South Korea Baby Food, 2021, is an analytical report by GlobalData which provides extensive and highly detailed current and future market trends in the South Korean market.
Government incentives to encourage childbirth have so far proved unable to reverse the birth trend, and the country has one of the lowest crude birth rates in the world. The baby population is expected to continue to fall up to 2023 and then increase only slightly, and this will inevitably have a negative impact on overall volume and per capita consumption of baby food.
What else does this report offer?
- Consumption data based upon a unique combination of industry research, fieldwork, market sizing work and our in-house expertise to offer extensive data about the trends and dynamics affecting the industry.
- Detailed profile of the companies operating and new companies considering entry in the industry along with their key focus product sectors.
- Market profile of the various product sectors with the key features & developments, segmentation, per capita trends and the various manufacturers & brands.
- Overview of baby food retailing with a mention of the major retailers in the country along with the distribution channel.
- Future projections considering various trends which are likely to affect the industry.
- Milks claim 58% of the total baby food market, while cereals & dry meals constitute the second largest category; but volumes have declined in the face of competition from ready-to-feed baby meals as the consumers can mostly afford commercially prepared baby food.
- The vast majority of baby food is manufactured within the country, and suppliers are increasingly looking abroad to expand their sales.
- Multinational representation is very low, due mainly to the supremacy of the two leading domestic suppliers, Namyang and Maeil. Small-scale outlets remain important in the distribution of baby food but have been losing share to modern grocery outlets, which account for the majority of sales
- Sales via e-commerce have expanded rapidly in recent years with over 60% of consumers saying they have bought infant formula online, and over 50% of baby meals were bought online. Many overseas brands are available online, alongside domestic companies online. There is therefore expected to be little change in total consumption, although wet meals, drinks and finger foods will grow rapidly at the expense of cereals & dry meals, while sales of milks will grow very slowly.
Reasons 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.