of products and discounts and promotion fueled the retail chocolate sale. Convenience stores and supermarket is growing at a steady rate while online sales have recorded an impressive growth rate. Supermarket/hypermarkets led the sale in the distribution channel. Expanding retail chain in the country has driven the market. Convenience Stores is another growing retail channel in South Korea. Consumers impulse purchasing behavior of chocolates is driving convenience stores sale. Online sales recorded an impressive growth of 200% during 2012-2017.

Competitive Landscape

The Chocolate market in South Korea is highly consolidated with the four players occupying more than 60% of the market sales. Innovation and product placement by demographic is driving sales in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Crown Confectionery Co., Ltd.
The Hershey Company
Orion Confectionery Co, Ltd.
Mars, Incorporated
Ferrero Group
Lotte Co., Ltd.

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