South Korea Dairy Market to Grow at a CAGR of 4% During 2024-2032, Aided by the Increased Consumption of Cheese and Cheese-based Products

Dairy and its derivatives are fundamental components of a well-rounded diet, delivering nine vital nutrients such as vitamins B-12, D, and A, alongside phosphorous, calcium, potassium, protein, niacin, and riboflavin, essential for overall health, particularly in promoting bone strength. The increasing consumption of cheese and cheese-based products within South Korea is significantly contributing to the South Korea dairy market growth.

According to the International Trade Centre, the imports of milk and cream to South Korea increased by 99.6% from 2019 to 2023. In 2019, the country imported USD 95.26 million in milk and cream products, which reached USD 190.17 million in 2023. The top exporters of milk to South Korea are Italy, France, Germany, Poland, and Australia.

Fig: South Korea Import of Milk and Cream, USD Million, 2019-2023

However, domestic production is observing a downfall. According to the Food and Agriculture Organization (FAO), the domestic production of cattle milk fell by 5.74% from 2020 to 2022, reaching 1.97 million metric tons (MMT) in 2022. This drop in domestic production is observed due to the gradual decrease of dairy farms and low birthrate.

Fig: South Korea Cattle Milk production, MMT, 2018-2022

Further, the increasing demand for cheese is strengthening the market for dairy products in South Korea. Cheese not only fulfills daily protein needs but also supplies ample calcium, phosphorous, and vitamin A. With increasing demand for cheese-flavoured snacks, the consumption of cheese is expected to continue to grow, aiding the market growth trajectory.

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Market Breakup by Product and Distribution Channels:

• The market is segmented based on product into milk, dry milk, cheese, yogurt, butter, baby formula, and condensed milk.

• Based on distribution channels, the market can be divided into supermarkets and hypermarkets, convenience stores and discount stores, speciality stores, online, and department stores.

Key Findings of the Report:

• South Korea has been experiencing a rise in import of dairy and dairy-based products amidst the low domestic production of milk.

• The market benefits from the increasing awareness regarding the health benefits related to the consumption of dairy-based products, including milk and cheese.

• The heightened demand for cheese from households and the food service sector, along with the growing consumption of cheese-based foods is a significant trend in the market.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea dairy market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product and distribution channel of dairy market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea dairy market are Maeil Co.Ltd, Namyang Dairy Products Co., Ltd., Seoul Milk Cooperative, Dairyzen Co., Ltd,  and Nestlé SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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