The seasonings, dressings and sauces market in South Korea is expected to reach US$1.9bn by 2024 with a compounded annual growth rate of 2.5 percent over the forecast period of 2019-2024, according to GlobalData, a leading data and analytics company.
GlobalData’s report, ‘South Korea Seasonings, Dressings & Sauces - Market Assessment and Forecasts to 2024’ has revealed that condiment sauces was the largest category with value sales of US$345.8m in 2019. However, the tomato pastes and purees category is forecast to post the fastest value sales at a compounded annual growth rate (CAGR) of 2.9 percent over the forecast period 2019-2024, followed by bouillons and stocks, and condiment sauces with CAGRs of 2.8 percent each.
“The sales of seasonings, dressings and sauces in the country are largely driven by the South Korean culinary tradition of fermenting and combining bold, spicy and tangy flavours,” noted Meenakshi Haran, Senior Consumer Insights Analyst at GlobalData.
The per capita consumption of seasonings, dressings and sauces in South Korea stood higher than the regional and global averages in 2019. The per capita consumption of condiment sauces category stood at 2kg, higher than the global per capita consumption of 1.4kg followed by herbs, spices and seasonings at a per capita consumption of 1.6kg, above the global average of 1.3kg in the same year.
Cj Group, Daesang, and Sempio Foods Company are the top three companies by volume sales in the South Korean seasonings, dressings & sauces market, with Cj Group also leading value sales in the country. Hypermarkets and supermarkets emerged the largest distribution channel in 2019.
“As consumers seek ‘made for me’ products, specific health and wellness attributes such as ‘food intolerance’ are likely to see strong demand over the forecast period,” concluded Haran.
“On the other hand, the rising health awareness is expected to spur opportunities for consumer benefits such as ‘health management’, driving growth of the health and wellness market in the South Korean seasonings, dressings and sauces market during 2019–2024.”
4,000 of the world’s largest companies, including over 70 percent of FTSE 100 and 60 percent of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform.
GlobalData’s mission is to help its clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.