Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats segment in South Korea is experiencing minimal growth, influenced by shifts in consumer preferences towards healthier alternatives, fluctuating dairy prices, and increasing competition from margarine and plant-based spreads.
Customer preferences: In South Korea, a notable trend in the Butter Market is the growing preference for health-conscious and plant-based alternatives among consumers. As awareness of dietary fats' impact on health increases, younger generations are gravitating towards spreads that boast organic ingredients or lower cholesterol levels. Additionally, the rise of veganism and flexitarian diets is reshaping traditional consumption patterns, leading to a decline in butter sales. Furthermore, the cultural shift towards convenience has resulted in increased interest in ready-to-use spreads that align with fast-paced lifestyles.
Trends in the market: In South Korea, the Butter Market is experiencing a significant shift towards healthier, plant-based alternatives as consumers become increasingly health-conscious. This trend is driven by a growing awareness of dietary fats' effects on well-being, prompting younger generations to favor spreads with organic ingredients and lower cholesterol. The rise of veganism and flexitarian lifestyles is further influencing traditional butter consumption, leading to decreased sales. Additionally, the demand for convenient, ready-to-use spreads reflects a cultural inclination towards quick meal solutions, posing both challenges and opportunities for industry stakeholders to innovate and adapt to evolving consumer preferences.
Local special circumstances: In South Korea, the Butter Market is shaped by a unique blend of cultural preferences and health trends, distinct from other regions. The country's traditional cuisine, which often emphasizes fermented and plant-based ingredients, has cultivated a growing acceptance of alternative spreads. Additionally, the rise of K-pop and health influencers is driving younger consumers towards innovative, plant-based options, further shifting demand away from traditional butter. Regulatory support for healthful food products also encourages companies to reformulate their offerings, creating opportunities for growth in this evolving landscape.
Underlying macroeconomic factors: The Butter Market in South Korea is significantly influenced by macroeconomic factors such as consumer spending trends, global dairy prices, and health-conscious fiscal policies. The nation's economic stability, bolstered by moderate GDP growth, enables consumers to invest in premium food products, including high-quality butter alternatives. Additionally, fluctuating global dairy supply chains affect local pricing and availability, impacting consumer choices. The government's emphasis on promoting healthy eating through subsidies and regulations encourages innovation in the oils and fats sector, further reshaping the market landscape. As health trends evolve, these economic indicators collectively drive changes in consumer preferences and market dynamics.
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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Mon - Fri, 9am - 6pm (EST)
