Market Insights Consumer Food Convenience Food

Soups - South Korea

South Korea

Revenue in the Soups market amounts to US$1.68bn in 2024. The market is expected to grow annually by 3.55% (CAGR 2024-2029).
In global comparison, most revenue is generated in Indonesia (US$10,110m in 2024).
In relation to total population figures, per person revenues of US$32.51 are generated in 2024.
In the Soups market, volume is expected to amount to 0.35bn kg by 2029. The Soups market is expected to show a volume growth of 0.9% in 2025.
The average volume per person in the Soups market is expected to amount to 6.3kg in 2024.

Key regions: United Kingdom, Russia, Philippines, United States, Spain

Market

Region

Region comparison

Currency

Analyst Opinion

In South Korea, the Convenience Food Market's Soup segment is experiencing negligible growth due to factors such as limited innovation in the market, changing consumer preferences, and increasing competition. Despite the convenience offered by these products, the growth rate remains stagnant.

Customer preferences: As health-consciousness continues to rise among South Korean consumers, there has been a noticeable shift towards convenient and healthy food options, including soups. This trend is fueled by the growing popularity of single-person households and the increasing number of working professionals with busy lifestyles. As a result, there has been a surge in demand for ready-to-eat soups and soup mixes that offer a balance of nutrition and convenience. Furthermore, with the rise of e-commerce and food delivery services, consumers are now able to access a wider variety of soup options, including organic and plant-based alternatives, catering to their specific dietary preferences and needs.

Trends in the market: In South Korea, the Convenience Food Market is experiencing a surge in demand for soups, driven by a growing trend towards healthier and more convenient meal options. This trend is expected to continue, with an increasing number of consumers seeking out soups made with natural ingredients and offering various health benefits. This shift towards healthier soups is significant for industry stakeholders as it presents opportunities for innovation and product differentiation. Additionally, the rise of e-commerce and delivery services in South Korea is also playing a role in the growth of the Soups Market, allowing for greater accessibility and convenience for consumers. As this trend continues, it is likely to have a positive impact on the overall Convenience Food Market in South Korea, with potential implications for the food industry as a whole.

Local special circumstances: In South Korea, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by cultural factors. Due to the country's strong food culture and busy lifestyle, there is a high demand for quick and convenient meal options. This has led to the popularity of instant soups and other convenience food products. Additionally, the government's strict regulations on food safety and labeling have contributed to the high quality and trustworthiness of the soups market. Furthermore, the country's mountainous terrain and cold climate also play a role in the popularity of soups, as they are seen as a comforting and warming meal option.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in South Korea is heavily influenced by macroeconomic factors such as consumer spending, government policies, and international trade. The country's strong economic growth and rising disposable incomes have led to an increase in demand for convenience foods, including soups. Additionally, the government's focus on promoting a healthy lifestyle and the growing trend of on-the-go meals have also contributed to the growth of the soups market. Furthermore, South Korea's participation in global trade and its strong presence in the international food market have allowed for a variety of soup products to be available, catering to diverse consumer tastes and preferences.

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.