Country Profile: Savory Snacks Sector in South Korea
Summary
South Korean Savory Snacks sector accounted for a volume share of 0.8% of the global market and 2.2% of the regional (Asia-Pacific) market in 2016. The sector was valued at ?1,049,199.7 Million (US$904.4 Million) in 2016 and is expected to grow at a CAGR of 1.9% during 2016-2021. The busy lifestyles of individuals, especially among the urban population are driving the Savory Snacks sector in South Korea. Per capita consumption stood at 1.83kg when compared to the global and Asia-Pacific levels of 2.22kg and 1.27kg, respectively, in 2016.
Processed Snacks was the largest with value sales of ?494,398.3 Million (US$426.2 Million) in 2016. It is expected to grow at a CAGR of 1.5% during the forecast period (2016-2021) while the Potato Chips market is expected to record the fastest CAGR of 2.6% during the same period.
Hypermarkets & Supermarkets was the leading distribution channel in the South Korean Savory Snacks sector, accounting for a total value share of 66.3% in 2016. It was followed by Convenience Stores and Food & Drinks Specialists with 20.1% and 8.7% value shares, respectively, in the same year. Flexible Packaging was the most commonly used pack material in the South Korean Savory Snacks sector with a volume share of 93.05% in 2016, followed by Paper & Board and Rigid Metal with 6.8% and 0.13% shares respectively.
Health & Wellness attributes such as Food Minus’ and consumer benefits such as Weight & Shape Management’ are the most sought after Health & Wellness claims in the South Korean Savory Snacks sector. Consumption of Savory Snacks is high among the male population. It is also high among South Korean consumers who received Tertiary education. In terms of consumption by age group, Older Young Adults and Kids & Babies together accounted for a 36.6% share in 2016.
The top five brands in the South Korean Savory Snacks sector accounted for 22.8% value share in 2016 while private label products represented 11.5% share of the value sales in the same year.
The report “Country Profile: Savory Snacks Sector in South Korea” provides insights on high growth markets to target, trends in the usage of package materials, category level distribution channel data and market share of brands.
In particular, this report provides the following –
– Market Data: Overall market value and volume data with growth analysis for 2011-2021.
– Market Coverage: Value and growth analysis for Ethnic/Traditional Snacks, Meat Snacks, Nuts and Seeds, Popcorn, Potato Chips, Pretzels and Processed Snacks with inputs on individual category share within each market and the change in their market share forecast for 2016-2021.
– Leading Players: Market share of brands and private labels, including private label growth analysis from 2011-2016.
– Distribution Data: Percentage of sales within each market through distribution channels such as Hypermarkets & Supermarkets, Convenience Stores, Food & Drinks Specialists, eRetailers and others.
– Packaging Data: Consumption breakdown for package materials and pack type in each market, in terms of percentage share of number of units sold. Package material data for Flexible Packaging, Paper & Board, Rigid Metal, and Rigid Plastics, and others; pack type data for: Bag/Sachet, Film, Stand Up Pouch, Can, Speciality container, Tray, and Jar.
Companies mentioned in this report: Donghwa, Freshvil, Keunpong Bakery, Lotte Co., Ltd., Nature`S Garden, Nonghyup Group, Nongshim, Riri Foods, Woorimeal, Chung Ha, Gobau, Kyochon, Mokwoochon Hem.
Scope
– The Savory Snacks sector in South Korea is forecast to grow at 1.9% CAGR in value terms during 2016-2021
– Per capita consumption of Processed Snacks is noticeably high in South Korea compared to global and regional levels
– Hypermarkets & Supermarkets is the largest distribution channel in the South Korean Savory Snacks sector
– Lay’s is the leading brand by value, while Lotte leads in volume terms in the South Korean Savory Snacks sector
– Flexible Packaging is the most commonly used package material in the South Korean Savory Snacks sector
Reasons to buy
– Identify high potential categories and explore further market opportunities based on detailed value and volume analysis
– Existing and new players can analyze key distribution channels to identify and evaluate trends and opportunities
– Gain an understanding of the total competitive landscape based on detailed brand share analysis to plan effective market positioning
– Manufacturers can identify the opportunities to position products with H&W attributes/benefits
– Access the key and most influential consumer trends driving Savory Snacks products consumption, and how they influence consumer behavior in the market which will help determine the best audiences to target
– Our team of analysts have placed a significant emphasis on changes expected in the market that will provide a clear picture of the opportunities that can be tapped over the next five years, resulting in revenue expansion
– The packaging analysis report helps manufacturers, in identifying the most commonly used packaging materials in the sector
– Analysis on key macro-economic indicators such as GDP per capita, population (overall and breakdown by age), and consumer price index. It also covers a comparative analysis of political, economic, socio-demographic, and technological indicators (PEST) across 50 countries.