Cookies & Crackers - South Korea | Statista Market Forecast

The Cookies & Crackers Market in the South Korean Snack Food Market is currently experiencing minimal growth, influenced by factors such as changing consumer preferences and the emergence of healthier snack options. Despite this, the market is still expected to see steady growth due to the convenience and variety offered by these snack options.

Customer preferences: One emerging trend in the Cookies & Crackers Market in South Korea is the increasing demand for healthier and more nutritious snack options. This is driven by a growing awareness of the importance of healthy eating and the desire to maintain a balanced diet. As a result, there has been a rise in the availability of gluten-free and organic cookies and crackers, catering to the preferences of health-conscious consumers. Furthermore, the demand for snacks made with natural and locally sourced ingredients has also been on the rise, reflecting a preference for sustainable and environmentally friendly products.

Trends in the market: In South Korea, the Cookies & Crackers Market in the Snack Food Market of the Confectionery & Snacks Market within The Food market is experiencing a shift towards healthier options. With increasing health consciousness among consumers, there is a growing demand for gluten-free and low-sugar cookies and crackers. This trend is expected to continue, with manufacturers increasingly focusing on developing healthier snack options. This presents opportunities for industry stakeholders to tap into this growing market segment and expand their product offerings. However, it also poses a challenge as companies need to innovate and adapt to changing consumer preferences to remain competitive in the market.

Local special circumstances: In South Korea, the Cookies & Crackers Market in the Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by the country's strong culinary culture and love for traditional snacks. The market is also impacted by strict regulations on food labeling and ingredients, as well as the growing demand for healthier snack options. Additionally, the market is highly competitive, with a wide variety of local and international brands competing for consumer attention.

Underlying macroeconomic factors: The Cookies & Crackers Market in South Korea is heavily influenced by macroeconomic factors such as economic stability, consumer spending habits, and government policies. South Korea has a strong economy with a high level of consumer spending, which has led to a growing demand for convenience and snack food products. Additionally, favorable government policies, such as the promotion of domestic production and export, have supported the growth of the Snack Food Market. Furthermore, as South Korea continues to invest in its food industry and improve its infrastructure, the Confectionery & Snacks Market is expected to experience continued growth. The increasing trend towards healthier snacking options and the rising popularity of e-commerce also present opportunities for market expansion.

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.