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South Korea Frozen Food Market Share, Size, Trends, Growth, Forecast: By Type: Ready-to-Drink, Ready-to-Eat, Ready-to-Cook, Others; By Products: Frozen Meals, Frozen Seafood, Meat, and Poultry, Frozen Fruits and Vegetables, Others; By End Use; By Distribution Channels; Competitive Landscape; Industry Events and Developments; 2023-2028
South Korea Frozen Food Market Outlook
The South Korea Frozen Food market reached a value of about USD 1.82 billion in 2021. The industry is further expected to grow at a CAGR of about 6.7% in the forecast period of 2023-2028 to reach a value of around USD 2.68 billion by 2027.
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Acceptance of frozen foods as a safe and healthy food preservation method is leading the Korean frozen food market
Frozen foods are flash-frozen at a very low temperature to crystallise water and prevent the product from going soggy when thawed. This lowers the damage to the structure of food products. There is a very negligible variation in the nutrient content of the food. Hence, the food item stays fresh for a longer time. Moreover, Carotenoids and flavonoids are retained in frozen vegetables as they are often blanched before freezing. Frozen foods are widely accepted by people as it is a safe and healthy way of preserving food items, unlike canning and drying in which preservatives are added to increase the shelf life of products.
Frozen food is typically cheaper than fresh food and does not require any preparation like washing or peeling which saves a lot of time for working professionals, especially women. Also, arable land in South Korea is less hence buying frozen food is a way to make the variety of food items accessible.
Market Segmentation
Frozen food means any food item that has been processed, packaged or preserved that has been maintained at a temperature below the freezing point. Food will stay safe to eat for an infinite period of time at the suggested freezer temperature of 0 degrees Fahrenheit. Any bacteria, yeasts, and mould found in food are rendered inactive by freezing at this temperature.
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By type, the frozen food market of South Korea can be segmented into:
- Ready-to-Eat
- Ready-to-Drink
- Ready-to-Cook
- Others
By product, the South Korea frozen food market can be divided into:
- Frozen Meals
- Frozen Seafood, Meat, and Poultry
- Frozen Fruits and Vegetables
- Frozen Potatoes
- Frozen Soup
- Dairy Products
- Others
Based on the end use, the South Korea frozen food market is classified into:
- Retail
- Food Service Industry
On the basis of distribution channel, the frozen food market of South Korea can be divided into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Channels
- Others
Increased Popularity of Convenience Food and Improved Packaging is Augmenting the Growth of Frozen Food Market
The market for frozen foods is driven by increased demand for convenience brought on by an ageing population. Given that they take less time and effort to prepare than homemade meals, consumers' growing preference for convenience foods indirectly benefits the demand for frozen goods. These convenience foods are another temptation for those who are unable to hire a cook. These factors are contributing to the growth of the South Korea frozen food market.
To reduce the operational expenses, the food service industry like cafes, hotels, resorts, caterers, and restaurants are among the major consumers of frozen food products. Due to excellent internet penetration, companies are investing in online retail channels which are bolstering the growth of the frozen food market in South Korea. Online channels are expected to grow further during the given forecast period. Additionally buying Frozen food online is becoming a popular option among consumers as a result of the social distancing brought on by the COVID-19 pandemic.
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Increasing Production of Retort Pouches, Technological Innovation, and a Variety of Frozen Foods in the Market are Aiding the Frozen Food Market Growth
Manufacturers make use of retort pouches , which can keep food fresh for around a year, and preservatives don't need to be added because of how the product is packaged. This guarantees that the product stays scrumptious and nutritious. Frozen meals are packed using techniques that preserve the quality and freshness of the components.
Rising disposable income, the development of goods with longer shelf lives, and an increase in impulsive buying have resulted in the growing demand for frozen food products. Given the benefits of frozen food and the strong backing for technological innovation, the items are now much more widely available and reasonably priced for people across the nation. The frozen food market has evolved from offering unprocessed raw food products such as frozen meat, vegetables, and fruits to prepared cuisine, frozen vegetable mixtures, bakery goods, and frozen desserts. The flavours, including sweetness, fat content, and texture, are the variables influencing the frozen food market's growth.
Key Players in South Korea Frozen Food Market
The report gives a detailed analysis of the following key players in the South Korean frozen food market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Nongshim Co. Ltd.
- Dr.Chung’s Food Co.,Ltd
- SPC GFS CO. LTD
- Daesang Corporation
- Taejong FD Co., Ltd.
- CJ Cheiljedang Corp.
