South Korea Food Preservative Market Report and Forecast 2024-2032

South Korea Food Preservative Market Outlook 

The South Korea food preservative market is expected to grow at a CAGR of 5.5% between 2024 and 2032. Growing demand for the food products with longer shelf life and awareness regarding natural preservatives, along with the increasing food fortification are majorly driving the food preservative industry in South Korea.

Development of Fortified Food Products Bolster the Food Preservative Market

With the spread of knowledge and awareness due to social media, magazines and other media regarding health and diet management, people are shifting their focus toward fortified food products, which is augmenting the market for food preservatives in the country. Researchers at Phyto Corporation  have come up with calcium, potassium, magnesium, and iron fortified kimchi, which is low in sodium to meet the deficit diet of the elderly population in South Korea. The company manufactures plant-based food products, and this fortified kimchi is expected to fulfil the nutritional deficiencies that can lead to diseases such as hypertension and osteoporosis, among others. Such food innovations boost healthy food consumption among the public, which compels the manufacturers to launch nutrient-rich fortified food products that are not only healthy but have a longer shelf life as well. This factor majorly drives the growth of the food preservative market in South Korea.

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Market Segmentation

Preservatives are food additives that increase the shelf life of food by preventing it from rotting while also keeping it safe for eating. The most popular preservatives include:

• Benzoic acid

• Sorbic acid

• Propionic acid

Food goods must be shielded against degradation along the distribution process, until they reach the end-user, from physical, chemical, and microbiological factors. "Preservatives" stop food decomposition, which is brought about by the actions of microorganisms.

Based on Source, the South Korea food preservative market can be segmented into:

• Natural

• Synthetic

Based on type, the food preservative market of South Korea can be divided into:

• Antimicrobial

• Antioxidant

• Others

On the basis of application, the South Korea food preservative market can be bifurcated into:

• Meat and Poultry

• Bakery

• Dairy

• Snack and Beverages

• Others

On the basis of end-use, the Food preservative market of South Korea can be segmented into:

• Dietary Supplements

• Pharmaceuticals

• Animal Feed and Pet Food

• Food and Beverage

• Instant Formulas

• Others

Based on province, the South Korea food preservative market can be classified into:

• North Chungcheong

• South Chungcheong

• Gangwon

• Gyeonggi

• North Gyeongsang

• South Gyeongsang

• North Jeolla

• South Jeolla

• Jeju Special Self-Governing Province

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The Growing Demand and Availability of Ready-to-eat and Ready-to-Cook foods Aids the Expansion of the South Korea Food Preservative Market

The demand for convenience food products is increasing as the market for food items with a longer shelf-life increases. Moreover, people stocked up on ready-to-eat and ready-to-cook food items along with other groceries, which boosted the sales of food items containing plant-based as well as chemical-based food preservatives in South Korea. At present, brands are focusing on trying to employ plant-based preservatives in their products to meet the growing demand for healthy foods and beverages. 

Another factor which posed an opportunity to the market players is the coronavirus. The COVID-19 pandemic augmented the sales of food preservatives as people stockpiled frozen foods, convenient foods, and bakery and confectionery products. When COVID-19 was at its peak, the sales of poultry, seafood, and frozen meat grew steadily while those of the food service industry decreased. People stockpiled bakery and confectionary products along with other groceries, which boosted the demand for food preservatives to meet the growing consumer demand in the country. Apart from extending shelf life, it also aids in delivering the product.

The imbalance between work and personal life during modern times has drastically impacted the daily lifestyle of people in South Korea. Furthermore, globalisation has made people follow western lifestyles and cultures. The dietary pattern has shifted, especially in urban areas, which has led to a steady increase in convenience foods and beverages. This factor has led to the increased consumption of convenience foods and beverages in the country, thereby augmenting the growth of the food preservation market.

Increased Awareness Regarding Health Hazards and Demand for Natural Preservatives in Foods

As the incidences of chronic health diseases increase, especially lifestyle disorders, people are becoming more conscious of their dietary habits and lifestyle. Consumers are now shifting their focus to preservative-free foods or those that include natural preservatives. Chemical-based preservatives such as sulphites, benzoic acid, nitrite and sodium nitrate, which are used to preserve meat products, increase the chances of developing several types of cancers and tumours. They also increase the risk of getting respiratory disorders and diabetes, among several other diseases. Along with the desire for natural antioxidants, antimicrobials, and other natural food preservatives, the demand for clean-label food items has significantly increased. Consumers increasingly place a higher value on products with clean labels than on conventional food items. Thus, the demand for natural preservatives added to food products is gaining traction among the busy and modern Korean population, thereby aiding the South Korea food preservative market.

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Key Players in the South Korea Food Preservative Market

The report gives a detailed analysis of the following key players in the South Korea food preservative market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Cargill, Inc.

• DAESANG Corp.

• Kwangil Food Chemicals

• Bolak. Co.Ltd.

• Others

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.

Key Highlights of the Report