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The South Korea Ice-cream market reached a value of about USD 2.10 billion in 2021. Product innovation broadens offerings and caters to a wide range of consumer desires, which is one of the market's major drivers in South Korea.
Melona was introduced in the South Korean marketplace in 1992, which is still loved by the people. It has a special place in the convenience stores. Binggrae was inspired by exotic, delicious Korean-melons and spotted a potential to profit from a fruit that was once considered a luxury in Korea. Although, this ice-cream was introduced in the 90s, it is still one of the best sellers in South Korea. The Korean ice-cream innovators are innovating new and unique flavours to meet the demand of youth, but they also believe that the popularity of Melona is not going to extinguish any time sooner. Especially during the summer, the demand for the ice cream increases and the rich flavour of melona aids in the fast sales among the consumers of all ages.
The growing popularity of the 'Newtro' culture has a significant impact on attracting and retaining customers of all ages. As a result, traditional flavours like corn, black sesame, and tofu have been introduced by ice-cream makers. These nostalgic flavours bring back memories for older consumers while offering new experiences for younger generations. Celebrities' collaboration with popular brands and social media upsurges the consumption of ice cream, especially among the youngsters. In 2020, Baskin Robbins collaborated with BTS to promote their ice-creams and launched four new flavours inspired by them to attract the fans in South Korea.
With the rapid increase in the number of distribution channels and globalization, millennials and generation Z consumers are getting informed about different ice cream brands, which is acting as a catalyst for the growth of the South Korea ice-cream market. With the ever-evolving taste of Korean palette, there is a competitiveness in the marketplace with the most recent development being acquiring of Haitai Ice cream by Binggrae Co. Ltd. to retain its dominance over the forecast period.
To adapt to changing consumer needs, ice-cream manufacturers are expanding their product lines by incorporating unusual flavours and organic herb fillings. The size of South Korea ice cream market is expanding due to the expansion of various distribution channels. In addition, retailers such as supermarkets, specialty stores, convenience stores, and grocery stores serve as marketing tools to help improve brand exposure and create impressive premium images for various ice cream products.
Ice cream is a sweetened food product that is popular among people of all ages. It comprises a mixture of air, water, sweeteners, milkfat, stabilizers, emulsifiers, non-fat milk solids (NMS), and flavours. In the flavour category, fruity flavours especially melon are preferred by the consumers. There are variety of flavours which are exclusively available in the Korean market only.
Based on flavour, the ice-cream market of South Korea is segmented into:
Based on end use, the South Korea ice-cream market can be divided into:
Based on major product types, the South Korea ice-cream market can be segmented into:
Based on the distribution channels, the ice-cream market of South Korea can be segmented into:
The growing awareness among the population regarding fitness and nutrition is compelling the food & beverage industry to innovate food products that are not merely nutritionally adequate but also palatable. One of the food categories that has entered fitness and nutrition trend is ice cream hence the manufacturers reformulate flavours into healthier versions of products, without altering taste or texture. Many variants are available in the market which are low in calories and are made with natural sweeteners like chrysanthemum and stevia.
Ice-cream is easy to digest and is recommended for persons who are unable to eat other foods due to stomach or throat concerns. Ice creams contain vitamin A, D, K, B6, and B12, along with minerals like calcium, phosphorus, and riboflavin. These nutrients promote bone strengthening, boost immunity, improve brain functioning, uplift mood, and prevent cancer. Furthermore, Ice creams possess all the essential amino acids, which makes them an excellent source of protein as well. Because ice cream is high in lactose, it promotes the absorption of more calcium from the diet, which is essential for developing children. In addition, the development of lactose-free and vegan ice cream and the surge in demand for new products offer great prospects for the expansion of the ice cream market in South Korea.
The ice cream market of South Korea is majorly driven by product innovations, especially in terms of flavour and types. Moreover, the Artisanal ice cream is prepared by skilled artists using natural ingredients and avoiding the use of any artificial flavours, preservatives, or emulsifiers. Consumer preferences are dynamic in nature. It constantly changes due to the increasing disposable income, changing lifestyle, and high standard of living.
