Key regions: South Korea, Russia, Canada, Philippines, China
The Fresh Meat market in South Korea is experiencing slow growth, influenced by factors such as changing consumer preferences, increasing competition and regulations, and fluctuating meat prices. The sub-markets of Beef & Veal, Pork, Poultry, Mutton & Goat and Other Fresh Meat all contribute to this minimal growth rate, as they face different challenges and opportunities in the market. The market is also impacted by the rising trend of plant-based diets and ethical concerns surrounding meat production.
Customer preferences: Consumers in South Korea are increasingly shifting towards a more sustainable and ethical approach when purchasing fresh meat products. This trend is driven by the increasing focus on animal welfare and the impact of meat production on the environment. As a result, there is a growing demand for locally sourced, organic, and free-range meat options. Additionally, there is a rising interest in alternative protein sources, such as plant-based and lab-grown meats, as consumers become more health-conscious and environmentally aware. This shift towards conscious consumption is also influenced by the changing demographics, with younger generations leading the way in adopting more ethical and sustainable food choices.
Trends in the market: In South Korea, the Fresh Meat Market within the Meat Market of The Food market is experiencing a rise in demand for sustainable and ethically-sourced meat products. This trend is being driven by consumer awareness and concern for animal welfare, environmental impact, and health benefits. Industry stakeholders are responding by implementing stricter sourcing and labeling standards, investing in sustainable farming practices, and promoting transparency in their supply chains. This trend is expected to continue and could potentially lead to a shift in the overall market landscape and consumer preferences.
Local special circumstances: In South Korea, the Fresh Meat Market within the Meat Market of The Food market is heavily influenced by the country's cultural preference for fresh, high-quality meat. This has led to a strong demand for locally sourced, premium cuts of meat, as well as strict regulations on imported meat products. Additionally, South Koreans have a high consumption of pork, which has driven the growth of the local pork industry. These factors have created a unique market dynamic, with a focus on high-quality, locally-sourced meat products.
Underlying macroeconomic factors: The Fresh Meat Market of the Meat Market within The Food market in South Korea is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's strong economic growth and government initiatives to improve food security have led to a rising demand for fresh meat products. Additionally, the increasing trend towards Western diets and the growing number of health-conscious consumers in South Korea are also driving the demand for high-quality, fresh meat products. Moreover, the country's favorable regulatory environment and investments in modernizing its meat processing facilities have contributed to the market's growth. However, challenges such as fluctuating meat prices and the impact of trade agreements on the import and export of fresh meat products may also affect 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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