South Korea Meat Market

South Korea Meat Market Size:

South Korea meat market size is projected to exhibit a growth rate (CAGR) of 6.40% during 2024-2032. The increasing consumer demand for high-quality meat, government support for food security, expanding distribution networks, and the rising popularity of convenient and precooked meat products represent some of the key factors supporting the market growth.

South Korea Meat Market Analysis:

• Major Market Drivers: Rising disposable incomes and changing consumer preferences driving demand for high-quality, premium meat products, such as Wagyu and Hanwoo beef are pivotal in strengthening the South Korea meat market growth. Moreover, busy lifestyles and an increase in single-person households are boosting the popularity of convenient, ready-to-eat (RTE) meat options, thereby aiding in market expansion.
• Key Market Trends: The surging demand for processed meat products like marinated meats, and pre-cooked sausages, the expanding influence of culinary trends, and the rise of e-commerce platforms are impelling the market growth. Additionally, the growing awareness of environmental and health issues encouraging consumers to seek sustainably and ethically produced meat is bolstering the South Korea meat demand.
• Competitive Landscape: Some of the major market players in the South Korea meat industry include CJ CheilJedang Corporation, Dongwon Home Food Co. Ltd. (Dongwon Enterprise Co. Ltd.), and Sajowon Co. Ltd., among many others.
• Challenges and Opportunities: The market faces regulatory hurdles, environmental pressures, and competition from alternative proteins. However, rising demand for processed meats, premiumization trends, and the growing influence of e-commerce offer opportunities for producers to innovate, differentiate their products, and explore new distribution channels, both domestically and internationally.

South Korea Meat Market Trends:

Increasing demand for premium meat products:

Growing demand for premium meat products represents one of the major South Korea meat market trends. As disposable incomes rise and consumer preferences evolve, there is a growing appetite for high-quality, premium meats such as Wagyu beef, Hanwoo beef, and organic pork. Notably, in 2022, pork consumption per capita in South Korea reached about 28.5 kilograms per year, a 3.3 percent increase from 2021. Moreover, consumers are willing to pay a premium for meats that are perceived to be superior in terms of taste, texture, and nutritional value, which is further contributing to the market growth. Additionally, the expanding influence of Western food culture and global culinary trends has led to a greater appreciation for premium cuts of meat and specialized preparation methods, thereby positively impacting the South Korea meat market outlook.

The growing popularity of convenient and ready-to-eat meat:

The growing popularity of convenient and RTE meat options is influencing the market growth. Busy lifestyles and the increasing number of single-person households have led to a surge in demand for easy-to-prepare and ready-to-consume meat products. Processed meat products such as marinated meats, pre-cooked sausages, and ready-to-eat meals are becoming increasingly popular. Companies are responding to this trend by developing a wide range of value-added products that cater to convenience-seeking consumers. The rise of e-commerce and online grocery shopping has also facilitated the growth of this segment, making it easier for consumers to access and purchase ready-to-eat meat products. Furthermore, the COVID-19 pandemic has bolstered this trend as more people seek convenient meal solutions that can be easily prepared at home, thereby propelling the South Korea meat market share.

Increasing emphasis on sustainable and ethical meat production practices:

South Korean researchers have grown beef cells in rice grains, a significant advancement towards sustainable and eco-friendly protein sources. This aligns with the increasing consumer and producer focus on environmental concerns, animal welfare, and health implications of meat consumption. Consumers are more aware of meat production's environmental impact, favoring sustainably farmed, low-carbon options like organic, grass-fed, and free-range products. Moreover, producers are implementing procedures that guarantee meat traceability, improve animal welfare, and lessen their impact on the environment. Additionally, there is growing interest in alternative proteins, such as plant-based and lab-grown meats, seen as more sustainable and ethical is expanding the South Korea meat market scope.

South Korea Meat Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2024-2032. Our report has categorized the market based on product, type, and distribution channel.

Breakup by Product:

• Chicken
• Beef
• Pork
• Mutton
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product. This includes chicken, beef, pork, mutton, and others.

South Korea meat market insights showcase chicken as a staple in the market due to its affordability, versatility, and health benefits. It is widely consumed in various forms, including fried, grilled, and stewed, making it a popular choice for both home-cooked meals and restaurant dishes. The demand for chicken remains consistently high.

Additionally, beef, particularly premium varieties like Hanwoo and imported Wagyu, is highly sought after for its rich flavor and tender texture. It is often associated with special occasions and upscale dining.

Moreover, pork is a significant part of the South Korean diet, commonly used in traditional dishes like samgyeopsal (grilled pork belly) and bossam (boiled pork), which is contributing to the market growth.

Along with this, mutton is less commonly consumed compared to chicken, beef, and pork, but it has a niche market, particularly among ethnic communities and gourmet food enthusiasts.

