South Korea Dairy Market Size To Grow At A CAGR Of 2.7% In The Forecast Period Of 2023-2028
South Korea Dairy Market Report and Forecast 2023-2028
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The ‘South Korea Dairy Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea dairy market, assessing the market based on its segments like product and distribution channels.
The report studies the latest updates in the market, along with their impact across the market—it also analyzes the market demand and its price and demand indicators. The report also tracks the market based on SWOT and Porter’s Five Forces Models.
South Korea Dairy Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include the following:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 2.7%
The increasing demand for cheese and yogurt in South Korea is driving the growth of the dairy market in the country. Changing lifestyles, increasing inclination towards consuming healthy and premium packaged food products daily, and growing awareness about the benefits of dairy are the crucial driving factors of the South Korean dairy market. In addition, the escalating health concerns among the working population are further propelling the sale of dairy products in the country due to the increasing awareness regarding the health benefits of dairy products.
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The growing efforts by the government of South Korea towards ramping up domestic dairy production capacity to make the country self-sufficient are fuelling the market numbers. A rising number of domestic dairy suppliers are expected to garner the competitive landscape in the country, which in turn, is expected to improve product quality, variety, and accessibility in the forecast period.
The increasing demand for milk, coupled with the growing popularity of flavored milk, is escalating the importance of South Korea in the global dairy sector. Over the forecast period, the anticipated increase in disposable income, rapid urbanization, and robust development of supermarkets/hypermarkets in the country are likely to propel the South Korean dairy market.
South Korea Dairy Industry Definition and Major Segments
Dairy is an umbrella term that includes all the food products derived from milk, such as butter, cheese, yogurt, and curd. Dairy products are usually derived from the milk obtained from cows, goats, buffalos, or camels. Dairy products are considered healthy as they provide protein, vitamins such as B2, B5, and B12, and minerals such as calcium, potassium, and iodine. However, the nutritional profile varies between milk sources and specific dairy products.
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Based on product, the market can be segmented into:
- Milk
- Dry Milk
- Non-Fat
- Full Fat
- Cheese
- Natural
- Processed
- Yogurt
- Butter
- Dairy Desserts
- Others
Based on distribution channels, the market can be classified into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Speciality Stores
- Online
- Others
South Korea Dairy Market Trends
The key trends in the global South Korean dairy market include the increasing demand for raw milk owing to the growing awareness about the benefits of consuming milk, such as the reduced risk of chronic diseases and the healthy presence of nutrients. In addition, the rising demand for ice cream, coffee, butter, cheese, cream, and bread, among other products made with dairy, are crucial trends in the market. The thriving e-commerce sector across the country, coupled with the increasing purchasing power of the population, is heightening the sale of clean-labeled dairy products, leading to more significant growth of the dairy market in South Korea.
The increasing inclination of the Korean population towards immunity-boosting food products further empowers market growth. For instance, banana milk is gaining traction in the country, which is contributing to the dairy market demand in South Korea. The growing research and development activities by major domestic and international dairy product manufacturers to improve the standards of dairy products by introducing innovative flavors and textures are expected to be the crucial South Korean dairy market bolstering trends.
Key Market Players
The major players in the South Korea Dairy market report are:
- Mail Co.Ltd
- Namyang Dairy Products Co., Ltd.
- Seoul Milk Cooperative
- Dairymen Co., Ltd
- Nestlé SA
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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