Cereals - South Korea

South Korea

Gross production value in Cereals market is projected to amount to US$10.74bn in 2024. An annual growth rate of 3.64% is expected (CAGR 2024-2028), resulting in gross production value of US$12.39bn in 2028.
The import value in Cereals market is projected to amount to US$5.9bn in 2024. An annual growth rate of 11.41% is expected (CAGR 2024–2028).
The export value in Cereals market is projected to amount to US$154.5k in 2024. An annual growth rate of -38.22% is expected (CAGR 2024–2028).

Key regions: Germany, Italy, Brazil, United States, United Kingdom

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Analyst Opinion

The Cereals market in South Korea has been experiencing significant growth in recent years, driven by changing consumer preferences and local special circumstances.

Customer preferences: South Korean consumers are increasingly seeking out healthier and more convenient food options, which has led to a rise in demand for cereals. Cereals are seen as a convenient and nutritious breakfast option, which is particularly appealing to busy urban consumers who are short on time. Additionally, there is a growing interest in plant-based diets, which has led to an increase in demand for cereals made from grains like oats and quinoa.

Trends in the market: One of the key trends in the South Korean cereals market is the rise of premium and organic products. Consumers are willing to pay a premium for cereals that are perceived as healthier and more natural. This trend is being driven by a growing awareness of the health benefits of cereals, as well as concerns about the safety of imported food products. As a result, domestic manufacturers are increasingly focusing on producing high-quality, organic cereals that can compete with imported brands.Another trend in the South Korean cereals market is the growing popularity of single-serve and on-the-go options. As more consumers opt for convenience, manufacturers are introducing more portable and easy-to-eat cereal products. This includes single-serve sachets, snack bars, and cereal cups that can be eaten on the go.

Local special circumstances: South Korea has a unique food culture that places a strong emphasis on health and wellness. There is a growing interest in traditional Korean ingredients and flavors, which has led to the development of cereals made from ingredients like black rice, barley, and red beans. Additionally, there is a strong focus on food safety and quality, which has led to a preference for locally produced cereals that are perceived as safer and more reliable.

Underlying macroeconomic factors: The South Korean cereals market is being driven by a combination of demographic and economic factors. The country has a rapidly aging population, which has led to an increase in demand for healthy and nutritious food options. Additionally, the rise of e-commerce and online shopping has made it easier for consumers to access a wider range of cereal products. Finally, the South Korean government has been actively promoting the development of the domestic food industry, which has led to increased investment in research and development, as well as the expansion of distribution networks.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, 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.

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 S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

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.