South Korea

Further value growth was posted in packaged food in South Korea in 2019, with Home Meal Replacement (HMR) products continuing their strong performance due to their convenience. Flavour and quality ingredients were also important to consumers, ...

In 2019, baked goods mostly recorded a good performance, especially cakes and pastries thanks to healthy growth both in convenience stores and unpackaged baked goods specialist shops. Convenience stores have expanded and improved the quality of their...

Breakfast cereals recorded healthy value growth in 2019 thanks to the strong performance of granola due to rising consumer interest in healthy living. Most players actively introduced granola cereal products. To benefit from the trend and expand the ...

Frozen processed potatoes have become popular and recorded the strongest value growth in 2019 due to the increasing penetration of air fryers, a healthy alternative to a deep-fat fryer. Chips and French fries are usually purchased in fast food ...

Processed meat and seafood continues to show healthy value growth thanks to frozen processed ready meat and seafood. The frozen processed category is popular as products can, conveniently, be stored for a long period of time, and manufacturers are ...

Consumption of rice, the main staple food in South Korea, has changed as more consumers prefer to eat out, use home-delivery services, or instead opt for instant rice. Over the last decade, value sales of rice declined, however, health and wellness ...

Charge cards are not available in South Korea and are not likely to be introduced during the forecast period....

As more consumers use credit cards, the value of such transactions grows strongly in South Korea. According to the Bank of Korea, spending per transaction keeps falling in 2019. Furthermore, the Bank of Korea is trying to encourage a cashless ...

While the amount paid by financial cards is rapidly growing as South Korea is heading towards a cashless society, the importance of debit cards is increasing. Both the number of transactions and transaction value are rapidly growing due to favourable...

Financial cards and payments posted continued growth in many categories in 2019. The government’s policy of supporting a favourable environment for financial cards drives increasing transactions and consumers’ habit of making transactions via ...

Traditional open loop pre-paid cards issued by credit card companies such as Samsung and Lotte are losing popularity in South Korea as consumers find a wider range of benefits from other financial cards such as debit and credit cards. In addition, ...

In South Korea, store cards overall shows steady growth even though department stores is weakening as its growth driver, as store cards are mainly used by loyal consumers who have been using department stores for some time. Similar to other ...

Overall, South Korea is a regional leader in the Environmental Sustainability Index in Asia Pacific, thanks to having universal access to electricity, non-solid fuels, drinking water and sanitation, as well as technological advances which play an ...

Further decline of edible oils is expected in 2019 as an increasing number of South Koreans prefer not to cook at home. Along with the availability of home meal replacement (HMR) products, including ready meals, processed meat and prepared sauces for...

In 2019, ready meals continued to record healthy value growth due to the launch of new products. Meal kits, which are included in dinner mixes, have increased sales dramatically in the year, appealing to housewives who feel less guilty about ...

Sauces, dressings and condiments continued to be characterised by two apparently different trends in 2019. Due to the popularity of HMR (home meal replacement) products, sauces which helped consumers to cook easily at home showed strong performances;...

Soup recorded further strong growth in 2019 thanks to Korean-style soup and stew. Shelf stable soup led by CJ Cheiljedang (Bibigo brand) drives the overall positive sales of soup in the country. For South Koreans, a complete meal generally consists ...

Sweet spreads recorded both value and volume decline in 2019 due to the development of unique Korean alternatives. The Balaz brand, for instance, launched Korean-style spread alternatives such as green tea, Injeolmi (made with sweet bean flour) and ...

Due to the government regulation on mortgages and economic slowdown, the growth rate of household debt in South Korea is slowing. As the major portion of household debt is from mortgages, the government regulation to reduce the LTV (loan to value ...

The government is strictly monitoring consumer lending in South Korea after total household debt increased rapidly in previous years. The government is trying to improve the quality of the debt and increase the repayment capability of each household ...