PROSPECTS AND OPPORTUNITIES
Competition between private label and branded products expected
Meals and soups in South Korea is expected to maintain solid retail volume and current value growth rates throughout the forecast period. However, in the short term, the competition between private label products and branded products is expected to intensify.
Consumer retention strategy after price stabilisation will be essential
For meals and soups to successfully penetrate and establish themselves in the home meals space in South Korea in the forecast period, offering differentiation and better value to ensure consumer retention will be essential. With a potential gradual reduction in interest rates on the horizon, consumer spending is expected to recover, which will lead to heightened competition with home-cooked meals and dining out.
Growing potential to target older generations due to ageing population
Currently, most of the health-related meals and soups launched by companies are aimed at the mass market. However, with South Korea facing ongoing issues of a low birth rate and an ageing population, achieving more sustainable growth will likely require a shift towards greater segmentation and closer targeting, such as the older generation.
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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
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
Cooking Ingredients and Meals in South Korea - Industry Overview
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
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?
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- Track key industry trends, opportunities and threats
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This report originates from Passport, our Meals and Soups research and analysis database.
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