Meals and soups in South Korea is expected to maintain solid retail volume and current value growth rates throughout the forecast period. However, in the short term, the competition between private label products and branded products is expected to intensify.
For meals and soups to successfully penetrate and establish themselves in the home meals space in South Korea in the forecast period, offering differentiation and better value to ensure consumer retention will be essential. With a potential gradual reduction in interest rates on the horizon, consumer spending is expected to recover, which will lead to heightened competition with home-cooked meals and dining out.
Currently, most of the health-related meals and soups launched by companies are aimed at the mass market. However, with South Korea facing ongoing issues of a low birth rate and an ageing population, achieving more sustainable growth will likely require a shift towards greater segmentation and closer targeting, such as the older generation.
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Understand the latest market trends and future growth opportunities for the Meals and Soups industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Meals and Soups industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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 DefinitionsThis report originates from Passport, our Meals and Soups research and analysis database.
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