Key regions: Russia, Spain, South Korea, Philippines, United States
The Yogurt Market in South Korea is experiencing minimal growth due to factors such as low consumer health awareness and lack of convenience in online services. However, the market is expected to slowly grow with increasing adoption of digital technologies.
Customer preferences: As consumers in South Korea become more health-conscious, there is a growing demand for low-fat and probiotic-rich yogurt products in the Dairy Products & Eggs Market within The Food market. This trend is influenced by the country's strong emphasis on traditional Korean medicine and its belief in the benefits of fermented foods. Additionally, the rise of convenience culture and busy lifestyles has led to an increased preference for single-serving and on-the-go yogurt options.
Trends in the market: In South Korea, the Yogurt market is experiencing a surge in demand for probiotic and functional yogurt products, driven by a growing health-conscious consumer base. Additionally, there is a rising trend of incorporating traditional Korean ingredients into yogurt, such as kimchi or red ginseng, to cater to local tastes. This trajectory is significant as it reflects a shift towards healthier and more diverse yogurt options, which has implications for industry stakeholders to adapt and innovate in order to stay competitive in the market.
Local special circumstances: In South Korea, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's strong cultural preference for fermented foods. This has led to a high demand for traditional Korean yogurt, known as "yakult," which is made from fermented barley and rice. Additionally, South Korea's strict regulations on food labeling and safety have contributed to the market's growth, as consumers trust in the quality and safety of domestically produced yogurt. Furthermore, the country's dense urban population and busy lifestyle have also fueled the demand for convenient, on-the-go yogurt products.
Underlying macroeconomic factors: The Yogurt Market of the Dairy Products & Eggs Market within The Food market in South Korea is heavily impacted by macroeconomic factors such as consumer spending power, government policies, and international trade agreements. The country's stable economic growth and rising disposable income have led to an increase in demand for premium and healthy dairy products, including yogurt. Additionally, the Korean government's focus on promoting a healthy lifestyle and supporting the local food industry has resulted in favorable policies and subsidies for dairy companies. Furthermore, the country's participation in free trade agreements has opened up export opportunities for Korean yogurt manufacturers, contributing to the market's growth.
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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