The baby food market experienced negative growth in South Korea. The decline in number of births in 2013, 2014, and 2016 brought about a corresponding drop in baby food consumption. Overall consumption fell by 5.5% and retail sales increased by 13.6% in current price terms and 2.1% at constant prices between 2010 and 2016. Baby Milk dominates, claiming over 60.9% of the total market. Cereals & dry meals have fared less well in terms of volume sales, registering 21.9% and wet meals & others sector remains small with 17.2%. The decline in the birth rate in future will inevitably have an impact on overall volume in the market. Overall, the market is therefore expected to grow by only 2.3% in volume and by 19.5% in value by 2022.
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- Overall consumption fell by 5.5% and retail sales increased by 13.6% in current price terms and 2.1% at constant prices between 2010 and 2016.
- Meals & others is the fastest growing baby food category, comprising 17.2% of overall baby food volumes by 2016.
- The vast majority of baby food sold in Korea is manufactured within the country.
- Multinational representation is very low in South Korea, due mainly to the supremacy of the two leading domestic suppliers, Namyang and Maeil.
- Sales via e-commerce have expanded rapidly in recent years as many overseas brands are available online, and an increasing number of mothers are buying these products.
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Reason to Buy
- Evaluate important changes in consumer behavior and identify profitable markets and areas for product innovation.
- Analyse current and forecast behavior trends in each category to identify the best opportunities to exploit.
- Detailed understanding of consumption by individual product categories in order to align your sales and marketing efforts with the latest trends in the market.
- Investigates which categories are performing the best and how this is changing market dynamics.
Table of content:
Background to the Market
Birth: Live Birth Rates
Live Births by Region
Births – Measures to Boost the Birth Rate
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