Chilling Prosperity: South Korea Frozen Food Market Surges at 6.7% CAGR from 2024 to 2032

South Korea Frozen Food Market Outlook

According to the report by Expert Market Research (EMR), the South Korea frozen food market size reached a value of USD 2.07 billion in 2023. Aided by the increasing demand for convenient and ready-to-eat food products, the market is projected to further grow at a CAGR of 6.7% between 2024 and 2032 to reach a value of USD 3.71 billion by 2032.

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Frozen food is gaining popularity in South Korea due to its convenience, long shelf life, and ability to retain nutritional value. The market encompasses a wide range of products, including frozen fruits and vegetables, ready meals, meat and seafood, and ice cream.

The South Korea frozen food market value is witnessing continued expansion as frozen food is generally more affordable than fresh food and eliminates the need for time-consuming tasks such as washing or peeling, making it a convenient option for busy individuals, particularly women. Additionally, due to the limited availability of arable land in South Korea, purchasing frozen food provides a means to access a wider range of food items.

Several factors are contributing to the South Korea frozen food market growth. Primarily driven by the fast-paced lifestyle of the South Korean population, particularly in urban areas. Additionally, the increasing disposable income of consumers is also enabling them to spend more on premium and high-quality frozen food products.

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As per South Korea frozen food market analysis, the Innovations in freezing technology have improved the quality and variety of frozen food products available in the market. Moreover, the rising awareness of health and nutrition is leading consumers to opt for frozen fruits and vegetables, which retain most of their nutrients. The proliferation of supermarkets, hypermarkets, and online retail platforms has also made frozen food products more accessible to consumers.

The frozen food market in South Korea is concentrated in urban areas, with cities like Seoul, Busan, and Incheon being the major consumption hubs. The high population density and the fast-paced lifestyle in these cities contribute to the high demand for frozen food products.

The South Korea frozen food market is highly competitive, with both domestic and international players vying for market share. These companies are focusing on product innovation, expanding their product portfolio, and strategic partnerships to strengthen their market presence, consequently driving up the South Korea frozen food market share.

The future of the South Korea frozen food market looks promising, with continued growth anticipated in the coming years. The ongoing trend of convenience and the increasing preference for healthy and nutritious food options are expected to drive the market further. Additionally, the expansion of e-commerce and the development of advanced freezing technologies are likely to create new opportunities for market players.

South Korea Frozen Food Market Segmentation

The market can be divided based on the type, products, end use, and distribution channels.

Market Breakup by Type

Ready-to-Drink
Ready-to-Eat
Ready-to-Cook
Others

Market Breakup by Products

Frozen Meals
Frozen Seafood, Meat, and Poultry
Frozen Fruits and Vegetables
Frozen Potatoes
Frozen Soup
Dairy Products
Others

Market Breakup by End Use

Food Service Industry
Retail

Market Breakup by Distribution Channels

Supermarkets and Hypermarkets
Convenience Stores
Online Channels
Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea frozen food market. Some of the major players explored in the report by Expert Market Research are as follows:

CJ CheilJedang Corp.
Nongshim Co.,Ltd.
Dr.Chung's Food Co.,Ltd
SPC GFS CO. LTD
Daesang Corporation
Taejong FD Co., Ltd.
Others

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