South Korea Food Flavours Market to Reach Around USD 1,233.55 Million by 2032, Driven by the Growing Demand for Exotic Flavours in Convenience Meals

The South Korea food flavours market expansion is being aided by the consumer demand for convenience meals due to busy schedules and growing disposable incomes. Flavours enhance the taste profiles of food while also adding stability and consistency to the food.

Consumers in the region are seeking healthier food and beverage options, such as natural and organic products. This further provides greater opportunities for companies engaged in providing natural and nature-derived flavours and other ingredients to capitalise on this shift in trends.

The country has over 48,000 convenience stores that offer nutrient-rich and healthy foods and beverages. Some of the prominent QSR chains in South Korea include McDonald's, Shake Shack, Burger King, Dunkin Donuts, and others. With a distinct culinary and dining culture, South Korea had 681,000 general dining venues in 2021 and generated over USD 129 billion in sales from the food industry.

In February 2024, the multinational ice cream chain Baskin-Robbins, a subsidiary of Dunkin' Brands Group, Inc. (NASDAQ: DNKN), opened a new location in Seoul that will sell the company's unique ice cream flavours developed using a new artificial intelligence (AI)-based product development system. The business debuted Workshop by Baskin-Robbins on the first level of its central Seoul location.

This is the brand's unique hybrid store, which doubles as a research facility where new tastes are tested and initially offered to customers. The store uses an artificial intelligence (AI) model for new product development. It uses a recipe system that uses ChatGPT to generate new tastes and shows what the final product of the different flavours might look like. Every month, the store will exclusively launch a brand-new "deep flavour" that was developed by the big data-deep learning artificial intelligence system.

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Market Analysis by Type, Origin, and Application:

• The market, on the basis of type, can be divided into chocolate and brown, vanilla, fruit and nut, and spice and savoury, among others.

• Based on origin, the market can be divided into nature-identical, natural, and artificial/synthetic.

• The different applications of food flavours include beverages and food.

Key Findings of the Report:

• The influence of global culture and international travel in South Korea encourages blending various tastes and flavours into the cuisines. This further is leading to a growing demand for international flavours such as Chinese, Japanese, Thai, and others.

• The country is witnessing a major trend towards health and wellness. The rising awareness regarding the health benefits offered by natural sweeteners is increasing their use in South Korea’s food and beverage market. As a result, F&B manufacturers are incorporating natural food flavours to gain a competitive edge in the South Korea food flavours market dynamics.

• South Korea has a surging demand for bakery and confectionery products. Liquid food flavours are considered easy to use, and they can be used in liquid preparations in baked goods such as cakes. As a result, food flavour market demand is rising in the bakery sector.

• In 2022, around 2 million Koreans followed vegan or plant-based diets, and the number is rising. As a result, there is a growing demand for clean-label plant-based foods, which further increases the natural food flavour demand.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea food flavours market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, origins, and applications of food flavours 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 food flavours market are Symrise AG, Robertet Korea, Kerry Group plc., Huabao International Holdings Limited, Givaudan International SA, International Flavors & Fragrances Inc., and Firmenich SA., 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

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