Dublin, Dec. 24, 2024 (GLOBE NEWSWIRE) -- The "South Korea Baby Food - Market Assessment and Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.
The number of live births in South Korea declined by 35.7% during 2017-23, reaching 230,000 in 2023. This resulted in a baby population of 0.7 million in 2023. The GDP of South Korea grew by 1.4% in 2023, while consumer price inflation stood at 3.6%. Overall sales in value terms declined in recent years with the sector contracting at a negative CAGR of 2% during 2017-23. Likewise, in volume terms, sales decreased during 2017-23, dropping at a negative CAGR of 4.4%.
Baby milks remained the largest category in value terms with over 50% of the baby food sector, distantly followed by baby wet meals & others. Maeil Dairies, Namyang Dairy Products, and Ildong Foodis together accounted for 56% of value sales in 2023. Hypermarkets & supermarkets remained the leading distribution channel, accounting for over 55% of overall value sales in 2023. The analyst estimates that the number of live births will decrease over the forecast period in South Korea. The market for baby food in the country is expected to increase in value terms during 2023-29, registering a CAGR of 0.3%.
Key Highlights
- Value sales of baby milks fell from KRW400 billion ($353.7 million) in 2017 to KRW321.5 billion ($246.2 million) in 2023, dropping at a negative CAGR of 3.6% during this period.
- Volumes of baby cereals & dry meals decreased from 3.42 million kg in 2017 to 1.19 million kg in 2023, at a negative CAGR of 16.1%.
- Value sales of the baby wet meals & others category rose from KRW47.7 billion ($42.2 million) in 2017 to KRW84 billion ($64.3 million) in 2023, at a CAGR of 9.9%.
- During 2017-23, PCC of baby finger food increased by 66.7%.
- During 2017-23, PCC of baby drinks increased by 93.8%.
Scope
This report brings together multiple data sources to provide a comprehensive overview of the baby food sector in South Korea, as part of global coverage of the sector. It includes an analysis of the following:
- Market environment: The report provides a comparative analysis of the value and volume shares of South Korea against the Asia-Pacific and global baby food sectors. Additionally, the per capita consumption (PCC) of and per capita expenditure (PCE) on baby food in South Korea are compared at regional and global levels.
- Background: Provides an overview of births, consumer trends, sociodemographic trends, working women population, and regulations in the South Korean baby food sector.
- Category coverage and competitive landscape: The report offers an overview of growth at a sector level and provides an analysis of five categories: baby milks, baby cereals & dry meals, baby wet meals & others, baby finger food, and baby drinks. These categories are analyzed by value, volume, and CAGR for the 2017-29 period. The analysis also includes the PCC of and PCE on baby food in South Korea, by category. The report provides an analysis of leading manufacturers and brands in the South Korean baby food sector in 2023 and their sales shares in each category.
- Production and trade: The report provides an analysis of imports and exports in the South Korean baby food sector (2015-22).
- Distribution channels: Provides analysis on the leading distribution channels at both sector and category level in 2023.
- Economic background: The report also provides an outlook on macroeconomic indicators in South Korea, with a snapshot of the economy and labor market.
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.
Key Topics Covered:
- Executive Summary
- Market Environment
- Value and Volume Growth Analysis by Region
- Growth Analysis of South Korea Compared with Other Leading Countries in Asia-Pacific
- PCC and PCE in South Korea Compared with Global and Asia-Pacific Markets
- Background
- Births
- The Consumer
- Sociodemographic Trends
- Working Women
- Parental Leave - Legislation
- Breastfeeding Trends
- Regulations
- Overview
- South Korea Baby Food Sector Snapshot
- Market Size Analysis
- Manufacturer Shares
- Category Analysis
- Baby Milks
- Baby Cereals & Dry Meals
- Baby Wet Meals & Others
- Baby Finger Food
- Baby Drinks
- Production and Trade
- Imports
- Exports
- Production
- Distribution
- Channel Share Analysis
- Baby Food Retailing
- Economic Background
- GDP Growth and Inflation
- Prospects and Forecasts
- Future Trends
Company Coverage:
- Maeil Dairies
- Namyang Dairy Products
- Ildong Foodis
- Lotte
- Nestle
- LG Corporation
- Abbott Laboratories
For more information about this report visit https://www.researchandmarkets.com/r/uz50pp
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