South Korea Ice-Cream Market Reached a Value of USD 2.10 Billion in 2021, Aided by the Increasing Product Innovations and Offerings by Marker Players

The South Korea ice-cream market growth is driven by product innovations and offerings incorporated by the market players to cater wide range of consumer demands. Korean ice-cream innovators continue to introduce new and unique flavours catering to the demands of the younger generation, while maintaining the appeal of traditionally popular offerings like Melona. In South Korea, particularly during summer, Melona's rich flavour contributes to its consistent sales across all consumer age groups.

Table: Tariffs & Taxes for U.S Ice Cream and Frozen Yoghurt under KORUS FTA

All U.S. imported products must bear Korean language labels that are clear and permanent. Upon arrival in Korea, label stickers or tags can be applied but should not obscure the original product details like name or expiration date. Importing U.S. ice cream and frozen yoghurt into Korea does not require product registration. Ice cream without eggs needs an exporter self-declaration on heat treatment while egg-containing ice cream requires an APHIS certificate (VS Form 16-4).

The rising trend of 'Newtro' culture significantly influences customer attraction and retention across age groups. Ice-cream makers are introducing nostalgic flavours like corn, black sesame, and tofu, appealing to older consumers while intriguing younger generations. Collaborations with celebrities and social media campaigns boost ice cream consumption, notably among the youth. For example, in 2020, Baskin Robbins partnered with BTS, launching four new flavours inspired by the band to engage fans in South Korea.

The South Korean ice cream market is growing due to expanding distribution channels and globalisation, exposing millennials and Gen Z to diverse brands.

The market benefits from the demand for healthier options like low-fat, low-calorie, and lactose-free variants, driven by health-conscious consumers. Manufacturers are meeting demands of health-conscious consumers by introducing ice-cream products made using organic and natural ingredients. Moreover, ice cream's integration into popular Korean desserts like Bingsu also contributes to the market expansion.

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Market Breakup by Flavor, Product Type, End Use, and Distribution Channels:

• Based on flavor, the market can be divided into chocolate, vanilla and fruits, among others.

• On the basis of product type, the market can be segmented into bar, cone, cup, premium, and brick, among others.

• On the basis of end use, the market can be divided into retail and food service.

• By distribution channels, the market is categorised into hypermarkets and supermarkets, convenience stores, ice-cream parlors, and online, among others.

Key Findings of the Report:

• The South Korean ice cream market is expanding due to premiumisation and the adoption of sustainable packaging. Product innovations, particularly in flavour and variety, are significant drivers of the market.

• In South Korea, ice cream innovations cater to health-conscious customers. As awareness about fitness and nutrition increases, the food and beverage industry is innovating to create products that are both nutritious and delicious. This trend reflects a growing demand for healthier options in the market.

• In South Korea, the ice cream market benefits from diverse seasonal flavours, like pumpkin in autumn and red bean, tailored to festive occasions. 

• Additionally, advancements in freezing and packaging technologies contribute to improved product quality and longer shelf life. These factors align with consumer preferences for variety and quality in ice cream offerings.

Key Offerings of the Report:

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

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the flavor, product type, end use, and distribution channels of ice-cream 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 ice-cream market are Binggrae Co., Ltd, Lotte Confectionery Co., Ltd., Haitai Confectionery and Foods Co., Ltd., Unilever plc, and BR IP Holder LLC, 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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