Sustainability is also becoming an increasingly relevant environmental concern, especially in premium products. The packaging manufacturer's goal is to use recyclable, biodegradable, low-weight, high-value-added packaging, and finding ways to use less plastic in the packaging of high-end ice cream products is becoming a hot topic. For this reason, manufacturers are trying to make traditional ice cream containers and cups more environmentally friendly. Bio-resin paper bins made from sugarcane are now being used instead of polyethylene-coated containers. These advances in packaging are adding to the increased popularity since the new packaging is more convenient to handle and store.
Most companies are continuously attempting to come up with new flavours that appeal to today's consumers. Younger people want to seek new experiences, which has resulted in the introduction of some bizarre flavours like zzon teok (which is made up of black sesame seeds, pecans and rice cakes), honeycomb, apple-mint, green apple, and steamed potato which are exclusively available in South Korea Ice-cream market.
The report gives a detailed analysis of the following key players in the South Korea Ice cream market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
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.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Flavor||
|Breakup by Product Type||
|Breakup by End Use||
|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 Ice Cream Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Ice-Cream Historical Market (2018-2022)
8.3 South Korea Ice-Cream Market Forecast (2023-2028)
8.4 South Korea Ice-Cream Market by Flavor
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)
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 Ice-Cream Market by Product Type
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)
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)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6 South Korea Ice-Cream Market by End Use
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6.2 Food Service
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.7 South Korea Ice-Cream Market by Distribution Channels
8.7.1 Hypermarkets and Supermarkets
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.7.2 Convenience Stores
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.7.3 Ice-Cream Parlors
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)
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 (2105)
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 Binggrae Co., Ltd
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.2.2 Lotte Confectionery Co., Ltd.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.2.3 Haitai Confectionery and Foods Co., Ltd.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
13.2.4 Unilever plc
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
13.2.5 BR IP Holder LLC
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
14 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Ice-Cream Market: Key Industry Highlights, 2017 and 2021
2. South Korea Ice-Cream Historical Market: Breakup by Flavor (USD Million), 2018-2022
3. South Korea Ice-Cream Market Forecast: Breakup by Flavor (USD Million), 2023-2028
4. South Korea Ice-Cream Historical Market: Breakup by Product Type (USD Million), 2018-2022
5. South Korea Ice-Cream Market Forecast: Breakup by Product Type (USD Million), 2023-2028
6. South Korea Ice-Cream Historical Market: Breakup by End Use (USD Million), 2018-2022
7. South Korea Ice-Cream Market Forecast: Breakup by End Use (USD Million), 2023-2028
8. South Korea Ice-Cream Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
9. South Korea Ice-Cream Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
10. Major Importing Countries by Volume
11. Major Exporting Countries by Volume
12. Major Importing Countries by Value
13. Major Exporting Countries by Value
14. South Korea Ice-Cream Market Structure
In 2021, the South Korea ice-cream market attained a value of nearly USD 2.10 billion.
The major drivers of the ice-cream industry are product innovation, online food delivery services, rising disposable income, digital marketing and celebrity influence, and flavour variants.
The key market trends in the Ice cream industry of South Korea are the popularity of health consciousness among costumers and ‘Newtro’ culture.
The dominant flavours of ice cream in the South Korea ice-cream market are chocolate, vanilla, and fruit, among others.
Retail stores like hypermarkets, supermarkets and convenience stores are the leading distribution channels. However, speciality stores like cafes and ice cream parlours have the most variety in flavours.
The key players in the South Korea ice-cream industry are Lotte Confectionery Co., Ltd., Binggrae Co. Ltd., BR IP Holder LLC, Unilever plc, Haitai Confectionery and Foods Co., Ltd., among others.
The South Korea ice-cream market attained a value of USD 2.10 billion in 2021. It is driven by the rising popularity of healthy or low-calorie ice-creams and the ‘Newtro’ culture, an amalgamation of new and retro to make the older generations feel nostalgic by introducing their childhood flavours while also catering to the preferences of the younger generations. With the growing product innovation in the ice cream industry the market is expected to witness a further growth in the forecast period of 2023-2028.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on distribution channels, supermarkets and hypermarkets, ice-cream parlours, online, and others account for the leading share in the industry. Based on end use, the South Korea ice-cream market is divided into retail and food service. The dominant product types are bars, cone, cup, premium, and brick, among others. The key players in the South Korea ice-cream market include Lotte Confectionery Co., Ltd., Binggrae Co. Ltd., BR IP Holder LLC, Unilever plc, and Haitai Confectionery and Foods Co., Ltd., among others.
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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