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
|Published by||AnalystView Market Insights||Product code||901898|
|Published||Content info||101 Pages
Delivery time: 2-3 business days
|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||
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.
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.
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.
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.
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:
The scope of this report covers the market by its major segments, which include as follows: