Spreads - South Korea
- South Korea
- Revenue in the Spreads market amounts to €523.50m in 2024. The market is expected to grow annually by 4.81% (CAGR 2024-2029).
- In global comparison, most revenue is generated in China (€17,480m in 2024).
- In relation to total population figures, per person revenues of €10.12 are generated in 2024.
- In the Spreads market, volume is expected to amount to 126.80m kg by 2029. The Spreads market is expected to show a volume growth of 4.7% in 2025.
- The average volume per person in the Spreads market is expected to amount to 2.1kg in 2024.
Key regions: Canada, Philippines, China, Spain, India
Analyst Opinion
The Spreads market in South Korea, within The Food market, has been experiencing minimal growth. Factors such as changing consumer preferences, increasing health consciousness, and the convenience of online shopping are impacting this growth rate. Despite this, the sub-markets of Jams & Marmalades, Chocolate Spreads, and Peanut Butter are still driving demand for innovative and healthier spread options.
Customer preferences: The Spreads Market in South Korea is experiencing a rise in demand for healthier and more natural options. As consumers become more health-conscious, they are turning towards spreads made from natural ingredients and free from artificial additives. This shift in preference can be attributed to the growing awareness of the negative effects of processed foods on health. Additionally, with the rising popularity of plant-based diets, there is a growing demand for spreads made from plant-based sources such as nuts and seeds. This trend is further fueled by the increasing number of people adopting vegetarian and vegan lifestyles, as well as the growing popularity of flexitarian diets.
Trends in the market: In South Korea, the Spreads & Sweeteners Market within The Food market is experiencing a surge in demand for healthier spread options, such as low-sugar and natural alternatives. This trend is driven by the increasing consumer awareness of the negative health effects of traditional spreads and the growing interest in plant-based diets. As a result, there has been a rise in the availability of innovative spread products made from ingredients like nuts, seeds, and fruits. This trend is expected to continue, as more consumers prioritize health and wellness in their food choices. Industry stakeholders have the opportunity to capitalize on this trend by expanding their product offerings and investing in research and development to meet the evolving demands of the market. Failure to adapt to this trend could result in losing market share to competitors that offer healthier spread options.
Local special circumstances: In South Korea, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's strong cultural emphasis on health and wellness. As a result, there is a growing demand for natural and organic spreads and sweeteners. Additionally, the government's increasing regulations on sugar consumption have led to a rise in alternative sweeteners such as stevia and monk fruit. Moreover, the popularity of traditional Korean foods, such as honey and red bean spreads, has also contributed to the growth of the market. These unique factors have shaped the Spreads Market in South Korea and differentiate it from other global markets, making it a dynamic and rapidly evolving industry.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in South Korea is greatly influenced by various macroeconomic factors. These include the country's economic growth, consumer purchasing power, government policies, and global economic trends. South Korea's strong economic growth has led to an increase in consumer spending, which has positively impacted the market for spreads and sweeteners. Moreover, the government has implemented favorable policies to promote the food industry, which has further boosted market growth. Additionally, the growing health consciousness among consumers and the rising demand for healthier alternatives to traditional spreads and sweeteners have also influenced market trends. Overall, the macroeconomic factors in South Korea are driving the growth of the Spreads & Sweeteners Market within The Food market.
Methodology
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.Vue d’ensemble
- Revenue
- Volume
- Price
- Demographics
- Sales Channels
- Global Comparison
- Analyst Opinion
- Methodology
- Key Market Indicators