Key regions: Canada, United States, Russia, India, Spain
The Breakfast Cereals market in South Korea has shown negligible growth due to factors such as changing consumer preferences, increasing health consciousness, and the convenience of online food shopping. Despite this slow growth, the Bread & Cereal Products Market within The Food market continues to dominate with a wide range of products and flavors.
Customer preferences: As South Korean consumers become more health-conscious, there has been a notable increase in demand for healthier and more nutritious breakfast cereal options. This trend is driven by the rising awareness of the importance of a balanced breakfast and the desire for convenience in the busy Korean lifestyle. Furthermore, the growing popularity of online shopping and e-commerce platforms has made it easier for consumers to access a wider range of breakfast cereal options, including imported and organic products.
Trends in the market: In South Korea, the Breakfast Cereals Market within the Bread & Cereal Products Market is seeing a surge in demand for healthier options, with consumers becoming more health-conscious. This trend is being driven by the increasing prevalence of lifestyle diseases and the government's push for a healthier population. As a result, there has been a rise in the production and marketing of whole-grain and low-sugar breakfast cereals. This trend is expected to continue, with the market projected to grow at a CAGR of 4.8% from 2020 to 2025. This presents opportunities for industry stakeholders to innovate and cater to the changing preferences of consumers.
Local special circumstances: In South Korea, the Breakfast Cereals market is heavily influenced by the country's rapid urbanization and modernization, leading to a growing demand for convenient and healthy breakfast options. Additionally, the government's focus on promoting a healthy lifestyle has resulted in the introduction of regulations for sugar and sodium content in cereals, shifting consumer preferences towards healthier options. Furthermore, the country's unique cultural emphasis on a balanced breakfast, including traditional dishes like rice and side dishes, has also affected the market dynamics and the types of cereal products available in the market.
Underlying macroeconomic factors: The Breakfast Cereals Market of the Bread & Cereal Products Market within The Food market in South Korea is affected by macroeconomic factors such as consumer purchasing power, economic stability, and government policies. With a strong and stable economy, South Korean consumers have higher disposable incomes and are more likely to spend on convenience foods like breakfast cereals. Moreover, the government's favorable policies on foreign direct investment and trade agreements have attracted major international players to enter the market, driving competition and innovation. Additionally, the increasing health consciousness among consumers and the growing trend of on-the-go breakfast options are also major contributors to the growth of the Breakfast Cereals Market in South Korea.
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.
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