South Korea Chocolate Market Size By Product Type (Dark Chocolate, Milk Chocolate), By Product Variant (Softlines/Selflines, Boxed Assortments, Countlines, Seasonal Chocolates), By Distribution Channel (Supermarkets, Convenience Stores, Retailers) And Forecast

South Korea Chocolate Market Size And Forecast

South Korea Chocolate Market size was valued at USD 597.35 Billion in 2020 and is projected to reach USD 820.16 Billion in 2028, growing at a CAGR of 4.04% from 2021 to 2028.

The introduction of new flavors coupled with the changing taste of consumers is the important market driver of this industry. The South Korea report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

South Korea Chocolate Market Definition

So, chocolate's a big deal in South Korea, making up about 42% of the whole candy scene! It's even more popular than chewing gum and those sugary treats. Now, if you're thinking about where the best chocolate comes from, South Korea might not top the list. But when it comes to melted chocolate? They've got tons of choices! Especially in Seoul, you can find amazing chocolate flavors. You've got folks trained in France and others who learned on their own, all building up great reputations. And the chocolate itself? You can find it allBoxed Chocolates, Moulded Chocolate bars, Chocolate covered bars, Bit sized versions, Milk Chocolate, and so much more!

South Korea Chocolate Market Overview

It used to be that South Koreans didn't eat nearly as much chocolate as folks in Europe or Switzerland. We're talking about just 610 grams per person compared to a whopping 11 kg in Switzerland! But things are changing. Now, people are craving those little luxury items and really high-quality treats. This is really boosting the chocolate industry. And with people earning more – the World Bank says South Korea's GNI jumped from $32,730 in 2018 to $33,790, a 3.23% increase – and inflation actually going down between those years, it makes sense that they're treating themselves.

Okay, so back in 2018, inflation was at 1.476, but dropped to 0.383 in 2019. This drop in inflation, coupled with rising incomes, basically means people have more cash to spend. And when people have more money, they tend to buy more things! That's a big reason why we're seeing a rise in the demand for premium products, which is fueling the growth of the chocolate industry in South Korea. Companies there are really trying to keep up with this demand by offering all sorts of new and exciting flavors. For instance, Lotte, a major player in South Korea, launched a Green Tea flavored Dream Cacao, and it was a huge hit!

Healthy chocolates are facing a surge in market demand. Since consumers are preferring premium products so the chocolates with toys are also facing an upward trend. Chocolate manufacturers are trying to make chocolates with toys. Besides this, chocolates are being produced in varying sizes to increase the demand in the market. Thus, constant differentiation in the market made by the manufacturers is the key market driver of this industry.

South Korea Chocolate MarketSegmentation Analysis

The South Korea Chocolate Market is segmented on the basis of Product Type, Product Variant, and Distribution Channel.

South Korea Chocolate Market, By Product Type

• Dark Chocolate
• Milk Chocolate

Based on Product Type, the market is segmented into Dark Chocolate and Milk Chocolate. Among the two variants, Dark Chocolate has the highest demand. This is not only due to the rich taste but also due to the health benefits it offers. In South Korea, food items with health benefits have the highest demand. So, the demand for Dark Chocolate is increasing.

South Korea Chocolate Market, By Product Variant

• Softlines/Selflines
• Boxed Assortments
• Countlines
• Seasonal Chocolates
• Molded Chocolate
• Others

Based on Product Variant, the market is segmented into Softlines/Selflines, Boxed Assortments, Countlines, Seasonal Chocolates, Molded Chocolate, and Others. Among the different variants of Chocolate available, Moulded Chocolate has the highest demand. This is due to the changing taste and the increasing demand for the premium category of products. Whereas, the Seasonal and Boxed ones have increased in demand over the years.

South Korea Chocolate Market, By Distribution Channel

• Supermarkets
• Convenience Stores
• Retailers
• Online

Based on Distribution Channel, the market is segmented into Supermarkets, Convenience Stores, Retailers, and Online. Supermarkets have the highest market share. On the other hand, the factors like convenience, and ease of searching are causing sales through Convenience stores to increase. Sale through Online stores is also increasing due to the increase in the number of internet users.

Key Players

The “South Korea Chocolate Market” study report will provide valuable insight with an emphasis on the market. The major players are Lotte, Ferrero Group, Mars, Orion Confectionery Co, The Hershey Company, and Crown Confectionery Co. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

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Reasons to Purchase this Report

We dig into the market using both number-crunching (quantitative) and deeper understanding (qualitative) by breaking it down into segments based on money stuff and other things. We'll give you the market value (in USD Billion) for each of those segments and smaller sub-segments. You'll learn which regions and segments are poised for the fastest growth and market dominance. Our geographical analysis highlights product/service consumption, revealing what's shaping the market in each region. We scope out the competitive landscape, showing you where the big players rank and what they've been up to – new launches, partnerships, expansions, and acquisitions over the last five years. Plus, we've got detailed company profilescompany overviews, insights, product comparisons, and SWOT analysis for the major players. Get the lowdown on the industry's present and future, covering recent happenings, growth potential, key drivers, and the hurdles in both new and established markets. We also dive deep with Porter's five forces analysis and give you a peek into the value chain. Finally, you'll understand the market's dynamics, where the growth opportunities lie, and receive 6 months of post-sales analyst support.

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