Dairy Products and Alternatives in South Korea

Report
73 Pages
September 2023
Region: South Korea
Euromonitor International
ID: 5616120

In 2023, dairy products and alternatives in South Korea is set to experience growth in retail current value terms, primarily driven by inflationary factors, which have been affecting the global dairy market. The country’s unique milk pricing system, which is updated annually based on farmers’ production costs and the national inflation rate, has further contributed to the increase in the price of milk, especially impacting dairy products processed with locally-produced raw milk.

The Dairy Products and Alternatives in South Korea report offers in-depth knowledge of the market at a national level, providing local insight and understanding unavailable elsewhere. In addition to the latest retail sales data 2018-2022, it identifies the leading companies, brands and retail outlets, and assesses the key trends and demographic shifts behind consumer demand and sales growth. How key trends such as health and wellness, sustainability and recovery from the pandemic are shaping the market in 2023 directly informs the forecasts to 2027, clearly indicating how the market is expected to change.

Product coverage: Baby Food, Dairy, Plant-based Dairy.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

Get a detailed picture of the Dairy Products and Alternatives market
Pinpoint growth sectors and identify factors driving change
Understand the competitive environment, the market’s major players and leading brands
Use five-year forecasts to assess how the market is predicted to develop

The analyst has over 40 years' experience of publishing market research reports, business reference books and online information systems. With offices in London, Chicago, Singapore, Shanghai, Vilnius, Dubai, Cape Town, Santiago, Sydney, Tokyo and Bangalore and a network of over 800 analysts worldwide, The analyst has a unique capability to develop reliable information resources to help drive informed strategic planning.

EXECUTIVE SUMMARY

Dairy products and alternatives in 2023: The big picture
Key trends in 2023
Competitive landscape
Channel developments
What next for dairy products and alternatives?

MARKET DATA

Table 1 Sales of Dairy Products and Alternatives by Category: Value 2018-2023
Table 2 Sales of Dairy Products and Alternatives by Category: % Value Growth 2018-2023
Table 3 NBO Company Shares of Dairy Products and Alternatives: % Value 2019-2023
Table 4 LBN Brand Shares of Dairy Products and Alternatives: % Value 2020-2023
Table 5 Penetration of Private Label by Category: % Value 2018-2023
Table 6 Distribution of Dairy Products and Alternatives by Format: % Value 2018-2023
Table 7 Forecast Sales of Dairy Products and Alternatives by Category: Value 2023-2028
Table 8 Forecast Sales of Dairy Products and Alternatives by Category: % Value Growth 2023-2028

DISCLAIMER

SOURCES

Summary 1 Research Sources

BABY FOOD IN SOUTH KOREAKEY DATA FINDINGS

2023 DEVELOPMENTS

The declining birth rate threatens baby food in South Korea
South Korea witnesses a shift towards imported brands, due to a new generation of parents
Domestic brands seek competitiveness in other areas

PROSPECTS AND OPPORTUNITIES

Prepared baby food will be key for growth in baby food in South Korea
Domestic brands likely to continue to lose popularity over the forecast period
E-commerce set to further strengthen its dominance of distribution

CATEGORY DATA

Table 9 Sales of Baby Food by Category: Volume 2018-2023
Table 10 Sales of Baby Food by Category: Value 2018-2023
Table 11 Sales of Baby Food by Category: % Volume Growth 2018-2023
Table 12 Sales of Baby Food by Category: % Value Growth 2018-2023
Table 13 Sales of Growing-Up Milk Formula by Age: % Value 2018-2023
Table 14 NBO Company Shares of Baby Food: % Value 2019-2023
Table 15 LBN Brand Shares of Baby Food: % Value 2020-2023
Table 16 Distribution of Baby Food by Format: % Value 2018-2023
Table 17 Forecast Sales of Baby Food by Category: Volume 2023-2028
Table 18 Forecast Sales of Baby Food by Category: Value 2023-2028
Table 19 Forecast Sales of Baby Food by Category: % Volume Growth 2023-2028
Table 20 Forecast Sales of Baby Food by Category: % Value Growth 2023-2028

BUTTER AND SPREADS IN SOUTH KOREAKEY DATA FINDINGS

2023 DEVELOPMENTS

Changing consumer trends impact sales of butter and spreads
Imported butter continues its positive growth trajectory in South Korea in 2023
Butter is growing in popularity in South Korea’s culinary scene

PROSPECTS AND OPPORTUNITIES

Imported brands will threaten domestic brands with the elimination of tariffs
Growing health concerns may increase the demand for unsalted butter

CATEGORY DATA

Table 21 Sales of Butter and Spreads by Category: Volume 2018-2023
Table 22 Sales of Butter and Spreads by Category: Value 2018-2023
Table 23 Sales of Butter and Spreads by Category: % Volume Growth 2018-2023
Table 24 Sales of Butter and Spreads by Category: % Value Growth 2018-2023
Table 25 NBO Company Shares of Butter and Spreads: % Value 2019-2023
Table 26 LBN Brand Shares of Butter and Spreads: % Value 2020-2023
Table 27 Distribution of Butter and Spreads by Format: % Value 2018-2023
Table 28 Forecast Sales of Butter and Spreads by Category: Volume 2023-2028
Table 29 Forecast Sales of Butter and Spreads by Category: Value 2023-2028
Table 30 Forecast Sales of Butter and Spreads by Category: % Volume Growth 2023-2028
Table 31 Forecast Sales of Butter and Spreads by Category: % Value Growth 2023-2028

CHEESE IN SOUTH KOREAKEY DATA FINDINGS

2023 DEVELOPMENTS

A shift in consumer behaviour brings a strong decline in volume sales
Lack of a proactive approach to new product development
Cream cheese thrives in foodservice due to wide flavour variety

PROSPECTS AND OPPORTUNITIES

Broadening of consumption occasions needed to maintain cheese sales in the future
Protein will increasingly be incorporated in cheese due to the ageing population
A new driving force will be required to boost sales of hard cheese in the longer term

CATEGORY DATA

Table 32 Sales of Cheese by Category: Volume 2018-2023
Table 33 Sales of Cheese by Category: Value 2018-2023
Table 34 Sales of Cheese by Category: % Volume Growth 2018-2023
Table 35 Sales of Cheese by Category: % Value Growth 2018-2023
Table 36 Sales of Spreadable Processed Cheese by Type: % Value 2018-2023
Table 37 Sales of Soft Cheese by Type: % Value 2018-2023
Table 38 Sales of Hard Cheese by Type: % Value 2018-2023
Table 39 NBO Company Shares of Cheese: % Value 2019-2023
Table 40 LBN Brand Shares of Cheese: % Value 2020-2023
Table 41 Distribution of Cheese by Format: % Value 2018-2023
Table 42 Forecast Sales of Cheese by Category: Volume 2023-2028
Table 43 Forecast Sales of Cheese by Category: Value 2023-2028
Table 44 Forecast Sales of Cheese by Category: % Volume Growth 2023-2028
Table 45 Forecast Sales of Cheese by Category: % Value Growth 2023-2028

DRINKING MILK PRODUCTS IN SOUTH KOREAKEY DATA FINDINGS

2023 DEVELOPMENTS

Inflation spurs growth of private label in drinking milk products in South Korea
High protein content is being incorporated in fresh milk
Cream content is gaining popularity in flavoured milk drinks

PROSPECTS AND OPPORTUNITIES

Looming threat to drinking milk products resulting from falling birth rate
The growing popularity of lactose free milk will threaten semi skimmed fresh milk
Rising fresh milk prices offer an opportunity to shelf stable milk

CATEGORY DATA

Table 46 Sales of Drinking Milk Products by Category: Volume 2018-2023
Table 47 Sales of Drinking Milk Products by Category: Value 2018-2023
Table 48 Sales of Drinking Milk Products by Category: % Volume Growth 2018-2023
Table 49 Sales of Drinking Milk Products by Category: % Value Growth 2018-2023
Table 50 NBO Company Shares of Drinking Milk Products: % Value 2019-2023
Table 51 LBN Brand Shares of Drinking Milk Products: % Value 2020-2023
Table 52 Distribution of Drinking Milk Products by Format: % Value 2018-2023
Table 53 Forecast Sales of Drinking Milk Products Products by Category: Volume 2023-2028
Table 54 Forecast Sales of Drinking Milk Products Products by Category: Value 2023-2028
Table 55 Forecast Sales of Drinking Milk Products Products by Category: % Volume Growth 2023-2028
Table 56 Forecast Sales of Drinking Milk Products Products by Category: % Value Growth 2023-2028

