Staple foods in 2024: The big picture
Staple foods in South Korea is set to experience little movement across most categories in 2024, due to the impact of rising raw materials prices stemming from climate change and supply chain issues. Elevated inflation rates are expected to result in a slight upward trend in retail current value sales across most categories, while retail volumes are facing minimal growth or decline.
Key trends in 2024
Health, convenience, and innovation have been key words and notable trends across various staple foods categories in the South Korean market in 2024. Since the pandemic, many consumers have adopted lifestyles that prioritise health and wellbeing.
Competitive landscape
Excluding artisanal products, which are expected to continue to dominate baked goods – one of the largest categories in staple foods in South Korea in terms of retail value sales – the leading three players in staple foods in 2024 are expected to remain CJ Cheiljedang Corp, Nongshim Co Ltd, and Ottogi Foods Co Ltd. CJ Cheiljedang’s strength is in processed meat, seafood, and alternatives to meat, as well as rice, pasta and noodles.
Channel developments
While supermarkets and hypermarkets, along with food specialists, continue to dominate retail offline sales of staple foods in South Korea, there are expected to be two faster growing channels in 2024. Convenience retailers (mainly convenience stores) is continuing to gain share as a distribution channel, and is set to record more notable value growth than supermarkets and hypermarkets in 2024, due to its emphasis on convenience, diversity, and trendy offerings.
What next for staple foods?
Staple foods in South Korea is set to see low retail volume growth and slightly higher retail current value growth in the forecast period. In the short term, the potential for increasing retail volumes of staple foods depends on achieving price stability and restoring consumers’ purchasing confidence.
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Overview:
Understand the latest market trends and future growth opportunities for the Staple Foods 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 Staple Foods 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 Staple Foods 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 Staple Foods in South Korea?
- Which are the leading brands in Staple Foods in South Korea?
- How are products distributed in Staple Foods 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 Staple Foods?
- 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?
Staple Foods in South Korea
Staple foods in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for staple foods?
DISCLAIMER
Baked Goods in South Korea
KEY DATA FINDINGS
The rise of leavened bread and frozen baked goods in 2024
Volume decline for packaged cakes and dessert mixes
Convenience stores is an emerging channel for baked goods, especially pastries
Constant adaptation to consumer demand essential in baked goods
Convenience stores will become a key distribution channel for baked goods
Fierce competition with bakery specialists after price stabilisation
Breakfast Cereals in South Korea
KEY DATA FINDINGS
Shifting breakfast habits lead breakfast cereals brands to focus on convenience and portability
Children’s breakfast cereals expands its target audience due to declining birth rate
Increased demand for healthier breakfast cereals, such as muesli and granola
Potential by leveraging demographic shifts
Revitalising breakfast cereals through health-focused innovations
Localisation of hot cereals will continue to drive a dynamic performance
Processed Fruit and Vegetables in South Korea
KEY DATA FINDINGS
Rising demand for frozen fruit amidst price increases and health consciousness
Foodservice retail volumes of frozen fruit also rise
Some categories see retail volume decline due to substitutes
Further decline expected for shelf stable fruit and vegetables, especially fruit
Desserts is the potential breakthrough that could leverage the value of frozen fruit
Potential for growth for frozen processed vegetables, from a low base
Processed Meat, Seafood and Alternatives To Meat in South Korea
KEY DATA FINDINGS
Changing consumer attitudes to chilled processed meat, from side dishes to snacks
Polarised growth rate between processed red meat and poultry due to increased consumer interest in health
Westernised eating habits and the increased popularity of ham
Focus on product development will be significant for processed red meat
Evolving competition in snack-oriented processed meat, especially deli meat
Meat and seafood substitutes to disrupt the category and create strong competition
Rice, Pasta and Noodles in South Korea
KEY DATA FINDINGS
The rise of instant noodle cups
Consumer preference for spicy and wellness instant noodles
Changes in rice consumption patterns
Fierce competition expected in instant noodle cups due to private label
Growth prospects for low calorie non-fried noodles
Growth prospects for healthy and convenient rice, especially utilising domestic rice
The following categories and subcategories are included:
Staple Foods
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- Packaged Flat Bread
- Unpackaged Flat Bread
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- Packaged Leavened Bread
- Unpackaged Leavened Bread
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- Packaged Cakes
- Unpackaged Cakes
- Dessert Mixes
- Frozen Baked Goods
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- Packaged Pastries
- Unpackaged Pastries
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- Sweet Pies and Tarts
- Frozen Cakes, Sweet Pies and Tarts
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- Hot Cereals
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- Children's Breakfast Cereals
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- Flakes
- Muesli and Granola
- Other RTE Cereals
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- Shelf Stable Beans
- Shelf Stable Fruit
- Shelf Stable Tomatoes
- Shelf Stable Vegetables
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- Frozen Fruit
- Frozen Processed Potatoes
- Frozen Processed Vegetables
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- Shelf Stable Processed Red Meat
- Shelf Stable Processed Poultry
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- Chilled Processed Red Meat
- Chilled Processed Poultry
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- Frozen Processed Red Meat
- Frozen Processed Poultry
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- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
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- Chilled Meat and Seafood Substitutes
- Frozen Meat and Seafood Substitutes
- Shelf Stable Meat and Seafood Substitutes
- Tofu and Derivatives
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- Chilled Noodles
- Frozen Noodles
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- Instant Noodle Cups
- Instant Noodle Pouches
- Plain Noodles
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- Chilled Pasta
- Dried Pasta
- Rice
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Staple Foods
NOTE: Couscous, polenta and quinoa are excluded from staple foods.
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This report originates from Passport, our Staple Foods research and analysis database.
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