Home baking has become one of the most popular hobbies in South Korea. As a result, ready-to-use ingredients and standardised recipes of premixes increase baking efficiencies and reduce time. Some of the popular baking items in South Korea include gyeran-ppang (egg bread), soboro buns (a type of streusel), and bungeoppang (fish-shaped waffles).
In 2021, the top sub-categories of new bakery products included cakes, pastries, and sweet items with 1,366 launches; sweet biscuits and cookies with 695 launches; baking ingredients and mixes with 263 launches; and bread and bread products with 259 launches. South Korea has an in-built cafe culture. The expansion of cafes and innovation in flavours stimulate the South Korea bakery premixes market growth. Additionally, manufacturers are gaining a competitive edge in the market by incorporating sustainable packaging and reducing waste. The rising availability of gluten-free bakery premixes is also propelling the market expansion.
Franchise expansion by leading companies supports the bakery premixes market in South Korea. In February 2024, Sprinkles Cupcakes announced its strategic franchise expansion into South Korea, followed by Singapore and Malaysia. The company is well-known for its freshly baked cupcakes, cakes, cookies, and brownies, and plans to open more than 50 new shops in the next few years globally. The company has assembled a large workforce, comprising operations, training, marketing, and construction in the ASEAN nations, to assist franchisees.
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Market Analysis by Product and Application:
- The market, on the basis of product, can be divided into complete mix, dough-based mix, and dough concentrates.
- Based on application, the market can be divided into bread products and bakery products.
Key Findings of the Report:
- In 2022, South Korea accounted for 71.5% of the working population among the total population. As a result, the dual household income and consumer busy lifestyle have created demand for ready-to-cook products, which aids the South Korea bakery premixes market expansion.
- In 2020, around 1.5 million Koreans were following a vegan diet, and the number is increasing. This has led to an increase in the high demand for nutrition-rich plant-based bakery premixes. Some of the prominent companies that provide vegan bakery premixes include Hanmi F3 Co., Ltd., and Bread Garden.
- Koreans are fond of having an average of 2 to 3 cups of coffee per day, which is often complemented with bakery items such as cookies, muffins, and cakes. As a result, bakery premixes play pivotal roles in preparing bakery items in a short span of time that can be enjoyed with coffee in the comfort of their homes.
- The healthy eating trend in South Korea has led to an increased demand for gluten-free and clean-label bread and bakery items. As a result, manufacturers are keen to develop bakery premixes according to consumer demand.
Figure: Working Age Population (% of Total Population) in South Korea, 2018-2022
Key Offerings of the Report:
- The EMR report gives an overview of the South Korea bakery premixes market for the periods (2018-2023) and (2024-2032).
- The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products and applications of bakery premixes in South Korea.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.
The major players in the South Korea bakery premixes market are Hanmi F3 Co., Ltd., Puratos Group, and Archer-Daniels-Midland Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Key Highlights of the Report
| REPORT FEATURES |
DETAILS |
| Base Year |
2023 |
| Historical Period |
2018-2023 |
| Forecast Period |
2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
- Complete Mix
- Dough-based Mix
- Dough Concentrates
|
| Breakup by Application |
- Bread Products
- Bakery Products
|
| Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
| Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
| Companies Covered |
- Hanmi F3 Co., Ltd.
- Puratos Group
- Archer-Daniels-Midland Company
- Others
|
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