Breakup by Type:

• Raw
• Processed
   

A detailed breakup and analysis of the market based on the type have also been provided in the report. This includes raw and processed.

Raw meat, including fresh cuts of chicken, beef, pork, and mutton, remains a staple in the South Korea meat market. Consumers purchase raw meat for home cooking and traditional dishes, appreciating the control it offers over seasoning, preparation, and cooking methods to suit personal tastes and dietary preferences.

Furthermore, processed meat products, such as marinated, pre-cooked, and RTE options, are increasingly popular due to their convenience and time-saving benefits. Demand for these products, which include sausages, deli meats, and packaged meals that provide quick and simple meal solutions, is driven by busy lifestyles and the rise in single-person households.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Departmental Stores
• Specialty Stores
• Online Stores
• Others
   

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, departmental stores, specialty stores, online stores, and others.

Hypermarkets are a major distribution channel for meat in South Korea, offering a wide variety of raw and processed meat products at competitive prices. Their one-stop shopping experience, which combines groceries with other household goods, draws customers, and they regularly run promotions and discounts to boost sales.

Concurrently, departmental stores provide a more upscale shopping experience, often featuring premium and specialty meat products. They cater to consumers seeking high-quality meats, such as Hanwoo beef and imported cuts, and are known for their emphasis on product quality, customer service, and attractive presentation.

In addition to this, specialty stores focus on specific types of meat or high-end products, offering a curated selection of premium, organic, and gourmet meats. These stores attract discerning customers who prioritize quality, traceability, and unique offerings, providing personalized service and expert advice on meat selection and preparation.

Furthermore, online stores serve as a convenient platform for consumers to access a wide variety of meat products from the comfort of their homes. This not only caters to busy urban lifestyles but also provides access to a broader range of products that may not be readily available in traditional brick-and-mortar stores.

Breakup by Region:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
   

The report has also provided a comprehensive analysis of all the major markets in the region, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.

The Seoul Capital Area, encompassing Seoul and its surrounding cities, is the largest and most densely populated region in South Korea. It drives significant demand for meat products, both raw and processed, fueled by high consumer spending, diverse culinary preferences, and a thriving food service industry.

In line with this, Yeongnam is an industrial and economic hub with a strong demand for meat products. The region's diverse population and active tourism sector boost the consumption of both traditional and international meat dishes, supporting a robust meat market.

Concurrently, Honam is known for its rich agricultural heritage and culinary traditions. The region has a steady demand for various meat products, especially those used in traditional Korean cuisine, and is increasingly exploring premium and organic meat options to cater to evolving consumer preferences.

Furthermore, Hoseo benefits from its strategic location and growing urbanization. The region's expanding middle class and increasing disposable incomes drive demand for a wide range of meat products, from everyday staples to premium selections, reflecting a blend of traditional and modern dietary habits.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have been provided. Some of the major market players in the South Korea meat industry include CJ CheilJedang Corporation, Dongwon Home Food Co. Ltd. (Dongwon Enterprise Co. Ltd.), Sajowon Co. Ltd., etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The South Korea meat market report revealed the competitive landscape is characterized by a mix of domestic producers and international players, all striving to meet the evolving demands of Korean consumers. Manufacturers in this industry are known for their focus on high-quality, premium products, including Hanwoo beef and organic pork, catering to the growing demand for superior meat. International players are also making significant inroads, leveraging their global expertise and diverse product offerings. The market is highly competitive, with companies investing in innovative product development, sustainability initiatives, and advanced processing technologies to differentiate themselves. Additionally, the rise of e-commerce and online grocery platforms has intensified competition as both domestic and international brands vie for consumer attention and market share through digital channels.

South Korea Meat Market News:

• In May 2024, South Korea established a unique "regulation-free special zone" (RFSZ) to accelerate innovation in cultivated meat. This zone provides food tech firms with regulatory exemptions, enabling faster research and development in cellular agriculture projects.

South Korea Meat Market Report Scope:

Key Questions Answered in This Report:

• How has the South Korea meat market performed so far, and how will it perform in the coming years?
• What has been the impact of COVID-19 on the South Korea meat market?
• What is the breakup of the South Korea meat market on the basis of product?
• What is the breakup of the South Korea meat market on the basis of type?
• What is the breakup of the South Korea meat market on the basis of distribution channel?
• What are the various stages in the value chain of the South Korea meat market?
• What are the key driving factors and challenges in the South Korea meat market?
• What is the structure of the South Korea meat market, and who are the key players?
• What is the degree of competition in the South Korea meat market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea meat market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea meat market.
• The study maps the leading, as well as the fastest-growing, markets. It further enables stakeholders to identify the key country-level markets within the region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea meat industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.