South Korea Ice-Cream Market Report and Forecast 2024-2032

South Korea Ice-Cream Market Outlook

The South Korea Ice-cream market reached a value of about USD 2.10 billion in 2021. Product innovation broadens offerings and caters to a wide range of consumer desires, which is one of the market's major drivers in South Korea. 

South Korean Ice-Cream Brands such as Binggrae are leading the Ice-Cream Market in South Korea

Melona was introduced in the South Korean marketplace in 1992, which is still loved by the people. It has a special place in the convenience stores. Binggrae was inspired by exotic, delicious Korean-melons and spotted a potential to profit from a fruit that was once considered a luxury in Korea. Although, this ice-cream was introduced in the 90s, it is still one of the best sellers in South Korea. The Korean ice-cream innovators are innovating new and unique flavours to meet the demand of youth, but they also believe that the popularity of Melona is not going to extinguish any time sooner. Especially during the summer, the demand for the ice cream increases and the rich flavour of melona aids in the fast sales among the consumers of all ages. 

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Upsurge of ‘Newtro’ Trend in the South Korea Ice Cream Market

The growing popularity of the 'Newtro' culture  has a significant impact on attracting and retaining customers of all ages. As a result, traditional flavours like corn, black sesame, and tofu have been introduced by ice-cream makers. These nostalgic flavours bring back memories for older consumers while offering new experiences for younger generations. Celebrities' collaboration with popular brands and social media upsurges the consumption of ice cream, especially among the youngsters. In 2020, Baskin Robbins collaborated with BTS  to promote their ice-creams and launched four new flavours inspired by them to attract the fans in South Korea.

With the rapid increase in the number of distribution channels and globalization, millennials and generation Z consumers are getting informed about different ice cream brands, which is acting as a catalyst for the growth of the South Korea ice-cream market. With the ever-evolving taste of Korean palette, there is a competitiveness in the marketplace with the most recent development being acquiring of Haitai  Ice cream by Binggrae Co. Ltd. to retain its dominance over the forecast period.  

To adapt to changing consumer needs, ice-cream manufacturers are expanding their product lines by incorporating unusual flavours and organic herb fillings. The size of South Korea ice cream market is expanding due to the expansion of various distribution channels. In addition, retailers such as supermarkets, specialty stores, convenience stores, and grocery stores serve as marketing tools to help improve brand exposure and create impressive premium images for various ice cream products. 

Market Segmentation

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Ice cream is a sweetened food product that is popular among people of all ages. It comprises a mixture of air, water, sweeteners, milkfat, stabilizers, emulsifiers, non-fat milk solids (NMS), and flavours. In the flavour category, fruity flavours especially melon are preferred by the consumers. There are variety of flavours which are exclusively available in the Korean market only. 

Based on flavour, the ice-cream market of South Korea is segmented into:

• Fruit

• Vanilla

• Chocolate

• Others

Based on end use, the South Korea ice-cream market can be divided into:

• Retail

• Food Service

Based on major product types, the South Korea ice-cream market can be segmented into:

• Bar

• Cone

• Cup

• Premium

• Brick

• Others

Based on the distribution channels, the ice-cream market of South Korea can be segmented into:

• Supermarkets and Hypermarkets

• Convenience Stores

• Ice Cream Parlours

• Online stores

• Others

Ice-Cream Innovations Continue to Please the Health-Conscious Customers in South Korea

The growing awareness among the population regarding fitness and nutrition is compelling the food & beverage industry to innovate food products that are not merely nutritionally adequate but also palatable. One of the food categories that has entered fitness and nutrition trend is ice cream hence the manufacturers reformulate flavours into healthier versions of products, without altering taste or texture. Many variants are available in the market which are low in calories and are made with natural sweeteners like chrysanthemum and stevia.

Ice-cream is easy to digest and is recommended for persons who are unable to eat other foods due to stomach or throat concerns. Ice creams contain vitamin A, D, K, B6, and B12, along with minerals like calcium, phosphorus, and riboflavin.  These nutrients promote bone strengthening, boost immunity, improve brain functioning, uplift mood, and prevent cancer. Furthermore, Ice creams possess all the essential amino acids, which makes them an excellent source of protein as well. Because ice cream is high in lactose, it promotes the absorption of more calcium from the diet, which is essential for developing children. In addition, the development of lactose-free and vegan ice cream and the surge in demand for new products offer great prospects for the expansion of the ice cream market in South Korea.

The Premiumization of Ice-Cream and Sustainable Packaging is Augmenting the Growth of the South Korea Ice-Cream Market

The ice cream market of South Korea is majorly driven by product innovations, especially in terms of flavour and types. Moreover, the Artisanal ice cream  is prepared by skilled artists using natural ingredients and avoiding the use of any artificial flavours, preservatives, or emulsifiers. Consumer preferences are dynamic in nature. It constantly changes due to the increasing disposable income, changing lifestyle, and high standard of living. 

Sustainability is also becoming an increasingly relevant environmental concern, especially in premium products. The packaging manufacturer's goal is to use recyclable, biodegradable, low-weight, high-value-added packaging, and finding ways to use less plastic in the packaging of high-end ice cream products is becoming a hot topic. For this reason, manufacturers are trying to make traditional ice cream containers and cups more environmentally friendly. Bio-resin paper bins made from sugarcane are now being used instead of polyethylene-coated containers. These advances in packaging are adding to the increased popularity since the new packaging is more convenient to handle and store.

Most companies are continuously attempting to come up with new flavours that appeal to today's consumers. Younger people want to seek new experiences, which has resulted in the introduction of some bizarre flavours like zzon teok (which is made up of black sesame seeds, pecans and rice cakes), honeycomb, apple-mint, green apple, and steamed potato which are exclusively available in South Korea Ice-cream market. 

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Key players

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

• Lotte Confectionery Co., Ltd.

• Binggrae  Co. Ltd.

• BR IP Holder LLC

• Unilever plc

• Haitai Confectionery and Foods 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