Convenience dictates growth of S Korean bakery and cereals market
Consumer preoccupations with convenience and health will drive growth in the bakery and cereals industry in South Korea between now and 2017, market research firm Canadean has predicted.
The industry is expected to grow at a compounded annual growth rate (CAGR) of 4.1% by value and 3.4% by volume for the same time period, according to Canadean.
Energy and cereal bars are expected to show strong growth in South Korea, thanks to the country’s increasingly on-the-go lifestyle. Canadean predicts the category will display the highest growth in volume at a CAGR of 4.8% up to 2017. This is second only to the staple bread and rolls category, which is expected to grow at a CAGR of 5.1% by value up to 2017.
Convenience is a significant factor for the young middle class of South Korea, Canadean says. These consumers have busy lives and so require products which can be consumed quickly and easily. Cereal bars are therefore a popular choice with this demographic; the cereal bar segment is expected to grow at a CAGR of 4.9% by value and 4.7% by volume up to 2017.
In keeping with the healthy lifestyle trend, cookies will show the least growth over the next five years, with value and volume CAGR of 3.0% and 2.8% to 2017 respectively.
The Canadean report, ‘The Bakery & Cereals Sector in South Korea to 2017’, was published in September 2013.
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