Baby Milk & Infant Formula - South Korea

South Korea

Highlights

Revenue in the Baby Milk & Infant Formula market amounts to US$508.80m in 2024. The market is expected to grow annually by 4.19% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$17bn in 2024).
In relation to total population figures, per person revenues of US$9.83 are generated in 2024.
In the Baby Milk & Infant Formula market, volume is expected to amount to 13.13m kg by 2029. The Baby Milk & Infant Formula market is expected to show a volume growth of 2.2% in 2025.0.
The average volume per person in the Baby Milk & Infant Formula market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Baby Milk & Infant Formula Market in South Korea has been experiencing sluggish growth due to factors such as declining birth rates and increasing competition. Despite this, the market is expected to see moderate growth in the coming years, driven by the growing demand for premium and organic products. The convenience of online shopping and rising health consciousness among parents are also contributing to the market's growth.

Customer preferences: Demand for organic and natural baby milk and infant formula products has been on the rise in South Korea, as consumers become more health-conscious and prioritize clean and safe ingredients for their little ones. This trend is driven by the growing awareness of the potential health risks associated with conventional products and the desire for sustainable and eco-friendly options. Additionally, the rising number of working mothers is leading to a demand for convenient and ready-to-use formula options, further fueling the growth of the market.

Trends in the market: In South Korea, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a surge in demand for organic and natural baby formula products. This trend is driven by the increasing awareness and concerns over the safety and quality of conventional formula options. Additionally, there is a growing preference for locally produced formula products, indicating a shift towards supporting domestic brands. These trends have significant implications for industry stakeholders, including the need for stricter regulations and the potential for increased competition among manufacturers.

Local special circumstances: In South Korea, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily regulated by the government, with strict regulations on advertising and labeling. This is due to the country's strong emphasis on health and safety, as well as concerns over food safety scandals in the past. Additionally, South Korean parents have a strong preference for locally produced products, leading to a strong demand for domestic brands. This has resulted in an increase in partnerships and joint ventures between international and local companies, in order to cater to the specific needs and preferences of the South Korean market.

Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The market performance is also influenced by other relevant financial indicators, such as consumer spending, inflation rates, and trade policies. Furthermore, countries with strong economic growth and favorable regulatory environments are experiencing higher demand for baby milk and infant formula products, while regions with economic challenges and regulatory barriers may face slower market growth. Additionally, the increasing birth rates and changing dietary patterns in developing countries are major drivers for market growth, while the aging population in developed countries may result in a decline in demand for these products.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.