Spreads & Sweeteners - South Korea

South Korea

Highlights

Revenue in the Spreads & Sweeteners market amounts to US$1.01bn in 2024. The market is expected to grow annually by 4.15% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$144bn in 2024).
In relation to total population figures, per person revenues of US$19.47 are generated in 2024.
In the Spreads & Sweeteners market, volume is expected to amount to 334.90m kg by 2029. The Spreads & Sweeteners market is expected to show a volume growth of 2.1% in 2025.0.
The average volume per person in the Spreads & Sweeteners market is expected to amount to 6.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Spreads & Sweeteners market in South Korea is experiencing negligible growth due to factors such as increasing health consciousness among consumers and the convenience of online services. However, the market is hindered by the presence of established local brands and rising competition from alternative sweeteners.

Customer preferences: With the rise of health-consciousness in South Korea, there has been a significant increase in demand for natural and organic spreads and sweeteners. Consumers are now looking for healthier alternatives to traditional products, such as honey and sugar, driven by a desire for clean labels and transparency in ingredients. This trend is also influenced by the growing preference for a plant-based diet, as well as the increasing awareness of the negative health effects of excessive sugar consumption. As a result, there has been a shift towards natural sweeteners like stevia, coconut sugar, and maple syrup, which are perceived as healthier options. Additionally, the popularity of veganism and vegetarianism in South Korea has also contributed to the rising demand for plant-based spreads, such as nut butters and fruit jams. This trend is expected to continue as consumers become increasingly health-conscious and seek out more sustainable and ethical food options.

Trends in the market: In South Korea, the Spreads & Sweeteners market is experiencing a rise in demand for healthier and natural alternatives to traditional spreads and sweeteners. This trend is driven by the increasing health consciousness among consumers, leading to a shift towards more organic and plant-based products. Additionally, there is also a growing interest in artisanal and premium spreads and sweeteners, as consumers seek out unique and high-quality options. As a result, industry stakeholders are investing in research and development to cater to these changing preferences and stay competitive in the market. This trend is expected to continue in the coming years, with potential implications for the industry including a need for innovative and sustainable sourcing strategies, as well as improved product labeling and marketing to appeal to the health-conscious consumer demographic.

Local special circumstances: In South Korea, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's strong cultural preference for traditional, natural ingredients. This has led to a rise in demand for artisanal and locally sourced products, as well as a focus on health and wellness in food choices. Additionally, strict food safety regulations and a highly competitive market have also shaped the dynamics of the market, driving companies to constantly innovate and improve their products to meet consumer demands.

Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in South Korea is heavily impacted by macroeconomic factors, such as the country's economic health and global economic trends. With a strong focus on exports, South Korea's economy is susceptible to fluctuations in global demand and trade policies. Additionally, fiscal policies, such as tax rates and regulations, can significantly impact market performance. Furthermore, consumer spending and disposable income levels play a crucial role in driving demand for spreads and sweeteners, making the country's overall economic stability a critical factor in 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.