Meal kits is expected to maintain its growth trajectory over the forecast period, after recording massive growth rates for five consecutive years after the first release of such products in the South Korean market. Growth will be on the back of a large number of new entrants, both offline and online retailers and restaurants, as these are now considered one of a range of meal options in households, even amongst older generations.
As consumer needs are diversifying the ready meals category is expanding. A series of next-generation protein foods has been introduced in South Korea in the form of ready meals that can be consumed on a daily basis; beyond the previous-generation proteins, such as protein powders and chicken breast, which were mainly for the purpose of growing muscle.
While South Korea’s soup category is set to continue its healthy growth trajectory in the forecast period, patterns are expected to vary at category level. Shelf-stable soup is forecast to show the most significant retail volume and current value growth in soup, backed by Korean-style soups consumed as a meal option.
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Meals and Soups
This is the aggregation of ready meals, pizza, food kits, prepared salads, and soup. Includes: These are products that have had recipe 'skills' added to them by the manufacturer, resulting in a high degree of readiness, completion and convenience. Food kits is an exception where typically the extent of preparation is much shorter than other meal products; includes meal kits where consumers are to put together pre-portioned ingredients and cook with the guidance of recipe cards. Ready meals are generally accepted to be complete meals that require few or no extra ingredients. However, in the case of shelf stable ready meals, the term also encompasses meal 'centres’; for food kits, they do require a degree of cooking and preparation. As such, some meals may require cooking (ready-to-cook); others may simply need reheating, prior to serving (ready-to-eat). Excludes: Any products sold unpackaged and/or by weight, including food sold from a retail deli counter.See All of Our Definitions
This report originates from Passport, our Meals and Soups research and analysis database.
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