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South Korea Food Preservative Market Share, Size, Trends, Growth, Forecast: By Source: Natural, Synthetic; By Type: Antimicrobial, Antioxidant, Others; By Application: Meat and Poultry, Bakery, Diary, Snack and Beverages, Others; By End Use; By Provinces; Market Dynamics; Competitive Landscape; Industry Events and Developments; 2023-2028

South Korea Food Preservative Market Outlook 

The South Korea food preservative market is expected to grow at a CAGR of 5.5% between 2023 and 2028. Growing demand for the food products with longer shelf life and awareness regarding natural preservatives, along with the increasing food fortification are majorly driving the food preservative industry in South Korea.

 

Development of Fortified Food Products Bolster the Food Preservative Market

With the spread of knowledge and awareness due to social media, magazines and other media regarding health and diet management, people are shifting their focus toward fortified food products, which is augmenting the market for food preservatives in the country. Researchers at Phyto Corporation  have come up with calcium, potassium, magnesium, and iron fortified kimchi, which is low in sodium to meet the deficit diet of the elderly population in South Korea. The company manufactures plant-based food products, and this fortified kimchi is expected to fulfil the nutritional deficiencies that can lead to diseases such as hypertension and osteoporosis, among others. Such food innovations boost healthy food consumption among the public, which compels the manufacturers to launch nutrient-rich fortified food products that are not only healthy but have a longer shelf life as well. This factor majorly drives the growth of the food preservative market in South Korea.

 

Market Segmentation

Preservatives are food additives that increase the shelf life of food by preventing it from rotting while also keeping it safe for eating. The most popular preservatives include:

  • Benzoic acid
  • Sorbic acid
  • Propionic acid

 

Food goods must be shielded against degradation along the distribution process, until they reach the end-user, from physical, chemical, and microbiological factors. "Preservatives" stop food decomposition, which is brought about by the actions of microorganisms.

 

Based on Source, the South Korea food preservative market can be segmented into:

  • Natural
  • Synthetic

 

Based on type, the food preservative market of South Korea can be divided into:

  • Antimicrobial
  • Antioxidant
  • Others

 

On the basis of application, the South Korea food preservative market can be bifurcated into:

  • Meat and Poultry
  • Bakery
  • Dairy
  • Snack and Beverages
  • Others

 

On the basis of end-use, the Food preservative market of South Korea can be segmented into:

  • Dietary Supplements
  • Pharmaceuticals
  • Animal Feed and Pet Food
  • Food and Beverage
  • Instant Formulas
  • Others

 

Based on province, the South Korea food preservative market can be classified into:

  • North Chungcheong
  • South Chungcheong
  • Gangwon
  • Gyeonggi
  • North Gyeongsang
  • South Gyeongsang
  • North Jeolla
  • South Jeolla
  • Jeju Special Self-Governing Province

 

The Growing Demand and Availability of Ready-to-eat and Ready-to-Cook foods Aids the Expansion of the South Korea Food Preservative Market

The demand for convenience food products is increasing as the market for food items with a longer shelf-life increases. Moreover, people stocked up on ready-to-eat and ready-to-cook food items along with other groceries, which boosted the sales of food items containing plant-based as well as chemical-based food preservatives in South Korea. At present, brands are focusing on trying to employ plant-based preservatives in their products to meet the growing demand for healthy foods and beverages. 

 

Another factor which posed an opportunity to the market players is the coronavirus. The COVID-19 pandemic augmented the sales of food preservatives as people stockpiled frozen foods, convenient foods, and bakery and confectionery products. When COVID-19 was at its peak, the sales of poultry, seafood, and frozen meat grew steadily while those of the food service industry decreased. People stockpiled bakery and confectionary products along with other groceries, which boosted the demand for food preservatives to meet the growing consumer demand in the country. Apart from extending shelf life, it also aids in delivering the product.

 

The imbalance between work and personal life during modern times has drastically impacted the daily lifestyle of people in South Korea. Furthermore, globalisation has made people follow western lifestyles and cultures. The dietary pattern has shifted, especially in urban areas, which has led to a steady increase in convenience foods and beverages. This factor has led to the increased consumption of convenience foods and beverages in the country, thereby augmenting the growth of the food preservation market.

 

Increased Awareness Regarding Health Hazards and Demand for Natural Preservatives in Foods

As the incidences of chronic health diseases increase, especially lifestyle disorders, people are becoming more conscious of their dietary habits and lifestyle. Consumers are now shifting their focus to preservative-free foods or those that include natural preservatives. Chemical-based preservatives such as sulphites, benzoic acid, nitrite and sodium nitrate, which are used to preserve meat products, increase the chances of developing several types of cancers and tumours. They also increase the risk of getting respiratory disorders and diabetes, among several other diseases. Along with the desire for natural antioxidants, antimicrobials, and other natural food preservatives, the demand for clean-label food items has significantly increased. Consumers increasingly place a higher value on products with clean labels than on conventional food items. Thus, the demand for natural preservatives added to food products is gaining traction among the busy and modern Korean population, thereby aiding the South Korea food preservative market.

 

Key Players in the South Korea Food Preservative Market

The report gives a detailed analysis of the following key players in the South Korea food preservative market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • Cargill, Inc.
  • DAESANG Corp.
  • Kwangil Food Chemicals
  • Bolak. Co.Ltd.
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
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
  • Natural
  • Synthetic
Breakup by Type
  • Antimicrobial
  • Antioxidant
  • Others
Breakup by Application
  • Meat and Poultry
  • Bakery
  • Diary
  • 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
  • Porter's Five Forces
  • 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

 

*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.

