Key regions: South Korea, Spain, United Kingdom, India, Russia
The Ice Cream Market in the Confectionery Market of the Confectionery & Snacks Market within The Food market in South Korea has seen a stagnant growth rate due to factors such as changing consumer preferences and increasing competition from healthier snack options. Despite this, rising disposable income and indulgence in traditional flavors continue to drive demand.
Customer preferences: The Ice Cream Market in the Confectionery Market of the Confectionery & Snacks Market within The Food market in South Korea has seen a shift towards healthier and more unique flavors. This trend is influenced by the growing health consciousness and desire for experiential consumption among consumers. Additionally, the rise of single-person households and busy lifestyles has also led to an increase in demand for convenient and indulgent snacking options, such as single-serve ice cream cups and handheld ice cream bars.
Trends in the market: In South Korea, the Ice Cream Market is experiencing a shift towards healthier options, with more companies offering low-calorie and lactose-free options to cater to health-conscious consumers. This trend is expected to continue as consumers become more health-conscious and demand for healthier options grows. Additionally, there is a growing trend of premiumization in the Ice Cream Market, with consumers willing to pay more for high-quality and unique flavors. This trend is significant as it allows companies to differentiate themselves and capture a larger market share. However, it also raises the bar for competitors, making it challenging for new entrants to break into the market. Overall, these trends highlight the need for industry stakeholders to constantly innovate and differentiate their products to stay competitive in the Ice Cream Market in the Confectionery Market of the Confectionery & Snacks Market within The Food market.
Local special circumstances: In South Korea, the Ice Cream market in the Confectionery Market is heavily influenced by the country's love for unique and innovative flavors. The market is also driven by the country's fast-paced lifestyle, leading to the popularity of on-the-go ice cream options. Additionally, the government's efforts to promote healthy snacking options have led to the rise of low-calorie and dairy-free ice cream products. The cultural emphasis on dessert and snack consumption also contributes to the growth of the Ice Cream market in South Korea.
Underlying macroeconomic factors: The Ice Cream Market in the Confectionery Market of the Confectionery & Snacks Market within The Food market is greatly affected by macroeconomic factors such as consumer spending power, economic stability, and government policies. In countries with strong economic growth and stable political environments, there is a higher demand for premium and indulgent ice cream products. On the other hand, in regions with economic downturns and unstable political climates, consumers tend to shift towards more affordable and basic ice cream options. Government policies, such as taxes and regulations on sugar and dairy products, also play a significant role in shaping the market, as they can impact production costs and consumer purchasing behavior. Additionally, global economic trends, such as changes in commodity prices and currency exchange rates, can also affect the availability and pricing of ingredients used in ice cream production, ultimately influencing market performance.
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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