Butter and margarine increased by 4% in current value terms in 2017, which was thanks to strong current value growth of 5% for butter. Previously, South Korean consumers were not so familiar with using butter for cooking at home, with butter and margarine posting value sales of only KRW19.9 billion in current terms in 2011; however, the category began to perform strongly after TV cooking shows created strong interest during the review period. Famous chefs or celebrities introduced their recipes and enjoyed cooking and eating on air, which encouraged all consumers to try cooking at home. In the process, consumers could learn how to use butter in different ways during cooking, and as a consequence, the number of butter brands increased through retailing channels.
Seoul Dairy Cooperative maintained its leading position with a 36% value share of butter and margarine in 2017. The company continued to perform well within margarine with its brand Seoul Milk Butter in Morning. It was positioned as butter; however, it is classified as margarine due to including grapeseed oil or soy oil. The brand accounted for a 49% value share of margarine in 2017. Meanwhile, Seoul Milk Butter recorded a 36% value share of butter in 2017.
Butter and margarine is expected to increase at a CAGR of 2% at constant 2017 prices over the forecast period. Only butter will continue to register value growth, as the popularity of the high-fat and low-carbohydrate diet continues and more consumers enjoy cooking at home; however, margarine is predicted to decline at a CAGR of 1% at constant 2017 prices over the forecast period, as consumers are aware that margarine made with vegetable oil includes trans fats. In addition, greater product diversification within the butter market will negatively affect sales of margarine over the forecast period.
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