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Consumers read product labels in the packaging because of the demand for clean label products and transparency in the dairy products market. Another key component boosting demand is innovation in probiotic beverages by adding different flavours in convenient pack sizes. In South Korea, flavoured milk is immensely popular among South Korea population. In addition, flavoured milk is gaining much traction, especially Binggrae's banana milk is one of the most preferred flavoured milks in South Korea. Sales of both flavoured and fresh milk are being driven by rising consumer knowledge of additives and environmentally friendly packaging. Due to the extensive selection and convenience, speciality stores also hold a sizable portion of the market and show a healthy growth rate.
During the COVID-19 outbreak, consumers focused on their nutritional intake to boost their immunity, and the majority of customers moved to better beverage options like regular unflavoured milk, flavoured milk, drinkable yoghurt, and ice cream among others. The demand for premium products is soaring as a result of rising disposable income and consumers' better lifestyles, which is also boosting the market for dairy items.
Yoghurt innovation, such as fat-free, flavoured, and drinkable yoghurt, is predicted to generate significant development prospects for the dairy market. As diets have grown richer and more varied, packaging innovations such as single-serve, on-the-go packs, and small portion sizes also boost product demand and create enormous opportunities for companies. Moreover, the demand for clean label dairy products due to consumers' awareness will further augment the South Korea dairy market’s growth. In addition to high-quality protein, milk and milk derivatives provide a significant source of several vital micronutrients. Due to South Korea's growing ageing population, more milk and milk products may be consumed, causing the market for dairy products to expand more quickly.
With the South Korean consumers' growing interest in Western meals such as hamburgers, pizzas, and sandwiches, cheese consumption has grown exponentially, which has played a significant part in accustoming Korean consumers to cheese and so improving the dairy market's growth.
The price of raw milk is high compared to milk powder. Therefore, on a commercial scale, milk powder is used to produce confectionery and bakery products. This decreases the cost of food production and propels the market for milk powder, thereby propelling the development of the dairy market in South Korea.
South Korea Dairy Market Demand
South Korea Dairy Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Dairy Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Dairy Historical Market (2018-2023)
8.3 South Korea Dairy Market Forecast (2024-2032)
8.4 South Korea Dairy Market by Product
8.4.1 Milk
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Dry Milk
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.2.4 Breakup by Type
8.4.2.4.1 Non Fat
8.4.2.4.2 Full Fat
8.4.3 Cheese
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.3.4 Breakup by Type
8.4.3.4.1 Natural
8.4.3.4.2 Processed
8.4.4 Yogurt
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.5 Butter
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2023)
8.4.5.3 Forecast Trend (2024-2032)
8.4.6 Baby Formula
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2023)
8.4.6.3 Forecast Trend (2024-2032)
8.4.7 Condensed Milk
8.4.7.1 Market Share
8.4.7.2 Historical Trend (2018-2023)
8.4.7.3 Forecast Trend (2024-2032)
8.5 South Korea Dairy Market by Distribution Channels
8.5.1 Supermarkets and Hypermarkets
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Convenience Stores and Discount Stores
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Speciality Stores
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Online
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Department Stores
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2023)
8.5.5.3 Forecast Trend (2024-2032)
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Trade Data Analysis
11.1 Major Exporting Countries
11.1.1 By Value
11.1.2 By Volume
11.2 Major Importing Countries
11.2.1 By Value
11.2.2 By Volume
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Maeil Co.Ltd
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Namyang Dairy Products Co., Ltd.
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Seoul Milk Cooperative
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Dairyzen Co., Ltd
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Nestlé SA
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Others
14 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Dairy Market: Key Industry Highlights, 2018 and 2032
2. South Korea Dairy Historical Market: Breakup by Product (USD Million), 2018-2023
3. South Korea Dairy Market Forecast: Breakup by Product (USD Million), 2024-2032
4. South Korea Dairy Historical Market: Breakup by Distribution Channels (USD Million), 2018-2023
5. South Korea Dairy Market Forecast: Breakup by Distribution Channels (USD Million), 2024-2032
6. Major Exporting Countries by Value
7. Major Importing Countries by Value
8. Major Exporting Countries by Volume
9. Major Importing Countries by Volume
10. South Korea Dairy Market Structure
The South Korea market attained a value of nearly USD 4.05 billion in 2023
The market is projected to grow at a CAGR of 4.0% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 5.53 billion by 2032.
A variety of flavours and products, consumer awareness, rising disposable income, higher standards of living demand for clean label products, and eco-friendly packaging are the driving factors of the South Korea dairy market.
Rising awareness of health, increasing demand of flavoured milk and probiotic drinks are the key industry trends.
The dominant type of dairy in the industry are Milk, Dry Milk, Yoghurt, Cheese, Butter, Baby Formula, and Condensed Milk.
Unflavoured milk, flavoured milk, especially Binggrae’s banana milk, drinkable yoghurt, cheese, and ice creams are majorly consumed in South Korea.
Cheese consumption has increased under the influence of westernisation. Cheese is now a popular topping and ingredient in many Korean dishes.
The distribution channel segment is led by supermarket/hypermarkets, convenience stores and discount stores, grocery stores, online stores, and department stores.
The major players in the South Korea dairy industry are Maeil Co.Ltd, Namyang Dairy Products Co., Ltd., Seoul Milk Cooperative, Dairyzen Co., Ltd, Nestlé SA and Others.
The South Korea market attained a value of USD 4.05 billion in 2023, driven by the growing health consciousness among population. Aided by the health benefits, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4.0%. The market is projected to reach USD 5.53 billion by 2032.
EMR’s report gives a comprehensive and detailed research on the South Korea dairy market, covering all the components of the market. Based on products, the dairy industry can be segmented into milk, dry milk, yoghurt, cheese, yogurt, butter, baby formula, and condensed milk. On the basis of distribution channels, the market is bifurcated into supermarket/hypermarket, convenience stores and discount stores, grocery stores, online stores, and department stores among others. The key players in the above market include Maeil Co.Ltd, Namyang Dairy Products Co., Ltd., Seoul Milk Cooperative, Dairyzen Co., Ltd, Nestlé SA and Others.
EMR reports are prepared with the assistance of advanced analytical tools and the expertise of their highly skilled team. The report provides our clients with market insights which are precise, specific, actionable, and help them strengthen their position in the competitive market.
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