- Others
The comprehensive EMR report provides an in-depth evaluation of the market based on the Porter's five forces model along with 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:
|
| Breakup by Type |
|
| Breakup by Products |
|
| Breakup by End Use |
|
| Breakup by Distribution Channels |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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
7 Industry Opportunities and Challenges
8 South Korea Frozen Food Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Frozen Food Historical Market (2018-2022)
8.3 South Korea Frozen Food Market Forecast (2023-2028)
8.4 South Korea Frozen Food Market by Type
8.4.1 Ready-to-Drink
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 Ready-to-Eat
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Ready-to-Cook
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Others
8.5 South Korea Frozen Food Market by Products
8.5.1 Frozen Meals
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 Frozen Seafood, Meat, and Poultry
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 Frozen Fruits and Vegetables
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Frozen Potatoes
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Frozen Soup
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
8.5.6 Dairy Products
8.5.6.1 Market Share
8.5.6.2 Historical Trend (2018-2022)
8.5.6.3 Forecast Trend (2023-2028)
8.5.7 Others
8.6 South Korea Frozen Food Market by End Use
8.6.1 Food Service Industry
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 Retail
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 South Korea Frozen Food Market by Distribution Channels
8.7.1 Supermarkets and Hypermarkets
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 Convenience Stores
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 Online Channels
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 Others
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 Value Chain Analysis
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 CJ CheilJedang Corp.
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Nongshim Co.,Ltd.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Dr.Chung’s Food Co.,Ltd
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 SPC GFS CO. LTD
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Daesang Corporation
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Taejong FD Co., Ltd.
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Others
12 Industry Events and Developments
List of Figures and Tables
1. South Korea Frozen Food Market: Key Industry Highlights, 2018 and 2028
2. South Korea Frozen Food Historical Market: Breakup by Type (USD Million), 2018-2022
3. South Korea Frozen Food Market Forecast: Breakup by Type (USD Million), 2023-2028
4. South Korea Frozen Food Historical Market: Breakup by Products (USD Million), 2018-2022
5. South Korea Frozen Food Market Forecast: Breakup by Products (USD Million), 2023-2028
6. South Korea Frozen Food Historical Market: Breakup by End Use (USD Million), 2018-2022
7. South Korea Frozen Food Market Forecast: Breakup by End Use (USD Million), 2023-2028
8. South Korea Frozen Food Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
9. South Korea Frozen Food Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
10. South Korea Frozen Food Market Structure
Key Questions Answered in the Report
In 2021, the South Korea frozen food market attained a value of nearly USD 1.82 billion.
The market is projected to grow at a CAGR of 6.7% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 2.68 billion by 2027.
The popularity of convenience food, improved packaging, rising disposable income, less availability of arable land, and product development are the industry drivers.
Busy lifestyles, awareness as well as acceptance of frozen foods and concern regarding healthy diet and fitness are the major trends.
The dominant type of frozen food in the industry are Frozen Meals, Frozen Seafood, Meat, and Poultry, Frozen Fruits and Vegetables, Frozen Potatoes, Frozen Soup, and Dairy Products, among others.
The distribution channel segment is led by supermarkets/hypermarkets, convenience stores, and online stores, among others.
Major players in the South Korea frozen food industry are Nongshim Co. Ltd., Dr.Chung’s Food Co.,Ltd, SPC GFS CO. LTD, Daesang Corporation, Taejong FD Co., Ltd., CJ Cheiljedang Corp., among others.
Analyst Review
The South Korea frozen food market attained a value of USD 1.82 billion in 2021, driven by the rising popularity of convenience food. Aided by improved packaging and variety, the market is expected to witness further growth in the forecast period of 2023-2028, growing at a CAGR of 6.7%. The market is projected to reach USD 2.68 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product, frozen food industry can be segmented into Frozen Meals, Frozen Seafood, Meat, and Poultry, Frozen Fruits and Vegetables, Frozen Potatoes, Frozen Soup, and Dairy Products, among others. Based on type, the frozen food market of South Korea can be bifurcated into Ready-to-Eat, Ready-to-Drink, and Ready-to-Cook, among others. On the basis of distribution channels, the market can be segmented into hypermarkets and supermarkets, convenience stores, online, and among others. The key players in the above market include Nongshim Co. Ltd., Dr.Chung’s Food Co.,Ltd, SPC GFS CO. LTD, Daesang Corporation, Taejong FD Co., Ltd., CJ Cheiljedang Corp., among others.
EMR’s research methodology uses cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are detailed, accurate, actionable, and help them remain ahead of their competition.
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