Cooking ingredients and meals in 2024: The big picture
In 2024, as in 2023, cooking ingredients and meals in South Korea is set to maintain low retail volume growth and stronger retail current value growth. In 2023, there were surges in raw materials prices for cooking ingredients and meals in South Korea, primarily driven by climate change and geopolitical issues, which further pushed up average unit prices.
Key trends in 2024
In 2024, there have been three significant trends dominating cooking ingredients and meals in South Korea that are mutually exclusive and collectively exhaustive. These trends are health and wellness, convenience, and quality.
Competitive landscape
CJ Cheiljedang Corp retains its convincing leadership of overall cooking ingredients and meals in South Korea, and is the only player expected to hold a double-digit retail value share in 2024. Ottogi Foods Co Ltd, Daesang Corp, and Pulmuone Co Ltd also have a strong presence after CJ Cheiljedang Corp.
Channel developments
When looking at the distribution of cooking ingredients and meals in South Korea, the primary channels for edible oils are supermarkets and hypermarkets, as they offer a wide selection of brands and product ranges. For the same reason, retail e-commerce has been showing double-digit retail value growth in edible oils, with this set to continue in 2024.
What next for cooking ingredients and meals?
Cooking ingredients and meals in South Korea is expected to see slow and steady retail volume and current value growth rates throughout the forecast period. Meals and soups is expected to continue to see the strongest rate of increase, despite already being the largest category within cooking ingredients and meals.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in South Korea?
- Which are the leading brands in Cooking Ingredients and Meals in South Korea?
- How are products distributed in Cooking Ingredients and Meals in South Korea?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in South Korea?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in South Korea
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in South Korea
KEY DATA FINDINGS
Edible oils sees price stabilisation in 2024, excluding olive oil
Health-conscious consumers care about quality more than price
Overall edible oils sees volume sales shrink due to changes in consumer behaviour
Cold-pressed oil products show potential, while refined oils need innovation
B2B retail volumes expected to increase more than B2C retail volumes
Navigating and enhancing consumer understanding of edible oils is essential
Meals and Soups in South Korea
KEY DATA FINDINGS
Retail e-commerce and convenience stores become strong channels due to high number of single-person households
Prepared salads shows remarkable growth in both volume and value terms in 2024
Shifting consumer demand from price to qualitative values
Competition between private label and branded products expected
Consumer retention strategy after price stabilisation will be essential
Growing potential to target older generations due to ageing population
Sauces, Dips and Condiments in South Korea
KEY DATA FINDINGS
Continuous development of low sugar and low calorie sauces
Polarised retail volume growth between recipe sauces and salad dressings
Product innovation and diversification in cooking and table sauces
The threat of new alternatives to existing sauces
Fierce competition expected in spicy table sauces
Continuous innovation in terms of variety and convenience
Sweet Spreads in South Korea
KEY DATA FINDINGS
Rising demand for low sugar and calories
Nut and seed-based spreads sees double-digit growth in retail value terms
Convenient and hygienic jams and preserves target different consumption occasions
Gradual increase in sweet spreads expected due to changes in dietary preferences
Home baking is easier, but younger consumers still prefer eating out at bakeries
To further increase sales, finding a pairing product is essential
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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