1    Preface
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

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Regional
7    Industry Opportunities and Challenges
8    South Korea Food Preservative Market Analysis

    8.1    Key Industry Highlights
    8.2    South Korea Food Preservative Historical Market (2018-2022) 
    8.3    South Korea Food Preservative Market Forecast (2023-2028)
    8.4    South Korea Food Preservative Market by Source
        8.4.1    Natural
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Synthetic
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
    8.5    South Korea Food Preservative Market by Type
        8.5.1    Antimicrobial
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Antioxidant
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Others
    8.6    South Korea Food Preservative Market by Application
        8.6.1    Meat and Poultry
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Bakery 
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Diary
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Snack and Beverages
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Others
    8.7    South Korea Food Preservative Market by End Use
        8.7.1    Dietary Supplements
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Pharmaceuticals
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Animal Feed and Pet Food
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Food and Beverage
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022)
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    Infant Formulas 
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022)
            8.7.5.3    Forecast Trend (2023-2028)
        8.7.6    Others
    8.8    South Korea Food Preservative Market by Provinces
        8.8.1    North Chungcheong
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022)
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    South Chungcheong
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022)
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Gangwon
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022)
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Gyeonggi
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022)
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    North Gyeongsang
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022)
            8.8.5.3    Forecast Trend (2023-2028)
        8.8.6    South Gyeongsang
            8.8.6.1    Market Share
            8.8.6.2    Historical Trend (2018-2022)
            8.8.6.3    Forecast Trend (2023-2028)
        8.8.7    North Jeolla
            8.8.7.1    Market Share
            8.8.7.2    Historical Trend (2018-2022)
            8.8.7.3    Forecast Trend (2023-2028)
        8.8.8    South Jeolla
            8.8.8.1    Market Share
            8.8.8.2    Historical Trend (2018-2022)
            8.8.8.3    Forecast Trend (2023-2028)
        8.8.9    Jeju Special Self-Governing Province
            8.8.9.1    Market Share
            8.8.9.2    Historical Trend (2018-2022)
            8.8.9.3    Forecast Trend (2023-2028)
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    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    Competitive Landscape
    10.1    Market Structure
    10.2    Company Profiles
        10.2.1    Cargill, Inc.
            10.2.1.1    Company Overview
            10.2.1.2    Product Portfolio
            10.2.1.3    Demographic Reach and Achievements
            10.2.1.4    Certifications
        10.2.2    DAESANG Corp.
            10.2.2.1    Company Overview
            10.2.2.2    Product Portfolio
            10.2.2.3    Demographic Reach and Achievements
            10.2.2.4    Certifications
        10.2.3    Kwangil Food Chemicals
            10.2.3.1    Company Overview
            10.2.3.2    Product Portfolio
            10.2.3.3    Demographic Reach and Achievements
            10.2.3.4    Certifications
        10.2.4    Bolak. Co.Ltd.
            10.2.4.1    Company Overview
            10.2.4.2    Product Portfolio
            10.2.4.3    Demographic Reach and Achievements
            10.2.4.4    Certifications
        10.2.5    Others
11    Industry Events and Developments

 

List of Key Figures and Tables

1.    South Korea Food Preservative Market: Key Industry Highlights, 2017 and 2021
2.    South Korea Food Preservative Historical Market: Breakup by Source (USD Million), 2018-2022
3.    South Korea Food Preservative Market Forecast: Breakup by Source (USD Million), 2023-2028
4.    South Korea Food Preservative Historical Market: Breakup by Type (USD Million), 2018-2022
5.    South Korea Food Preservative Market Forecast: Breakup by Type (USD Million), 2023-2028
6.    South Korea Food Preservative Historical Market: Breakup by Application (USD Million), 2018-2022
7.    South Korea Food Preservative Market Forecast: Breakup by Application (USD Million), 2023-2028
8.    South Korea Food Preservative Historical Market: Breakup by End Use (USD Million), 2018-2022
9.    South Korea Food Preservative Market Forecast: Breakup by End Use (USD Million), 2023-2028
10.    South Korea Food Preservative Historical Market: Breakup by Provinces (USD Million), 2018-2022
11.    South Korea Food Preservative Market Forecast: Breakup by Provinces (USD Million), 2023-2028
12.    South Korea Food Preservative Market Structure

Key Questions Answered in the Report

The market is projected to grow at a CAGR of 5.5% between 2023 and 2028.

The Growing demand for ready-to-eat and ready-to-cook food products, increasing disposable income, busy lifestyles, growing demand for food products with higher shelf life, globalisation, and increasing awareness regarding natural preservatives are the key drivers of the South Korea food preservative market.

The development of fortified food products is the key trend in the South Korea food preservative industry.

The dominant type of food preservatives in the industry are antimicrobial and antioxidant, among others.

The major players in the South Korea food preservative industry are DAESANG Corp., Cargill, Inc., DAESANG Corp., Kwangil Food Chemicals, and Bolak. Co.Ltd., among others.

Analyst Review

The South Korea food preservative market growth is driven by the hectic lifestyles and the growing awareness regarding natural preservatives. Aided by the rising demand of fortified food products, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 5.5%.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects     of the industry. By Source, the South Korea food preservative market can be segmented into natural and synthetic. Based on type the market can be segmented into antimicrobial, and antioxidant, among others. On the basis of application, the South Korea food preservative market can be bifurcated into meat and poultry, Bakery, snacks and beverages, and dairy, among others. Based on end use, the food preservative market of South Korea can be divided into dietary supplements, pharmaceuticals, animal feed and pet food, food and beverage, and infant formulas, among others. On the basis of provinces, the food preservative market can be segmented into North Chungcheong, South Chungcheong, Gangwon, North Gyeongsang, Gyeonggi, South Gyeongsang, North Jeolla, South Jeolla, and Jeju Special Self-Governing Province.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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