Sweeteners - South Korea | Statista Market Forecast

The Sweeteners Market in South Korea is facing challenges in terms of growth, with a negligible growth rate. Factors such as consumer preference shifting towards healthier options, stricter regulations on artificial sweeteners, and increasing demand for natural sweeteners like honey are impacting the market. However, the convenience and versatility of using artificial sweeteners in food products continue to drive the overall market growth in the Food industry.

Customer preferences: As health and wellness continue to be top priorities for consumers in South Korea, there has been a growing demand for natural and organic sweeteners in the Spreads & Sweeteners Market. With a focus on clean eating and avoiding artificial ingredients, consumers are turning to alternatives like stevia and monk fruit sweeteners. This trend is also reflected in the rise of sugar-free and low-glycemic index products, as well as a preference for locally sourced and sustainably produced sweeteners. Additionally, there is an increasing awareness of the potential negative effects of excessive sugar consumption, leading to a shift towards healthier options in the Sweeteners Market.

Trends in the market: In South Korea, the Spreads & Sweeteners Market within The Food market is experiencing a growing demand for healthier sweeteners such as stevia and monk fruit extract. This trend is driven by increasing health consciousness among consumers and government initiatives to reduce sugar consumption. Additionally, there is a rising demand for natural and organic sweeteners, as well as sugar-free products, indicating a shift towards more clean label and low-calorie options. These trends are expected to continue, presenting opportunities for industry stakeholders to tap into the growing health and wellness market in South Korea.

Local special circumstances: In South Korea, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's strong emphasis on health and wellness. The government has implemented strict regulations on food and beverage products, especially those containing artificial sweeteners. This has led to a greater demand for natural and healthier sweeteners, such as honey and stevia. Additionally, the country's strong coffee culture has also resulted in the popularity of coffee syrups and sweeteners, contributing to the growth of the market. The rise in health-conscious consumers and the influence of traditional Korean medicine has further fueled the demand for natural sweeteners in the country.

Underlying macroeconomic factors: The growth of the Sweeteners Market within the Spreads & Sweeteners Market of The Food market in South Korea is greatly impacted by macroeconomic factors such as changing consumer preferences, government policies, and economic stability. As South Korea continues to experience steady economic growth and rising disposable incomes, there is a growing demand for healthier and more natural sweeteners. Additionally, increasing government efforts to promote a healthy diet and combat obesity are driving the adoption of low-calorie sweeteners in the country. Furthermore, the rising health consciousness among consumers and growing awareness about the harmful effects of artificial sweeteners are also influencing market 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.