South Korea

Unlike in some other packaged food categories, despite seeing exceptional growth in the first year of the pandemic in 2020, total packaging volumes of processed meat and seafood did not turn to decline in the following two years, although different…

Total packaging volumes for processed fruit and vegetables saw growth in 2022, after already seeing exceptional growth during the pandemic. Growth was seen in packaging volumes across all categories except shelf stable beans, and across all pack…

Total packaging volumes for plant-based dairy continued to rise in 2022, with growth seen across all pack types, although plant-based milk remained the only category with notable volumes, as plant-based yoghurt and cheese are still in their early…

The global economy is facing weaker growth and increasing fragmentation, as a result of rising geopolitical tensions, especially due to the war in Ukraine and the US-China strategic rivalry. Protectionism, industrial policy and a focus on resilience…

In 2023, the government reformed its electric vehicles subsidy plan, considering factors like price, vehicle performance, warranty infrastructure and battery energy. This is set to boost the electric vehicle market, especially favouring local brands.…

Despite already having seen exceptional growth for several years, meals and soups maintained dynamic growth in packaging volumes in 2022, with increases for most pack types, and most categories, with dry soup and frozen ready meals the only…

After a surge in total dairy packaging volumes during the first year of the pandemic in 2020, when more time was spent at home and there was higher at-home consumption, a decline was seen in 2021, and 2022 was another year of decline. However, there…

Total confectionery packaging volumes recorded a marked decline in 2022. Demand for confectionery was negatively impacted by the pandemic, as many people lost their jobs or faced a reduction in disposable income. Consequently, many consumers cut back…

Total baby food packaging volumes saw dynamic growth in 2022, after already seeing growth in the previous two years. Increases were seen across most pack types, and most categories, with dried baby food the notable exception. Although liquid milk…

In 2022, construction grappled with rising interest rates and living costs, affecting residential, industrial and commercial sectors. Government commitments to infrastructure drove demand. Despite cost surges, solid demand allowed passing expenses to…

The smaller value category of sticking plasters/adhesive bandages continues to see further product differentiation and development through material diversification to attract consumers with innovative formats. For instance, JW Pharmaceutical has been…

Weight management and wellbeing is recording another positive performance in 2023 as local consumers continue on their weight loss journeys following the home seclusion trend of the pandemic, which resulted in sedentary lifestyles and weight gain for…

Despite some stabilising of retail volume growth in 2023, overall demand for vitamins in South Korea remains higher than pre-pandemic levels. Single vitamins, particularly vitamin C, have been popular since the emergence of COVID-19 as local…

As local consumers continue to enjoy greater freedom outside of the home and participate in outdoor activities such as running or cycling, there is increasing demand for sports nutrition products which can be consumed on the go. This is driving the…

The lingering impact of the pandemic, greater exposure to digital screens, and generally fast-paced lifestyles are continuing to affect the local population’s ability to relax and sleep, with heightened stress known to be a major factor impacting…

Value sales of premium and luxury cars rose by 23% to total KRW28.0 trillion in 2023, as more higher-income consumers in South Korea opted to buy a new luxury vehicle despite macroeconomic headwinds. Wealth determines the degree of demand that exists…

Personal luxury retail value sales increased by 12% in 2023 to amount to KRW22.0 trillion, supported by growth recorded by leading brand providers, such as Louis Vuitton Korea Ltd and Richemont Korea Ltd. 2023 sales growth was fuelled by individuals…

Paediatric vitamins and dietary supplements remains by far the largest value category within paediatric consumer health. Despite a decline in retail volume sales in 2023, heightened health awareness since the pandemic and parents’ approach to…

While overall smoking prevalence among the adult population continues to slowly decline in South Korea, demand for NRT smoking cessation aids is further falling, in line with pre-pandemic trends. NRT smoking cessation aids lost consumers’ interest…

Retail value sales of luxury goods in South Korea rose by 18% in 2023 in current terms, to stand at KRW50.7 trillion. A combination of consumer indulgence, the release of pent-up demand, and the resumption of key activities, including travelling,…