Baby Food - South Korea

South Korea

Revenue in the Baby Food market amounts to US$541.10m in 2024. The market is expected to grow annually by 4.30% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$19,990m in 2024).
In relation to total population figures, per person revenues of US$10.46 are generated in 2024.
In the Baby Food market, volume is expected to amount to 15.17m kg by 2029. The Baby Food market is expected to show a volume growth of 2.4% in 2025.
The average volume per person in the Baby Food market is expected to amount to 0.3kg in 2024.

Key regions: Canada, United Kingdom, Japan, United States, Spain

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Analyst Opinion

The South Korean Baby Food market has been experiencing negligible growth due to factors such as declining birth rates, increased competition from alternative products, and stricter regulations on marketing. However, the increasing health consciousness among consumers and the convenience of online shopping are expected to drive future growth in this market.

Customer preferences: As South Korea's birth rate continues to decline, there has been a growing focus on quality over quantity when it comes to baby food. Parents are now looking for natural and organic options, with a strong emphasis on locally-sourced and traditional ingredients. This trend is also influenced by the country's strong food safety regulations and growing awareness of the benefits of a healthy diet for babies. As a result, there has been a rise in demand for premium and specialized baby food products, catering to specific dietary needs and preferences.

Trends in the market: In South Korea, the Baby Food Market is experiencing a shift towards organic and natural products. This trend is driven by increased health consciousness among parents and a growing focus on environmentally sustainable options. As a result, major players in the industry are investing in R&D to develop innovative and healthier baby food products. This trend is expected to continue, with an emphasis on clean labels and transparency in ingredients. This presents opportunities for smaller, niche companies to enter the market and cater to specific dietary needs or preferences. However, it also poses a challenge for larger companies to adapt and meet consumer demands. Overall, this trend reflects a broader global movement towards healthier and more conscious food choices, which will likely have long-term implications for the baby food industry in South Korea.

Local special circumstances: In South Korea, the Baby Food Market within The Food market is heavily influenced by the country's strong cultural emphasis on health and nutrition. This has led to a demand for organic and natural baby food options, as well as a focus on traditional Korean ingredients and recipes. Additionally, strict regulations on food safety and labeling have created a highly competitive and transparent market. The country's high smartphone penetration also plays a role in the popularity of online baby food delivery services, catering to busy working parents.

Underlying macroeconomic factors: The Baby Food Market in South Korea is heavily influenced by macroeconomic factors such as national economic health, global economic trends, fiscal policies, and other financial indicators. With a strong economy and favorable regulatory environment, South Korea has seen significant growth in its food market, including the baby food sector. Additionally, the country's aging population and increasing prevalence of chronic diseases have driven demand for high-quality and nutritious baby food products. Furthermore, technological advancements and investments in healthcare infrastructure have supported the growth of the baby food market in South Korea, improving accessibility and outcomes for families.

Methodology

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.