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The South Korea dairy market reached a value of about USD 4.30 billion during 2018-2022. The industry is further expected to grow at a CAGR of about 2.7% in the forecast period of 2023-2028 to reach a value of around USD 5.05 billion by 2027.
Consumer preferences are slowly shifting away from fast food toward healthy diets. This trend toward a more nutritious diet is being seen as a result of the ageing population's growth, changing lifestyles, increased health concerns, and rising health awareness. This is likely to drive demand for dairy products, boosting the dairy products market's growth.
Consumption of milk, cheese, and yoghurt is associated with a lower risk of heart disease, stroke, hypertension, diabetes, metabolic syndrome, and colorectal cancer. Some fermented foods have active bacterial cultures and probiotics that can flourish in the digestive system and keep the gut microbiota in its average balance. Several dairy products aid in maintaining healthy teeth as well. Calcium, phosphorus, and protein casein are just a few of the particular anti-decay nutrients found in dairy products. Compared to other dairy products, yoghurt can help people lose weight and fat. High-quality proteins in milk contain all the critical amino acids required for muscle growth and maintenance. All these factors promote the consumption of milk and milk products among all age groups thus, aiding market growth.
The products that are formed from milk are called dairy products . Generally, all dairy products are made from cows, goats, camels, mares, and ewes’ milk. Butter, cheese, ice cream, yoghurt, creams, and custard among others are examples of dairy products.
Based on product type, the South Korea dairy market can be segmented into:
Based on distribution channel, the South Korea dairy market can be divided into:
Consumers read product labels in the packaging because of the demand for clean label products and transparency in the dairy products market. Another key component boosting demand is innovation in probiotic beverages by adding different flavours in convenient pack sizes. In South Korea, flavoured milk is immensely popular among South Korea population. In addition, flavoured milk is gaining much traction, especially Binggrae's banana milk is one of the most preferred flavoured milks in South Korea. Sales of both flavoured and fresh milk are being driven by rising consumer knowledge of additives and environmentally friendly packaging. Due to the extensive selection and convenience, speciality stores also hold a sizable portion of the market and show a healthy growth rate.
During the COVID-19 outbreak, consumers focused on their nutritional intake to boost their immunity, and the majority of customers moved to better beverage options like regular unflavoured milk, flavoured milk, drinkable yoghurt, and ice cream among others. The demand for premium products is soaring as a result of rising disposable income and consumers' better lifestyles, which is also boosting the market for dairy items.
Yoghurt innovation, such as fat-free, flavoured, and drinkable yoghurt, is predicted to generate significant development prospects for the dairy market. As diets have grown richer and more varied, packaging innovations such as single-serve, on-the-go packs, and small portion sizes also boost product demand and create enormous opportunities for companies. Moreover, the demand for clean label dairy products due to consumers' awareness will further augment the South Korea dairy market’s growth. In addition to high-quality protein, milk and milk derivatives provide a significant source of several vital micronutrients. Due to South Korea's growing ageing population, more milk and milk products may be consumed, causing the market for dairy products to expand more quickly.
With the South Korean consumers' growing interest in Western meals such as hamburgers, pizzas, and sandwiches, cheese consumption has grown exponentially, which has played a significant part in accustoming Korean consumers to cheese and so improving the dairy market's growth.
The price of raw milk is high compared to milk powder. Therefore, on a commercial scale, milk powder is used to produce confectionery and bakery products. This decreases the cost of food production and propels the market for milk powder, thereby propelling the development of the dairy market in South Korea.
The report provides in-depth research of the following prominent players in the South Korea dairy market, giving a detailed understanding about the competitive landscape, capacity, and recent developments including mergers, acquisitions, and investments, capacity expansion, and plant turnarounds:
The EMR report provides a detailed assessment of the market on the basis of the Porter's five forces model, combined with a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product||
|Breakup by Distribution Channels||
|Trade Data Analysis||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Dairy Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Dairy Historical Market (2018-2022)
8.3 South Korea Dairy Market Forecast (2023-2028)
8.4 South Korea Dairy Market by Product
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
8.4.2 Dry Milk
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
184.108.40.206 Breakup by Type
220.127.116.11.1 Non Fat
18.104.22.168.2 Full Fat
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
184.108.40.206 Breakup by Type
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.4.6 Dairy Desserts
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5 South Korea Dairy Market by Distribution Channels
8.5.1 Supermarkets and Hypermarkets
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5.2 Convenience Stores
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5.3 Speciality Stores
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Trade Data Analysis
11.1 Major Exporting Countries
11.1.1 By Value
11.1.2 By Volume
11.2 Major Importing Countries
11.2.1 By Value
11.2.2 By Volume
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Maeil Co.Ltd
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.2.2 Namyang Dairy Products Co., Ltd.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.2.3 Seoul Milk Cooperative
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.2.4 Dairyzen Co., Ltd
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.2.5 Nestlé SA
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
14 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Dairy Market: Key Industry Highlights, 2018 and 2028
2. South Korea Dairy Historical Market: Breakup by Product (USD Million), 2018-2022
3. South Korea Dairy Market Forecast: Breakup by Product (USD Million), 2023-2028
4. South Korea Dairy Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
5. South Korea Dairy Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
6. Major Exporting Countries by Value
7. Major Importing Countries by Value
8. Major Exporting Countries by Volume
9. Major Importing Countries by Volume
10. South Korea Dairy Market Structure
Between 2018-2022, the South Korea market attained a value of nearly USD 4.30 billion.
The market is projected to grow at a CAGR of 2.7% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 5.05 billion by 2027.
A variety of flavours and products, consumer awareness, rising disposable income, higher standards of living demand for clean label products, and eco-friendly packaging are the driving factors of the South Korea dairy market.
Rising awareness of health, increasing demand of flavoured milk and probiotic drinks are the key industry trends.
The dominant type of dairy in the industry are Milk, Dry Milk, Yoghurt, Cheese, Butter, Dairy, and Desserts, among others.
Unflavoured milk, flavoured milk, especially Binggrae’s banana milk, drinkable yoghurt, cheese, and ice creams are majorly consumed in South Korea.
Cheese consumption has increased under the influence of westernisation. Cheese is now a popular topping and ingredient in many Korean dishes.
The distribution channel segment is led by supermarket/hypermarkets, speciality stores, online stores, and convenience stores, among others.
The major players in the South Korea dairy industry are Maeil Co. Ltd., Namyang Dairy Products Co. Ltd., Seoul Milk Cooperative and Nestlé SA, among others.
The South Korea market attained a value of USD 4.30 billion in 2021, driven by the growing health consciousness among population. Aided by the health benefits, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 2.7%. The market is projected to reach USD 5.05 billion by 2027.
EMR’s report gives a comprehensive and detailed research on the South Korea dairy market, covering all the components of the market. Based on products, the dairy industry can be segmented into milk, dry milk, yoghurt, cheese, yogurt, butter, and dairy desserts, among others. On the basis of distribution channels, the market is bifurcated into supermarket/hypermarket, convenience stores, online stores, and speciality stores among others. The key players in the above market include Maeil Co. Ltd., Namyang Dairy Products Co. Ltd., Seoul Milk Cooperative and Nestlé SA, among others.
EMR reports are prepared with the assistance of advanced analytical tools and the expertise of their highly skilled team. The report provides our clients with market insights which are precise, specific, actionable, and help them strengthen their position in the competitive market.
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