The South Korean soups market is projected to grow at a compound annual growth rate (CAGR) of 5.7% from KRW108.2bn (US$92.5m) in 2020 to KRW142.7bn (US$121.7m) in 2025, benefiting from busy lifestyles of consumers, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘South Korea Soups Market Assessment and Forecasts to 2025’, reveals that the market is majorly driven by growth in the dried soup (mixes) category, which is forecast to register the fastest value CAGR of 6.1% during 2020-2025. The category is followed by frozen soup category, which is expected to record a CAGR of 6.0% during the same period.
Anjali Singh, Consumer Analyst at GlobalData, says: “The growth in the South Korean soups market is being driven by busy consumers with hectic lifestyles. They have limited time to prepare meals, and therefore, demand convenient meal options to satiate their hunger and fill nutrition gaps that arise due to fragmented mealtimes. Furthermore, the COVID-19 pandemic led to the rise in demand of easy food options with longer shelf life. The e-commerce market surged in 2020 due to the COVID-19 pandemic and online platforms recorded strong growth in soups sales.”
The value share of South Korea in the global soups market is expected to remain constant at 0.5% through 2025. Similarly, the country’s share at the Asia-Pacific level is expected to remain constant at 2.4% during the period.
Hypermarkets & supermarkets continued to dominate the South Korean soups market and accounted for the majority share of 73.6% in 2020, followed by e-retailers and convenience stores with shares of 12.2% and 7.7%, respectively.
Ottogi Co, Ltd., Ajinomoto Group, and Daesang were the top three companies in the South Korean soups market by value in 2020. Ottogi and Vono were the leading brands.
Ms. Singh concludes: “The COVID-19 pandemic accelerated the shift towards healthier products owing to the rising health consciousness among consumers, which has been significantly impacting consumers’ product choices in the soups market. South Korean consumers are seeking convenient but healthy products with lower sugar and sodium content. Young consumers are also attracted towards novel and exotic flavors.”
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