The Baby Food Market in South Korea 2017 Overview, Trends and Forecast
The baby food market experienced negative growth in South Korea. The decline in number of births in 2013, 2014, and 2016 brought about a corresponding drop in baby food consumption. Overall consumption fell by 5.5% and retail sales increased by 13.6% in current price terms and 2.1% at constant prices between 2010 and 2016. Baby Milk dominates, claiming over 60.9% of the total market. Cereals & dry meals have fared less well in terms of volume sales, registering 21.9% and wet meals & others sector remains small with 17.2%. The decline in the birth rate in future will inevitably have an impact on overall volume in the market. Overall, the market is therefore expected to grow by only 2.3% in volume and by 19.5% in value by 2022.
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Key Findings
- Overall consumption fell by 5.5% and retail sales increased by 13.6% in current price terms and 2.1% at constant prices between 2010 and 2016.
- Meals & others is the fastest growing baby food category, comprising 17.2% of overall baby food volumes by 2016.
- The vast majority of baby food sold in Korea is manufactured within the country.
- Multinational representation is very low in South Korea, due mainly to the supremacy of the two leading domestic suppliers, Namyang and Maeil.
- Sales via e-commerce have expanded rapidly in recent years as many overseas brands are available online, and an increasing number of mothers are buying these products.
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Reason to Buy
- Evaluate important changes in consumer behavior and identify profitable markets and areas for product innovation.
- Analyse current and forecast behavior trends in each category to identify the best opportunities to exploit.
- Detailed understanding of consumption by individual product categories in order to align your sales and marketing efforts with the latest trends in the market.
- Investigates which categories are performing the best and how this is changing market dynamics.
Table of content:
Background to the Market
Birth: Live Birth Rates
Live Births by Region
Births – Measures to Boost the Birth Rate
The Consumer
Socio-Demographic Trends
Working Women
Regulations
Breastfeeding Trends
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