In South Korea, ice cream sales continued to see negative retail value and volume growth in 2018. The price of ice cream in retail channels is still a sensitive issue for manufacturers, distribution channels and end consumers.
While retail sales of ice cream show a weak performance, foodservice sales continue to record strong growth. Leading dairy manufacturers have suffered from lower sales of milk; thus, they have sought a solution with chained foodservice ice cream stores, making premium plain soft ice cream (with a high proportion of pure milk) and matching ice cream with coffee and other desserts on the menu.
To defend the strong performance of ice cream in foodservice channels, in 2018 manufacturers introduced low-calorie (reduced sugar and fat) cup-type ice cream in South Korea for the first time: for example, Binggrae Co Ltd introduced Beauty Inside containing only 70kcal per cup (110ml), and Lotte Confectionery Co Ltd introduced Light Angel ice cream containing 280kcal per 474ml, a third of the calories compared to other similar sizes of ice cream. The major target for ice cream has also changed from children to female adults, and manufacturers are expecting that a health and wellness concept will save stagnant retail ice cream sales.
Lotte Confectionery Co Ltd is expected to maintain its leading position in ice cream in 2018 with a slightly increased value share due to active innovation in product types, recalling consumers’ memories of old ice cream brands. For example, the company has swapped the red and green colours round on its Watermelon Bar.
Binggrae Co Ltd is expected to remain the second largest player in ice cream despite its value share decreasing slightly in 2018. The company mainly focuses on downsizing or introducing new packaging for its best-selling brands, such as Together and Excellent.
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Discover the latest market trends and uncover sources of future market growth for the Ice Cream and Frozen Desserts industry in South Korea with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport.