South Korea Meat Market Demand, Trends, Report 2023-2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Korea Meat Market size at USD 5.95 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects South Korea Meat Market size to expand at a CAGR of 3.30% reaching a value of USD 7.46 billion by 2030. By volume, BlueWeave estimated South Korea Meat Market size at 2,675 thousand tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects South Korea Meat Market size to expand at a CAGR of 5.88% reaching a volume of 3,155.8 thousand tons by 2030. Major driving factors for South Korea Meat Market include changes in eating habits, growing health awareness, and rising disposable income. In the Korean cooking culture, meat—especially chicken, pig, and seafood—is seen as essential. The growing demand for processed meat products found in supermarkets, hypermarkets, and convenience shops, is also projected to drive South Korea Meat Market in the coming years.
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Opportunity - Expanding Tourism Sector
Korean street food and cuisine have gained significant popularity across the globe owing to the increasing popularity of Korean dramas, music, and pop culture. South Korea is leveraging its soft power, which is known as the Korean wave, to boost its economy and is taking various initiatives to boost tourism. The rising number of tourists visiting the country is anticipated to fuel the demand for popular meat-based Korean food, such as fried chicken, samgyeopsal, bulgogi, and samgyetang. These factors are expected to propel South Korea Meat Market over the forecast period.
Impact of Escalating Geopolitical Tensions on South Korea Meat Market
Escalating geopolitical tensions could negatively impact the growth of South Korea Meat Market. The country imports substantial amounts of meat to fulfill its high domestic meat consumption, especially beef and pork. Consequently, geopolitical conflicts, obstruct international trade channels, interrupt imports, cause shortages, and drive up meat costs in South Korea. In addition, price volatility brought on by higher transportation costs or changes in the dynamics of supply and demand may lead to a decline in South Korea's meat consumption. Furthermore, trade restrictions and tariffs resulting from conflicts with major meat trading partners like the United States or China may harm consumers' access to certain meat varieties at retail outlets.
Processed Meat Segment to Expand at Fastest Growth Rate
The processed meat segment is projected to record growth at the fastest CAGR in South Korea Meat Market by form during the forecast period between 2024 and 2030. The growing working-class population and their hectic lifestyle directly influence the demand for processed meat products in South Korea. Processed meat has an extended shelf life and requires minimal preparation, catering to the fast-paced lifestyle of Korean consumers.
Competitive Landscape
The South Korean meat Market is intensely competitive, as several companies are competing to gain a significant market share. Key players in the market include CJ Corp, Hormel Foods Corp, Lotte Group, Dongwon Group, Daesang Corp, Harim Co Ltd, Moguchon Corp, Sajo Industrial Co Ltd, Jinju Ham Co Ltd, and Sajo Haepyo Corp.
These companies employ various strategies to further enhance their market share, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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