South Korea Dairy Market Size To Grow At A CAGR Of 2.7% In The Forecast Period Of 2023-2028
The ‘South Korea Dairy Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea dairy market, assessing the market on the basis of its segments like product and distribution channels.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
South Korea Dairy Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 2.7%
The increasing demand for cheese and yogurt in South Korea is driving the growth of the dairy market in the country. Changing lifestyles, increasing inclination towards consuming healthy and premium packaged food products on a daily basis, and growing awareness pertaining to the benefits of diary, are the crucial driving factors of the South Korea dairy market. In addition, the escalating health concerns among the working population are further propelling the sale of dairy products in the country due to the increasing awareness regarding health benefits of dairy products.
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The growing efforts by the government of South Korea towards ramping up domestic dairy production capacity in order to make the country self-sufficient, are fuelling the market numbers. Rising number of domestic dairy suppliers are expected to garner the competitive landscape in the country, which in turn, are expected to improve product quality, variety, and accessibility in the forecast period.
The increasing demand for milk, coupled with growing popularity of flavoured milk, is escalating the importance of South Korea in the global dairy sector. Over the forecast period, the anticipated increase in disposable income, rapid urbanisation, and robust development of supermarkets/hypermarkets in the country are likely to propel the South Korea dairy market.
South Korea Dairy Industry Definition and Major Segments
Dairy is an umbrella term which includes all the food products derived from milk such as butter, cheese, yogurt, and curd, among others. Dairy products are usually derived from milk obtained from cows, goats, buffalos, or camels. Dairy products are considered to be healthy as they provide protein, vitamins such as B2, B5, and B12, and minerals such as calcium, potassium, and iodine, although the nutritional profile varies between milk source and specific dairy product.
Based on product, the market can be segmented into:
- Dry Milk
- Non Fat
- Full Fat
- Dairy Desserts
On the basis of distribution channels, the market can be classified into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Speciality Stores
South Korea Dairy Market Trends
The key trends in the global South Korea dairy market include the increasing demand for raw milk owing to the growing awareness about the benefits of consuming milk, such as reduced risk of chronic diseases and healthy presence of nutrients. In addition, the rising demand for ice cream, coffee, butter, cheese, cream, and bread, among other products made with dairy are crucial trends in the market. The thriving e-commerce sector across the country, coupled with the increasing purchasing power of the population, is heightening the sale of clean-labelled dairy products, leading to a greater growth of the dairy market in South Korea.
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Increasing inclination of the Korean population towards immunity boosting food products are further empowering the market growth. For instance, banana milk is gaining traction in the country which is contributing to the dairy market demand in South Korea. The growing research and development activities by major domestic and international dairy product manufacturers to improve the standards of dairy products by introducing innovative flavours and textures, are expected to be the crucial South Korea dairy market bolstering trends.
Key Market Players
The major players in the South Korea Dairy market report are:
- Maeil Co.Ltd
- Namyang Dairy Products Co., Ltd.
- Seoul Milk Cooperative
- Dairyzen Co., Ltd
- Nestlé SA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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