South Korea Cookies Market Research Report, 2027

South Korea Cookies Market Research Report, 2027

Actual Market Research 30-11-2022 55 Pages Figures : 5 Tables : 17 Region : Asia-Pacific Country : Korea South Category : Food & Beverages Food

A cookie is a bakery product that is a sweet biscuit with a chewy texture, is fairly soft, and typically contains pieces of chocolate, fruit, or nuts in it to enhance the taste. The freshly baked cookies are sold at bakeries, and the factory-made cookies are sold at convenience stores and other sales mediums. The availability of a wide variety of cookies as a snack for consumers is one of the major driving factors for the cookie market. It is a ready-to-use product and can be consumed at any time during the day. It is also available in different flavors, sizes, prices, or quantities, and in attractive packaging that makes it convenient to store and carry. According to the report, "South Korea Cookies Market Research Report, 2027," published by Actual Market Research, the market is anticipated to increase by USD 0.16 Billion from 2021 to 2027. The increasing demand for bakery-based products among the population is the major factor driving the growth of the market. In addition to the changing lifestyle and working habits, the availability of digestive, gluten-free, and healthy cookies is a key factor fueling market growth. Furthermore, economic improvement and growing disposable income are some other factors driving the growth of the market. However, the rising manufacturing costs and prices related to the cost of raw materials are factors expected to hamper market growth. The availability of a wide variety of cookies as a snack for consumers is the major driving factor for the cookie market. It is a ready-to-use snack and is consumable at any time during the day. In addition, they are available at different prices, flavors, sizes, or quantities and with attractive packaging, which makes them convenient to store and carry and, hence, preferred by the majority of the population, thereby augmenting market growth. Based on product type, bar cookies are currently dominating the market with the highest share in the market, followed by drop cookies and molded cookies. Sandwich cookies are expected to grow more during the forecast period. Based on packaging type, flexible packaging leads the market with a very minimal share ahead of rigid packaging. In terms of distribution channels, hypermarkets and supermarkets have the majority share of the market, followed by specialty stores. The e-commerce/online segment is expected to grow the most among others during the forecast period. The South Korean distribution system has been described as fragmented and inefficient. Very few companies have a national distribution system in place, and therefore importers generally have to deal with a large number of wholesale distributors. Such inefficiencies add to the costs incurred by the final consumer. Consequently, Canadian exporters might consider it best to concentrate on certain regions rather than try to obtain nationwide coverage. As imported foods are generally most popular in the urban centres where 70% of the population resides, they are likely the best targets for Canadian exporters. However, local consumers tend to be influenced by the promotional activities of traditionally popular brands like Homerun Ball and Lotte Butter Coconut, which supported positive value growth. Manufacturers see the overall market as saturated and look for niche segments to increase potential growth. Lotte Confectionery, for instance, targets the teatime snack market, which is likely to grow along with coffee and tea consumption in South Korea. Depending on the expected performance of its recently introduced product, Du:fé, other market players will decide whether to follow this strategy or not. Overall demand for biscuits will be saturated as many consumers in South Korea are concerned about their health when choosing packaged foods. To utilise this consumer preference, manufacturers may develop biscuits with premium or organic chocolates. Also, a partnership strategy with well-known international brands can create more value-added products as consumers regard them as unique, such as Pocky by Haitai Confectionery & Foods Co. Ltd. The most representative supermarket brands in Korea are Lotte Mart, E-mart, and Home Plus. All of these large-scale retail businesses, located throughout the nation, house a diverse range of general items and luxury goods, where customers can find almost everything they need. The stores have different operating schedules depending on their location, which can all be found on their website. Typically, most stores in Seoul are closed on the second and fourth Sundays of each month; however, the closed days can vary by region. As this is not a fixed rule and is subject to change, it is recommended to check their website to avoid any inconveniences. Shopping at these supermarkets will save a significant amount of time and money, as discounts and many promotional events are happening almost every day. Visitors can experience the local shopping culture while browsing for the freshest food ingredients, fashion items, electronic goods, and gifts. Covid-19 The COVID-19 pandemic initially caused the temporary shutdown of manufacturing plants and loss of manpower, which reduced the production of cookies. In some countries, the cookie manufacturers were exempted from the lockdown restrictions, but the difficulty in the procurement of raw material due to the least mobility led to a shortage of production. The import and export ban imposed in several countries led to the disruption of the supply chain market. The domestic supply chain disruption caused due to the transportation restrictions and shutdown of distribution channels impacted the sales and revenue of the cookies market. Supermarkets and retail stores faced a shortage of the product due to initial panic buying and later due to the shutdown. The demand for cookies increased, whereas the supply was not able to meet the requirements. Considered in this report • Geography: South Korea • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • South Korea Cookies market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product • Bar Cookies • Sandwich Cookies • Molded Cookies • Pressed Cookies • Rolled Cookies • Others Cookies (Drop Cookies, No-bake Cookies, Refrigerator Cookies, Ice Box Cookies, etc.) By Packing • Flexible Packing • Rigid Packing • Other Packing By Distribution Channel • Hypermarkets/Supermarkets • Specialty Stores & Retailers • Online Retailers • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Cookies industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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