Milk - South Korea

South Korea

Gross production value in Milk market is projected to amount to US$105.20m in 2024. An annual growth rate of 3.35% is expected (CAGR 2024-2028), resulting in gross production value of US$120.00m in 2028.
The import value in Milk market is projected to amount to US$22.6m in 2024. An annual growth rate of 7.87% is expected (CAGR 2024–2028).
The export value in Milk market is projected to amount to US$12.3m in 2024. An annual growth rate of -1.01% is expected (CAGR 2024–2028).

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

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Analyst Opinion

South Korea, a country known for its technological advancements and rich cultural heritage, is also experiencing a significant growth in its milk market.

Customer preferences: As the country's economy continues to boom, consumers are becoming more health-conscious and are opting for healthier beverage options. Milk, being a rich source of calcium and protein, is gaining popularity among the health-conscious population. Additionally, the growing trend of convenience and on-the-go consumption has led to an increase in demand for packaged milk and dairy products.

Trends in the market: One of the major trends in the South Korean milk market is the shift towards organic and natural milk products. Consumers are becoming more aware of the potential health benefits of organic milk, which is free from artificial hormones and pesticides. This has led to an increase in demand for organic milk products, and many dairy companies are now offering organic milk options to cater to this growing demand.Another trend in the South Korean milk market is the increasing popularity of flavored milk. Flavored milk, such as chocolate and strawberry milk, is becoming a popular choice among children and young adults. Many dairy companies are now offering a wide range of flavored milk products to cater to this growing demand.

Local special circumstances: South Korea has a strong dairy industry, with many local dairy companies producing high-quality milk products. The country's dairy industry has a long history, dating back to the early 1900s, and has since grown to become one of the largest in Asia. This has led to a strong sense of national pride and loyalty among South Korean consumers towards local milk products.

Underlying macroeconomic factors: South Korea's growing economy and increasing disposable income levels have played a significant role in the growth of the country's milk market. As consumers become more affluent, they are more willing to spend money on premium milk products and are seeking out healthier beverage options. Additionally, the country's aging population has also contributed to the growth of the milk market, as older adults are more likely to consume milk for its health benefits. In conclusion, the South Korean milk market is experiencing significant growth due to changing consumer preferences, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, dairy companies will need to stay ahead of the trends and offer innovative milk products to cater to the growing demand.

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.