COMPETITIVE LANDSCAPE
Competition is set to intensify in frozen ready meals
Meals and soups in South Korea remains predominantly driven by national brands led by large-scale food conglomerates. CJ Cheiljedang Corp continues to cement its dominant position, followed by Pulmuone Co Ltd, Ottogi Foods Co Ltd, Dongwon F&B Co Ltd, and Daesang Corp.
Structural challenges to continue from private label
Outside of product innovation, a more structural challenge has emerged in the form of private label competition. Amid sustained inflation, more consumers are turning away from premium-priced brands in favour of affordable private label alternatives, which are no longer associated with inferior quality.
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Overview:
Understand the latest market trends and future growth opportunities for the Meals and Soups 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 Meals and Soups 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 Meals and Soups 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 Meals and Soups in South Korea?
- Which are the leading brands in Meals and Soups in South Korea?
- How are products distributed in Meals and Soups 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 Meals and Soups?
- 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?
Meals and Soups in South Korea - Category analysis
KEY DATA FINDINGS
Consumers demand premium ingredients and convenience
Convenience and quality drive growth in meals and soups
Shelf-stable ready meals and dry soups are perceived to be less healthy
Demand for high-quality convenience foods will continue to rise
Competition to intensify in Home Meal Replacement (HMR)
Direct-to-consumer expansion will strengthen brand independence from retailers
Competition is set to intensify in frozen ready meals
Structural challenges to continue from private label
Private label thrives in store-based grocery retailers
Major brands gain traction via e-commerce
Cooking Ingredients and Meals in South Korea - Industry Overview
Widening range and innovation at both ends of price spectrum
KEY DATA FINDINGS
Consumers shift towards ready-to-eat products as convenience attracts shoppers
Wider range of products entices consumers seeking greater choice and value
Structural change will force brands to rethink price-value propositions
Retail disruption is anticipated as food manufacturers build D2C
Consumer demand is becoming polarised between affordable and premium choices
Retailers are gaining prominence in a fiercely competitive landscape
Private label makes significant gains
Retail e-commerce is transforming market dynamics as direct to consumer platforms emerge
Consumers are more selective in their channel choice
COUNTRY REPORTS DISCLAIMER
The following categories and subcategories are included:
Meals and Soups
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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
Meals and Soups
This is the aggregation of ready meals, pizza, food kits, prepared salads, and soup. Includes: These are products that have had recipe 'skills' added to them by the manufacturer, resulting in a high degree of readiness, completion and convenience. Food kits is an exception where typically the extent of preparation is much shorter than other meal products; includes meal kits where consumers are to put together pre-portioned ingredients and cook with the guidance of recipe cards. Ready meals are generally accepted to be complete meals that require few or no extra ingredients. However, in the case of shelf stable ready meals, the term also encompasses meal 'centres’; for food kits, they do require a degree of cooking and preparation. As such, some meals may require cooking (ready-to-cook); others may simply need reheating, prior to serving (ready-to-eat). Excludes: Any products sold unpackaged and/or by weight, including food sold from a retail deli counter.
See all of our definitionsWhy 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 Meals and Soups research and analysis database.
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