Market Focus: Trends and Developments in the Bakery & Cereals Sector in South Korea

Synopsis
This report brings together consumer insight and market data to provide a comprehensive brief of the South Korean Bakery & Cereals sector. This allows for the rapid identification of key growth opportunities across major Bakery & Cereals categories and their packaging.
Scope
Growing urbanization and busy lifestyles have led South Korean consumers to purchase more Bakery & Cereals products. The market will register moderate growth during 2013-2018, with Bread & Rolls category registering the highest category growth. Innovative product launches, especially products with local flavours and those suiting Korean taste and preference, across categories will drive sales of Bakery & Cereals while a young South Korean population with high disposable income will drive the demand for premium products.
Summary
• The Bakery & Cereals market in South Korea will register moderate growth during 2013-2018, as a result of increasing popularity of Western Cuisine among the Korean consumers.
• Bread & Rolls is the largest category by value and will register the highest growth during 2013-2018.
• Indulgence and age specific needs are the leading motivational factors influencing Bakery & Cereals consumption in South Korea.
• A young population, with a high disposable income and rapid economic development in the past decade, favor the growth of modern retail formats in South Korea.
• Domestic companies dominate the Bakery & Cereals market in South Korea and their brands are also popular in international markets.
Reasons To Buy
This overview of the consumer and market dynamics of the South Korean Bakery & Cereals sector allows new entrants and established companies to gain rapid and comprehensive insight into the current state of the market and identify the key trends that will drive growth in the coming years.