South Korea

With the world’s lowest fertility rate, South Korea faces a steadily aging population and a projected population decline in the coming decades. As solo living grows in popularity, single-person households are now the most common, leading to rising…

The mobility industry was impacted by the economic slowdown, high interest rates and challenges people faced in purchasing new vehicles. Despite the resolution of the semiconductor supply issue, the car sales market recorded low growth in 2023.…

Staple foods in South Korea is set to experience little movement across most categories in 2024, due to the impact of rising raw materials prices stemming from climate change and supply chain issues. Elevated inflation rates are expected to result in…

Rice, pasta and noodles in South Korea is set to see fairly stable retail volume sales in 2024, while retail current value sales are expected to continue to rise. Retail volume sales of instant noodles are also expected to remain flat in 2024,…

Overall processed meat, seafood and alternatives to meat in South Korea is expected to see minimal growth in retail volume terms, and a stronger increase in retail current value terms in 2024. However, growth is not expected across all categories.…

Processed fruit and vegetables in South Korea is expected to see negligible retail volume growth and slightly stronger current value growth in 2024. However, performances are set to vary across categories. Due to macroeconomic factors such as…

With consumers having increasingly busy mornings, the traditional breakfast staple in South Korea, breakfast cereals, has been seeing declines in retail volume sales, and this is set to continue in 2024, although current value sales are expected to…

Heightened consumer interest in health continues to play a pivotal role in establishing various types of leavened bread, such as bagels, ciabatta, multigrain bread, whole wheat bread, and oatmeal bread, as a new dietary culture in South Korea. These…

Sweet spreads is set to see a slight retail volume decline in South Korea in 2024, along with solid retail current value growth. Like other packaged food categories, jams and preserves is also adapting to the demand for low sugar and low calorie…

The current health-related trends have driven innovation in low sugar and low calorie products across packaged food in South Korea, also impacting sauces, dips and condiments. Most sauces brands are now targeting health-conscious consumers by…

In terms of distribution, sales of meals and soups in South Korea are not only driven by traditional channels such as hypermarkets, but by convenience stores and retail e-commerce platforms. In 2024, these latter two channels are together expected to…

In 2024, some of the leading producers of edible oils have been lowering product prices since the beginning of the year, in response to the falling international prices of major oils, and government requests for price stabilisation. Raw palm oil…

In 2024, as in 2023, cooking ingredients and meals in South Korea is set to maintain low retail volume growth and stronger retail current value growth. In 2023, there were surges in raw materials prices for cooking ingredients and meals in South…

Retail value sales of premium and luxury cars saw double-digit growth of 13% in 2024, with total sales of KRW26.4 trillion. The landscape continues to thrive despite inflation, while the macroeconomic situation has less impact on luxury and…

Government finances are robust and economic freedom is assured, but South Korea’s political landscape faces instability. Although inflation has fallen further and unemployment is low, the economy has decelerated and foreign investment is subdued. The…

In 2024, retail value sales of designer apparel and footwear (ready-to-wear) rose by 5% to stand at KRW5.7 trillion. Sales are driven by designer apparel (ready-to-wear), specifically women's apparel, while men's designer apparel saw standout growth…

Retail value sales of luxury goods in South Korea rose by 9% in 2024 in current terms, to stand at KRW49.1 trillion. These positive results were driven by consumer indulgence, the release of pent-up demand on a post-pandemic landscape and heightened…

Retail value sales of fine wines/champagne and spirits grew by 5% in 2024, set to reach a sales total of KRW855 billion. Sales on the landscape are bolstered by consumers' habits of enjoying a drink with a meal at home or when relaxing, in addition…

Retail value sales of experiential luxury grew by a significant 18% in 2024, reaching KRW1.1 billion, up from 1 billion in 2023. Ongoing growth is benefiting from a trend bolstered by the outbreak of COVID-19: a focus on services above manufactured…

Yoghurt is perceived by local consumers as a clean and healthy dairy snack, and with health being the top priority for many, yoghurt producers in South Korea are shifting to reflect this growing focus. As a result, yoghurt that fails to meet…