South Korea Frozen Food Market Report and Forecast 2024-2032

South Korea Frozen Food Market Outlook

The South Korea Frozen Food market reached a value of about USD 2.07 billion in 2023. The industry is further expected to grow at a CAGR of about 6.7% in the forecast period of 2024-2032 to reach a value of around USD 3.71 billion by 2032.

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Acceptance of frozen foods as a safe and healthy food preservation method is leading the Korean frozen food market

Frozen foods are flash-frozen at a very low temperature to crystallise water and prevent the product from going soggy when thawed. This lowers the damage to the structure of food products. There is a very negligible variation in the nutrient content of the food. Hence, the food item stays fresh for a longer time. Moreover, Carotenoids and flavonoids are retained in frozen vegetables as they are often blanched before freezing. Frozen foods are widely accepted by people as it is a safe and healthy way of preserving food items, unlike canning and drying in which preservatives are added to increase the shelf life of products.
 

Frozen food is typically cheaper than fresh food and does not require any preparation like washing or peeling which saves a lot of time for working professionals, especially women. Also, arable land in South Korea is less  hence buying frozen food is a way to make the variety of food items accessible.

Market Segmentation

Frozen food  means any food item that has been processed, packaged or preserved that has been maintained at a temperature below the freezing point. Food will stay safe to eat for an infinite period of time at the suggested freezer temperature of 0 degrees Fahrenheit. Any bacteria, yeasts, and mould found in food are rendered inactive by freezing at this temperature.

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By type, the frozen food market of South Korea can be segmented into:

• Ready-to-Eat

• Ready-to-Drink

• Ready-to-Cook

• Others

By product, the South Korea frozen food market can be divided into:

• Frozen Meals

• Frozen Seafood, Meat, and Poultry

• Frozen Fruits and Vegetables

• Frozen Potatoes

• Frozen Soup

• Dairy Products

• Others

Based on the end use, the South Korea frozen food market is classified into:

• Retail

• Food Service Industry

On the basis of distribution channel, the frozen food market of South Korea can be divided into:

• Supermarkets and Hypermarkets

• Convenience Stores

• Online Channels

• Others

Increased Popularity of Convenience Food and Improved Packaging is Augmenting the Growth of Frozen Food Market

The market for frozen foods is driven by increased demand for convenience brought on by an ageing population. Given that they take less time and effort to prepare than homemade meals, consumers' growing preference for convenience foods indirectly benefits the demand for frozen goods. These convenience foods are another temptation for those who are unable to hire a cook. These factors are contributing to the growth of the South Korea frozen food market.

To reduce the operational expenses, the food service industry like cafes, hotels, resorts, caterers, and restaurants are among the major consumers of frozen food products. Due to excellent internet penetration, companies are investing in online retail channels which are bolstering the growth of the frozen food market in South Korea. Online channels are expected to grow further during the given forecast period. Additionally buying Frozen food online is becoming a popular option among consumers as a result of the social distancing brought on by the COVID-19 pandemic.

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Increasing Production of Retort Pouches, Technological Innovation, and a Variety of Frozen Foods in the Market are Aiding the Frozen Food Market Growth 

Manufacturers make use of retort pouches , which can keep food fresh for around a year, and preservatives don't need to be added because of how the product is packaged. This guarantees that the product stays scrumptious and nutritious. Frozen meals are packed using techniques that preserve the quality and freshness of the components. 

Rising disposable income, the development of goods with longer shelf lives, and an increase in impulsive buying have resulted in the growing demand for frozen food products. Given the benefits of frozen food and the strong backing for technological innovation, the items are now much more widely available and reasonably priced for people across the nation. The frozen food market has evolved from offering unprocessed raw food products such as frozen meat, vegetables, and fruits to prepared cuisine, frozen vegetable mixtures, bakery goods, and frozen desserts. The flavours, including sweetness, fat content, and texture, are the variables influencing the frozen food market's growth.

Key Players in South Korea Frozen Food Market

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

• Nongshim Co. Ltd.

• Dr.Chung’s Food Co.,Ltd

• SPC GFS CO. LTD

• Daesang Corporation

• Taejong FD Co., Ltd.

• CJ Cheiljedang Corp.

• Others

The comprehensive EMR report provides an in-depth evaluation of the market based on the Porter's five forces model along with a SWOT analysis.

Key Highlights of the Report