While retail current value sales of ice cream are being maintained in the early post-pandemic period in South Korea in 2022, the ice cream category is expected to confront a decreasing trend, as seen in pre-pandemic times, in some years of the forecast period, as long as fundamental issues remain unresolved. In the early post-pandemic period, as ice cream sales in South Korea are seasonal, with high reliance on the summer months, the return of international travel for summer holidays is likely to weaken domestic sales of ice cream, as relatively fewer people will stay in the country.
There had long been four major players in ice cream in South Korea, with Lotte Confectionery and Binggrae in the leading group, with tiny differences in share, followed by Lotte Food and Haitai Confectionery. However, the competitive landscape in retail ice cream in the country is being reshaped, resulting from Binggrae’s acquisition of Haitai Ice Cream (part of Haitai Confectionery).
The domestic ice cream category, which stagnated or declined in the years prior to the pandemic, was revitalised during the pandemic due to increased demand at home, and the expansion of unmanned ice cream discount stores in the aftermath of COVID-19. However, both internal and external factors are dampening retail sales of ice cream in South Korea.
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Ice cream is the aggregation of frozen yoghurt, impulse ice cream, unpackaged ice cream and take-home ice cream. Frozen desserts is included in the project Staples. Includes: Non-dairy ice creams (for example, soy or rice-based products, as well as any other dairy-alternative ice creams), should be tracked alongside dairy ice cream in the relevant product subcategory. Rice and soy can be used as dairy substitutes in the manufacture of ice cream, but the product is still equivalent in terms of positioning/marketing and consumer target to standard dairy ice cream.See All of Our Definitions
This report originates from Passport, our Ice Cream research and analysis database.
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