YOGHURT AND SOUR MILK PRODUCTS IN SOUTH KOREAKEY DATA FINDINGS

2023 DEVELOPMENTS

Plain yoghurt thrives in 2023, amidst shifting consumer preferences
Greek-style yoghurt gains further traction amongst younger generations
Embracing flavour innovation transforms yoghurt into a delightful dessert

PROSPECTS AND OPPORTUNITIES

Spoonable yoghurt will drive sales of yoghurt over the forecast period
Sustainability may become the key element in yoghurt
Home-made Greek-style yoghurt continues to gain popularity

CATEGORY DATA

Table 57 Sales of Yoghurt and Sour Milk Products by Category: Volume 2018-2023
Table 58 Sales of Yoghurt and Sour Milk Products by Category: Value 2018-2023
Table 59 Sales of Yoghurt and Sour Milk Products by Category: % Volume Growth 2018-2023
Table 60 Sales of Yoghurt and Sour Milk Products by Category: % Value Growth 2018-2023
Table 61 Sales of Flavoured Yoghurt by Flavour: Rankings 2018-2023
Table 62 NBO Company Shares of Yoghurt and Sour Milk Products: % Value 2019-2023
Table 63 LBN Brand Shares of Yoghurt and Sour Milk Products: % Value 2020-2023
Table 64 Distribution of Yoghurt and Sour Milk Products by Format: % Value 2018-2023
Table 65 Forecast Sales of Yoghurt and Sour Milk Products by Category: Volume 2023-2028
Table 66 Forecast Sales of Yoghurt and Sour Milk Products by Category: Value 2023-2028
Table 67 Forecast Sales of Yoghurt and Sour Milk Products by Category: % Volume Growth 2023-2028
Table 68 Forecast Sales of Yoghurt and Sour Milk Products by Category: % Value Growth 2023-2028

OTHER DAIRY IN SOUTH KOREAKEY DATA FINDINGS

2023 DEVELOPMENTS

Other dairy continues to struggle in 2023, but performances differ at category level
Chilled dairy desserts slightly increases in 2023
Cream declines in retail volume terms, but still expands its reach in foodservice

PROSPECTS AND OPPORTUNITIES

A new driving force will be needed to boost the slow-moving other dairy category
Coffee whiteners set to lose their presence amidst the ongoing espresso trend

CATEGORY DATA

Table 69 Sales of Other Dairy by Category: Volume 2018-2023
Table 70 Sales of Other Dairy by Category: Value 2018-2023
Table 71 Sales of Other Dairy by Category: % Volume Growth 2018-2023
Table 72 Sales of Other Dairy by Category: % Value Growth 2018-2023
Table 73 Sales of Cream by Type: % Value 2018-2023
Table 74 NBO Company Shares of Other Dairy: % Value 2019-2023
Table 75 LBN Brand Shares of Other Dairy: % Value 2020-2023
Table 76 Distribution of Other Dairy by Format: % Value 2018-2023
Table 77 Forecast Sales of Other Dairy by Category: Volume 2023-2028
Table 78 Forecast Sales of Other Dairy by Category: Value 2023-2028
Table 79 Forecast Sales of Other Dairy by Category: % Volume Growth 2023-2028
Table 80 Forecast Sales of Other Dairy by Category: % Value Growth 2023-2028

PLANT-BASED DAIRY IN SOUTH KOREAKEY DATA FINDINGS

2023 DEVELOPMENTS

Soy drinks further strengthen their health credentials to retain consumers
New entrants continue to drive growth for other plant-based milk
Maeil Dairies maintains its lead in other plant-based milk

PROSPECTS AND OPPORTUNITIES

Other plant-based milk will continue to drive growth
Plant-based cheese needs to expand its reach to foodservice outlets
Plant-based yoghurt may unveil growth potential with time

CATEGORY DATA

Table 81 Sales of Plant-Based Dairy by Category: Value 2018-2023
Table 82 Sales of Plant-Based Dairy by Category: % Value Growth 2018-2023
Table 83 Sales of Other Plant-Based Milk by Type: % Value 2020-2023
Table 84 NBO Company Shares of Plant-Based Dairy: % Value 2019-2023
Table 85 LBN Brand Shares of Plant-Based Dairy: % Value 2020-2023
Table 86 Distribution of Plant-Based Dairy by Format: % Value 2018-2023
Table 87 Forecast Sales of Plant-Based Dairy by Category: Value 2023-2028
Table 88 Forecast Sales of Plant-Based Dairy by Category: % Value Growth 2023-2028

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