Market Research Report
The Baby Food Sector in South Korea, 2018
|Published by||GlobalData||Product code||778093|
|Published||Content info||125 Pages
Delivery time: 1-2 business days
|The Baby Food Sector in South Korea, 2018|
|Published: January 14, 2019||Content info: 125 Pages||
Between 2011 and 2017, the infant population aged 0-3 years declined by 13.3% to 1.2 million. The dramatic falls in birth numbers in 2016 and 2017, from an already low base, have had a clearly negative impact on baby food sales. Government incentives to encourage childbirth have so far proved unable to reverse the trend, and the country has one of the lowest crude birth rates in the world.
Volume consumption has fallen by 17% between 2011 and 2017, with most of the decline occurring over the last two years, in response to the decline in the number of babies. Retail sales in 2017 stood at W678 billion (US$600 million), representing a decline of 4.3% in current price terms and 12% at constant prices.
Milks dominate, claiming over 60% of retail value. Falling birth numbers have adversely affected sales of first and second-stage milks and conversely increased the importance of third-stage milks. Cereals & dry meals constitute the second-largest category, but volumes have declined in the face of growing competition from wet meals. Demand for wet meals, juices, and particularly finger foods has been buoyant, with wider ranges and new products pushing up value sales by 66% since 2011.
Consumer behavior in South Korea has changed over the past two decades, as the country's wealth and status has grown. The South Korean diet has become more westernized and this has increased demand for convenience foods, supported by the entry of foreign retailers into South Korea. Increasing affluence has produced strong demand for sophisticated quality goods and imported baby foods, especially as domestic production has declined. These trends have filtered down into the baby food market, and premium-priced infant formula and wet meals have become popular. Trade sources suggest that most new mothers in South Korea stick to the brand of infant formula recommended to them after birth.
"The Baby Food Sector in South Korea, 2018", is an analytical report which provides extensive and highly detailed current and future market trends in the South Korean market.
Companies mentioned: Namyang Dairy Products, Maeil Dairy Industries, IlDong Foodis Co, Pasteur Milk Co Limited (Lotte), Dr Chung's Food Co Ltd, Nestle Korea Ltd, Boryung Medience, Ivenet Co. Ltd, LG H&H