South Korea Chocolate Market to Grow at CAGR of 2.98% During 2024-2032, Stimulated by the Evolving Taste Preferences of Consumers

December 18, 2023 | Food & Beverages

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According to the latest report by IMARC Group, titled “South Korea Chocolate Market Report by Type (Milk/White Chocolate, Dark Chocolate), Product Type (Softlines/Selflines, Boxed Assortments, Countlines, Seasonal Chocolates, Molded Chocolates, and Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Retailers, Convenience/Grocery Stores, Online Retail Stores, and Others), and Region 2024-2032,” the South Korea chocolate market is expected to exhibit a CAGR of 2.98% during 2024-2032. Chocolate is a diverse confectionery product derived primarily from cocoa beans. These beans are harvested from the cacao tree, Theobroma cacao, undergoing a meticulous process of fermentation, drying, roasting, and grinding to produce cocoa solids and cocoa butter, the fundamental ingredients of chocolate. The transformation of these components, often combined with sugar and milk, results in various forms of chocolate, including dark, milk, and white chocolate. The versatility of chocolate extends its applications in culinary arts, baking, and beverage preparation. Its rich, complex flavor profile, coupled with its smooth texture, makes chocolate a key ingredient in an array of desserts and sweets. The global appeal of chocolate stems from its taste and cultural and historical significance, making it a product with a wide-reaching impact on consumer preferences and market trends.

South Korea Chocolate Market Trends:

The cultural shift towards Western lifestyles and dietary patterns in South Korea, particularly among younger demographics, has heightened the preference for Western-style confections, including premium chocolate varieties, primarily driving the market growth. In addition to this, the inflating disposable income of consumers is fueling the demand for luxury and gourmet chocolates, with a growing emphasis on quality, origin, and artisanal production methods. Moreover, the surge in health-conscious consumers seeking healthier alternatives, leading to the introduction of organic, vegan, and sugar-free chocolate products is strengthening the market growth. At the same time, the robust e-commerce sector in South Korea facilitating the accessibility and distribution of a wide range of chocolate products, enabling consumers to explore and purchase international and local brands with ease, is aiding in market expansion. Concurrently, ongoing product innovation and culinary experimentation combined with the increasing use of chocolate in the café culture and confectionery baking is bolstering the market growth. Along with this, the expanding influence of popular culture, including K-dramas and K-pop, has also played a role in popularizing certain chocolate brands and products, tapping into the fan base of these cultural phenomena, thus bolstering the market growth. Furthermore, extensive seasonal and festival-related marketing, along with innovative packaging and flavor variations to attract and retain customers are creating a favorable outlook for market expansion.

Market Summary:

Based on the type, the market has been bifurcated into milk/white chocolate and dark chocolate.
On the basis of the product type, the market has been categorized as softlines/selflines, boxed assortments, countlines, seasonal chocolates, molded chocolates, and others.
Based on the distribution channel, the market has been classified as supermarkets and hypermarkets, specialty retailers, convenience/grocery stores, online retail stores, and others.
On a regional basis, the market has been segmented into Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.
The competitive landscape of the market has also been examined, with some of the key players being Crown Confectionery, Ferrero Asia Limited, Mars Incorporated, Orion Corporation, Perfetti Van Melle BV, The Hershey Company, etc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Product Type Distribution Channel Region
Types Covered	Milk/White Chocolate, Dark Chocolate
Product Types Covered	Softlines/Selflines, Boxed Assortments, Countlines, Seasonal Chocolates, Molded Chocolates, Others
Distribution Channels Covered	Supermarkets and Hypermarkets, Specialty Retailers, Convenience/Grocery Stores, Online Retail Stores, Others
Regions Covered	Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), Others
Companies Covered	Crown Confectionery, Ferrero Asia Limited, Mars Incorporated, Orion Corporation, Perfetti Van Melle BV, The Hershey Company, etc. (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
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South Korea Chocolate Market to Grow at CAGR of 2.98% During 2024-2032, Stimulated by the Evolving Taste Preferences of Consumers

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