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Market Research Report

South Korea Frozen Food Market, By Product (Pre-Packed Sandwiches, Pies & Savory Appetisers, Cured Meats, Fermented Meats, Savory Baked Goods & Prepared Salads) & Distribution Channel-Analysis, Share, Trends, Size, & Forecast From 2014-2025

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South Korea Frozen Food Market, By Product (Pre-Packed Sandwiches, Pies & Savory Appetisers, Cured Meats, Fermented Meats, Savory Baked Goods & Prepared Salads) & Distribution Channel-Analysis, Share, Trends, Size, & Forecast From 2014-2025
Published: July 1, 2019 Content info: 101 Pages
Description

REPORT HIGHLIGHT

South Korea frozen food market valued at USD 780.3 million, growing with CAGR 4.1% during the forecast period. In terms of volume, the country recorded 225.9 million kilogram during the year 2017.

Market Dynamics

The performance of this market in South Korea is forecasted to accelerate owing to the busy lifestyle and growing demand for ready to eat food products. One of the primary advantage of frozen foods is to it prolong product's shelf- life, generally lasting longer than average refrigerated or fresh produce. South Korea accounted for around 3% share of the overall Asia Pacific frozen food market. Of the overall Asia Pacific market, South Korea ranked 4th position in terms of frozen food revenue generation, after China, Japan and Taiwan. It is noted that the Korean food companies are actively expanding their presence in developed countries such as the U.S. market.

U.S. consumers are tempted to try new ethnic flavors of frozen foods, served by Korean companies, in line with their search for new taste experiences. This factors would in turn establish healthy platform for the growth of Korean frozen food industry during the study period. However, fixed costs of these products are high owing to cumulative expenses of establishing suitably sized facilities coupled with production lines with specialized equipment. This factor would in turn hamper the industry growth to some extent.

Product Takeaway

  • Frozen fish/seafood
  • Frozen meat products
  • Frozen potato products
  • Frozen ready meals
  • Frozen pizza
  • Frozen bakery products
  • Other

In terms of products, frozen meat accounted for the highest revenue share, captured over 35% in 2017. The newfound popularity of variety of frozen foods, however, goes beyond to the frozen meat and seafood. It is analyzed that frozen pizza and bakery products are growing with promising growth rate. The demand for these products is increasing rapidly in country owing to the availability of new varieties coupled with entry of new players.

Distribution Channels Takeaway

  • Convenience Stores
  • Independent Retailers
  • Supermarkets / hypermarkets
  • Specialist Retailers
  • Other

Supermarkets accounted for the highest revenue share, with 40.6% share in 2017. The main distribution channels for South Korea's frozen food market are super and hypermarkets. Large retailers, such as supermarkets, can make bulk purchases and negotiate on price with manufacturers which will boost the buyer power, supporting the segment growth.

KEY VENDORS TAKEAWAY

  • Nestle S.A.
  • Longfeng
  • General Mills, Inc.
  • WH Group Limited
  • Ajinomoto Co., Inc.
  • Dongwon F&B Co., Ltd.
  • Hansung Enterprise Co., Ltd.

Of these players, Dongwon F&B Co., Ltd. emerged as the leading player in the frozen food market in Korea. The company has captured over 10% share in terms of market volume. Dongwon F & B (subsidiary of Dongwon Group) is a South Korea based firm, primarily involved in manufacturing and selling food products. Along with the South Korea, the company has operations in China, Japan and the US.

The industry is fragmented, thereby characterized by the presence of many players. Companies primarily purchase frozen food through ways, purchasing products through the open market where players have little control over product prices and are forced to hedge to mitigate price fluctuations, or they may negotiate supply contracts with growers and farmers.

The market size and forecast for each segment and sub-segments has been considered as below:

  • Historical Year - 2014 & 2016
  • Base Year - 2017
  • Estimated Year - 2018
  • Projected Year - 2025

TARGET AUDIENCE

  • Traders, Distributors, and Suppliers
  • Manufacturers
  • Government and Regional Agencies
  • Research Organizations
  • Consultants
  • Distributors

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY PRODUCT TYPES

  • Frozen fish/seafood
  • Frozen meat products
  • Frozen potato products
  • Frozen ready meals
  • Frozen pizza
  • Frozen bakery products
  • Other

MARKET, BY DISTRIBUTION CHANNEL

  • Convenience Stores
  • Independent Retailers
  • Supermarkets / hypermarkets
  • Specialist Retailers
  • Other
Table of Contents

Table of Contents

1. SOUTH KOREA FROZEN FOOD MARKET OVERVIEW

  • 1.1. Study Scope
  • 1.2. Assumption and Methodology

2. EXECUTIVE SUMMARY

  • 2.1. Market Snippet
    • 2.1.1. Market Snippet by Product
    • 2.1.2. Market Snippet by Distribution Channel
    • 2.1.3. Market Snippet by Region
  • 2.2. Competitive Insights

