South Korea Bakery Premixes Market Report and Forecast 2024-2032

South Korea Bakery Premixes Market Size

The South Korea bakery premixes market is expected to grow at a CAGR of 5.5% between 2024 and 2032. The growing bread consumption and increased demand for ready-to-use food products augment the bakery premixes market in South Korea.

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Key Trends in the South Korea Bakery Premixes Market

To provide quick and practical baking solutions, bakery premixes are made from a combination of components. The bakery premixes typically include quantities of grains, flour, and improvers, to which other baking components like powdered milk, oil, and sugar are added.

Premixes Reduces the Chances of Mistakes and Saves Time Which Augments the Growth of Bakery Premix Market in South Korea

Because of the freedom they give bakers, baking premixes are growing in popularity. Baking premixes are the preferred choice among bakers since they don't spend a lot of time considering the exact quantity of the necessary baking components. Leavenings, unique combinations of flours, and flour samples are all included in baking premixes, which are used in a variety of goods. Additionally, by eliminating human mistakes in the selection of the baking components, such premixes contribute to maintaining uniformity in the bakery goods. The South Korea bakery premixes industry has grown as a result of rising customer demand for specialised bakery goods and factors such as rising disposable incomes and improved standards of living that increases its popularity.

Standardised Recipes, Low Inventory and Labour Costs Increase the Popularity of Bakery Premixes in South Korea

Bakery premixes give several benefits, including excellent product texture and decreasing the chances of incorrect weighing of raw ingredients used in the production of bakery products, coupled with reduced labour and inventory charges. Bakers use graded enriched blends of various premixes in bakery products to meet consumer demand for customised bakery items. Thus, bakery premixes also aid in enhancing the shelf life of the end products, which makes them popular among people, especially among the working class who have a hectic schedule.

The COVID-19 Pandemic Increased the Consumption of Convenient or Ready-to-Use Food Items, Which Boosted the Demand for Bakery Premixes in the Country

The market for baked goods has been significantly impacted by the COVID-19 outbreak. The Baking and confectionery industry has been impacted by the stringent regulations and lockdown that were put in place throughout 2020. These regulations have a different impact on the supply of raw materials such as agricultural produce, trade and logistics, food ingredients, and intermediate food products, and the workforce at the industrial level. 

However, on the positive side, the bakery premixes market grew since the COVID-19 pandemic as people were compelled to choose to have coffee, breakfast, and lunch at home as a result of social distancing and temporary lockdowns, which significantly increased the demand for convenience foods like bread, rolls, and buns that are ready-to-heat or quickly bake food items. Additionally, individuals were compelled to cook at home because there were no fast-food options on the market owing to limitations and the shutdown of all businesses. Additionally, there was a rise in demand for premium bakery goods including croissants, doughnuts, and bakery snacks. 

Market Analysis

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Based on product, the South Korea bakery premixes market is segmented into complete mix, dough-based mix and dough concentrates. On the basis of application, the bakery premixes market of South Korea is divided into bread products and bakery products.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea bakery premixes market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Hanmi F3 Co., Ltd.

• Puratos Group

• Archer-Daniels-Midland Company

• Others

Market Share by Product

Because of changing lifestyles, the rise in nuclear families, the proportion of working family members, and the lack of time for meal preparation, the demand for convenience food items is fast expanding. These elements make a compelling argument for the market for bakery premixes to develop more quickly in South Korea. Therefore, the market for complete mix and the dough-based mix is high as they require lesser preparation however the dough concentrate segment is also expected to grow during the forecast period, thereby contributing to the growth of the South Korea bakery premixes market.

Market Share by Application

Formulations using organic components with many health advantages, such as whole wheat, brown sugar, corn, and others, have become more common as a result of the desire for goods with a nutrition-based approach. Therefore, new product releases and marketing campaigns to raise brand recognition among the general public also promote the expansion of the bakery premixes market in South Korea. The market of bread products segment is high due to its high due to its frequent consumption although after reopening of cafes and restaurants, the demand for bakery products especially the premium has considerably increased. Both segments will perform well in the coming years due to ease of availability and high demand.

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Competitive Landscape

Hanmi F3 Co., Ltd - Hanmi F3 Co., Ltd. was founded in 1987 and manufactures bakery & dessert mix, sauce, food coating, seasoning, beverage base, and pickle for the clients in a wide variety of demands, primarily restaurant and cafe franchiser and the food business. The headquarter of the company is situated in Chungcheongnam-do, Republic of Korea. 

Archer-Daniels-Midland Company- Archer-Daniels-Midland is a significant oil seed, corn, wheat, and other agricultural commodity processors. ADM is an American global firm that was established in 1902 with its corporate headquarters in Chicago, Illinois. The business has a vast network of logistical resources that it uses to store and ship crops all over the world. Additionally, ADM owns and operates a nutrition company with a focus on both human and animal products. Cereal grains and oilseeds are processed at the company's more than 270 factories and 420 crop procurement sites across the world into goods that are used in the global food, beverage, nutraceutical, industrial, and animal feed sectors.

Key Highlights of the Report