Milk Category Takes Lead in South Korea Baby Food Market, States GlobalData in Its In-Demand Study Available at MarketPublishers.com27 Feb 2017 • by Natalie Aster
LONDON – The baby food industry in South Korea experienced negative growth during the past few years. The declining births number in the country in 2013 – 2014 and 2016 provoked a corresponding decline in baby food consumption.
From 2010 to 2016, the domestic consumption of baby food decreased by 5.5%, while retail sales grew by 13.6% in current price terms or by 2.1% at constant prices.
Baby milk is the top category within the South Korean baby food market with a share of almost 61% of the total country’s market.
The drop in the birth rate in future will inevitable have a negative impact on the baby food consumption volume in the country. However, the situation is expected to improve in the years ahead: the South Korean baby food market is anticipated to increase by 2.3% in volume and also by 19.5% in value through 2022.
The biggest chunk of baby food sold in South Korea is produced within the country. Representation of multinational companies in the country’s baby food market is very low, owing to the supremacy of the 2 domestic suppliers, namely Maeil and Namyang.
New insightful GlobalData’s study “The Baby Food Market in South Korea 2017” is an unrivaled source of reliable updated info on the performance of the country’s market for baby food. It investigates the major product categories, uncovers growth rates and shares, reviews the competitive environment, gives data on top brands and players. The research report touches upon the key drivers and restraints of the country’s baby food market, identifies top opportunities and challenges, discusses prevailing trends and burning issues. Additionally, it discloses important statistics, covers the market dynamics and also provides access to future projections through 2022.
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