3. SOUTH KOREA FROZEN FOOD KEY MARKET TRENDS

  • 3.1. Market Drivers
    • 3.1.1. Impact Analysis of Market Drivers
  • 3.2. Market Restraints
    • 3.2.1. Impact Analysis of Market Restraints
  • 3.3. Market Opportunities
  • 3.4. Market Future Trends

4. SOUTH KOREA FROZEN FOOD INDUSTRY STUDY

  • 4.1. Porter's Five Forces Analysis
  • 4.2. Marketing Strategy Analysis
  • 4.3. Growth Prospect Mapping
  • 4.4. Supply Chain Analysis

5. SOUTH KOREA FROZEN FOOD MARKET LANDSCAPE

  • 5.1. Market Share Analysis
  • 5.2. Key Innovators
  • 5.3. Breakdown Data, by Key manufacturer
    • 5.3.1. Established Player Analysis
    • 5.3.2. Emerging Player Analysis

6. SOUTH KOREA FROZEN FOOD MARKET - BY PRODUCT

  • 6.1. Overview
    • 6.1.1. Segment Share Analysis, By Product, 2017 & 2025 (%)
  • 6.2. Frozen fish/seafood
    • 6.2.1. Overview
    • 6.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 6.3. Frozen meat products
    • 6.3.1. Overview
    • 6.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 6.4. Frozen potato products
    • 6.4.1. Overview
    • 6.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 6.5. Frozen ready meals
    • 6.5.1. Overview
    • 6.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 6.6. Frozen pizza
    • 6.6.1. Overview
    • 6.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 6.7. Frozen bakery products
    • 6.7.1. Overview
    • 6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 6.8. Other
    • 6.8.1. Overview
    • 6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)

7. SOUTH KOREA FROZEN FOOD MARKET - BY DISTRIBUTION CHANNEL

  • 7.1. Overview
    • 7.1.1. Segment Share Analysis, By Distribution Channel, 2017 & 2025 (%)
  • 7.2. Convenience Stores
    • 7.2.1. Overview
    • 7.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 7.3. Independent Retailers
    • 7.3.1. Overview
    • 7.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 7.4. Supermarkets / hypermarkets
    • 7.4.1. Overview
    • 7.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 7.5. Specialist Retailers
    • 7.5.1. Overview
    • 7.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)
  • 7.6. Other
    • 7.6.1. Overview
    • 7.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2014 - 2025, (US$ Million)

8. KEY VENDOR ANALYSIS

  • 8.1. Nestle S.A.
    • 8.1.1. Company Snapshot
    • 8.1.2. Financial Performance
    • 8.1.3. Product Benchmarking
    • 8.1.4. Strategic Initiatives
  • 8.2. Longfeng
  • 8.3. General Mills, Inc.
  • 8.4. WH Group Limited
  • 8.5. Ajinomoto Co., Inc.
  • 8.6. Dongwon F&B Co., Ltd.
  • 8.7. Hansung Enterprise Co., Ltd.

9. 360 DEGREE ANALYSTVIEW

10. APPENDIX

  • 10.1. Research Methodology
  • 10.2. References
  • 10.3. Abbreviations
  • 10.4. Disclaimer
  • 10.5. Contact Us

List of Tables

  • TABLE: List of data sources
  • TABLE: Market drivers; Impact Analysis
  • TABLE: Market restraints; Impact Analysis
  • TABLE: South Korea Frozen Food market: Product snapshot (2018)
  • TABLE: Segment Dashboard; Definition and Scope, by Product
  • TABLE: Global South Korea Frozen Food market, by Product, 2014-2025 (USD Million)
  • TABLE: South Korea Frozen Food market: Distribution Channel snapshot (2018)
  • TABLE: Segment Dashboard; Definition and Scope, by Distribution Channel
  • TABLE: Global South Korea Frozen Food market, by Distribution Channel 2014-2025 (USD Million)

List of Figures

  • FIGURE: South Korea Frozen Food market segmentation
  • FIGURE: Market research methodology
  • FIGURE: Supply chain analysis
  • FIGURE: Porter's Five Forces Analysis
  • FIGURE: Market Attractiveness Analysis
  • FIGURE: Competitive Landscape; Key company market share analysis, 2018
  • FIGURE: Product segment market share analysis, 2017 & 2025
  • FIGURE: Product segment market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Frozen fish/seafood market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Frozen meat products market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Frozen potato products market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Frozen ready meals market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Frozen pizza market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Frozen bakery products market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Other market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Distribution Channel segment market share analysis, 2017 & 2025
  • FIGURE: Distribution Channel segment market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Convenience Stores market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Independent Retailers market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Supermarkets / hypermarkets market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Specialist Retailers market size forecast and trend analysis, 2014 to 2025 (USD Million)
  • FIGURE: Others market size forecast and trend analysis, 2014 to 2025 (USD Million)
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