The growing demand and availability of ready-to-eat and ready-to-cook foods aid the expansion of the South Korea food preservative market. According to the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp, in 2020, shipments of ready-to-eat products, referred to as home meal replacement (HMR) items in South Korea, reached USD 1.7 billion, marking a significant increase of 145.3% compared to 2016. This is also aided by the increased number of convenience stores in the country and changing lifestyles. According to data released by the Seoul Metropolitan Government, the number of convenience stores in the city has grown by 400% since 2006, reaching 8,493 in 2021. Further, the popularity of ready-to-eat and drink food and beverages is supported by the rising busy and sedentary lifestyles, propelling the demand for food preservatives. Some of the popular prepared food for Koreans are kimchi, Korean barbecue, soup, noodles, and fried chicken.
In addition, the growing demand for natural preservatives in foods and increased awareness regarding health hazards is aiding the market for food preservatives. The use of natural preservatives by food and beverage producers is encouraged by the demand from rising health-conscious consumers.
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Market Breakup by Source, Type, Application, End Use, and Provinces:
- The market is segmented based on source into natural and synthetic.
- Based on type, the market can be divided into antimicrobial and antioxidant, among others.
- The market is segmented based on application into meat and poultry, bakery, dairy, snack and beverages, among others.
- By end-use, the market is segmented into dietary supplements, pharmaceuticals, animal feed and pet food, food and beverage, and infant formulas, among others.
- Based on provinces, the market is classified into North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, North Gyeongsang, South Gyeongsang, North Jeolla, South Jeolla, and Jeju Special Self-Governing Province.
Key Findings of the Report:
- The South Korean food preservative market is driven by the increasing demand for ready-to-eat and ready-to-cook foods, with shipments of such products reaching USD 1.7 billion in 2020, showing a remarkable 145.3% surge from 2016.
- The number of convenience stores saw a growth of 400% in Seoul from 2006 to 2021, further fuelling the popularity of ready-to-eat and drink items. This supports the demand for food preservatives to enhance the shelf life of products.
- The rising popularity of Korean cuisine worldwide, attributed to the growing K-culture, supports the demand for Korean food preservatives, with traditional pairings like kimchi, Korean barbecue, soup, noodles, and fried chicken gaining prominence.
- Increasing awareness of health risks associated with synthetic preservatives prompts a shift towards natural alternatives. This trend aligns with rising health consciousness, encouraging the use of natural preservatives by food producers to meet consumer demands and ensure longer shelf life while avoiding potential health hazards linked to synthetic preservatives.
Key Offerings of the Report:
- The EMR report gives an overview of the South Korea food preservative market for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the source, type, application, end-use and provinces of food preservatives in South Korea.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the South Korea food preservative market are Cargill, Inc., DAESANG Corp., Kwangil Food Chemicals, and Bolak. Co.Ltd., 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:
- Source
- Type
- Application
- End Use
- Provinces
|
Breakup by Source |
|
Breakup by Type |
- Antimicrobial
- Antioxidant
- Others
|
Breakup by Application |
- Meat and Poultry
- Bakery
- Dairy
- Snack and Beverages
- Others
|
Breakup by End Use |
- Dietary Supplements
- Pharmaceuticals
- Animal Feed and Pet Food
- Food and Beverage
- Infant Formulas
- Others
|
Breakup by Provinces |
- North Chungcheong
- South Chungcheong
- Gangwon
- Gyeonggi
- North Gyeongsang
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju Special Self-Governing Province
|
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 |
- Cargill, Inc.
- DAESANG Corp.
- Kwangil Food Chemicals
- Bolak. Co.Ltd.
- Others
|
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