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Market Focus: Trends and Developments in the Bakery and Cereals Sector in South Korea

  • June 2014
  • -
  • GlobalData
  • -
  • 52 pages

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Summary

This report brings together consumer insight and market data to provide a comprehensive brief of the South Korean Bakery and Cereals sector. This allows for the rapid identification of key growth opportunities across major Bakery and Cereals categories and their packaging.

Key Findings

- The Bakery and Cereals market in South Korea will register moderate growth during 2013-2018, as a result of increasing popularity of Western Cuisine among the Korean consumers.
- Bread and Rolls is the largest category by value and will register the highest growth during 2013-2018.
- Indulgence and age specific needs are the leading motivational factors influencing Bakery and Cereals consumption in South Korea.
- A young population, with a high disposable income and rapid economic development in the past decade, favor the growth of modern retail formats in South Korea.
- Domestic companies dominate the Bakery and Cereals market in South Korea and their brands are also popular in international markets.

Synopsis

Growing urbanization and busy lifestyles have led South Korean consumers to purchase more Bakery and Cereals products. The market will register moderate growth during 2013-2018, with Bread and Rolls category registering the highest category growth. Innovative product launches, especially products with local flavours and those suiting Korean taste and preference, across categories will drive sales of Bakery and Cereals while a young South Korean population with high disposable income will drive the demand for premium products.

Reasons To Buy

This overview of the consumer and market dynamics of the South Korean Bakery and Cereals sector allows new entrants and established companies to gain rapid and comprehensive insight into the current state of the market and identify the key trends that will drive growth in the coming years.

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