South Korea Chocolate Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.11 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
South Korea Chocolate Market Analysis
The South Korea Chocolate Market size is expected to grow from USD 589.63 million in 2023 to USD 687.20 million by 2028, at a CAGR of 3.11% during the forecast period (2023-2028).
Chocolate consumption is rising in South Korea as consumers are shifting towards small luxuries and high-quality products, thereby propelling the growth of premium chocolate brands. Consumers following these trends are willing to purchase premium-priced chocolate with quality ingredients, high cacao content, and minimal artificial additives. Additionally, there is an inclination toward a healthier lifestyle, which has been driving the consumption of sugar-free and dark chocolate. Also, consumers are preferring organic, vegan, and gluten-free chocolates, which is expected to be one of the key factors boosting the growth of the market in the coming years.
In South Korea, people give chocolates or other sweet snacks on various occasions. Increased demand for premium chocolate brands and boxed assortments is the key factor driving the chocolate market across the country. Innovation in product packaging and chocolate with toys is gaining popularity among adults as well. Growing demand for imported chocolate owing to premium varieties is further accelerating overall sales. These factors are thus promoting the demand and growth of the chocolate market in South Korea over recent years.
South Korea Chocolate Market Trends
Rising Demand for Premium Chocolates
Chocolate consumption in South Korea has become more diverse with chocolate-making classes to handmade chocolate, an increase in imported chocolates, and a rising preference for premium chocolates. South Korean consumers consider imported and premium chocolate products with great regard. Consumers also prefer premium chocolate, chocolate bars, and products with high cocoa content. For instance; as per the Government of Canada, premium chocolates accounted for nearly 40% of new product launches in South Korea in the year 2021.
Consumers in South Korea enjoy premium chocolates and prefer expensive boxed chocolates, especially for gift-giving, which are available across high-end stores in the country. Korean consumers enjoy premium chocolate as an alternative to luxurious desserts, giving rise to the expansion of more premium international brands in the country. Presently, global premium chocolate brands such as 'Pierre Ledent', 'GODIVA', 'haut dessert', 'La Maison du Chocolat' and 'ROYCE' have established their exclusive stores in Seoul.
Furthermore, the tradition of gift-giving chocolates on occasions such as Christmas, Valentine's Day, White Day, etc. has been fuelling the demand for premium chocolates by South Korean consumers. Moreover, the passion for chocolates in South Korea is symbolized by the Choco Pie which is made up of two small layers of cake filled with marshmallows and coated in chocolate, supporting demand. Therefore, all the above-mentioned factors support the demand and growth of the chocolate market in South Korea.
Modern Sales Channels Boosting the Market Sales
South Korean consumers majorly prefer convenience stores, grocery stores, and supermarkets/hypermarkets for the purchase of chocolates. This is majorly attributed to the convenience factor, ease of searching, billing, a wide selection of products, and discounts and promotions that fueled the retail chocolate sale. Convenience stores and supermarkets are growing at a steady rate given the product promotions, easy accessibility factors, and such stores running a variety of specially packaged products targetting specific celebratory days. For instance; as per the Government of Canada, the majority of confectionery in South Korea is distributed through store-based retailing (93.5%) versus non-store retailing (6.5%) in the year 2021.
However, sales via online retail stores are surging and recording an impressive growth rate. Consumers these days actively search for new chocolate products and brands which allows them to get personalized recommendations online to help find new flavors and products. These factors are thus propelling the consumption of chocolates via online retail stores. The growing popularity of premium and artisanal chocolate is one of the primary drivers of the South Korean chocolate market. South Korean consumers have become more sophisticated in their preferences, and they are seeking higher-quality chocolate products manufactured with natural and organic ingredients. As a result, a plethora of artisanal chocolate companies have evolved in South Korea, and these products are frequently promoted via social media platforms and online markets.
South Korea Chocolate Industry Overview
The Chocolate market in South Korea is competitive with the presence of regional and international brands. Prominent market players emphasize mergers and acquisitions, product launches, partnerships, etc. as strategic approaches to boost their brand presence among consumers. Some major players in the South Korea Chocolate market include Lotte Co. Ltd., Ferrero Group, Crown Confectionery Co. Ltd., Meiji Holdings Co. Ltd, and Orion Confectionery Co, Ltd, among others. Companies have been advertising their products through celebrity endorsement, community bulletin boards, and local newspaper advertising, to create brand awareness, and increase their sales in the country. Also, major players in the market studied have been building an appetite for higher priced chocolates among young consumers, by increasing the accessibility and innovative products
South Korea Chocolate Market Leaders
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Crown Confectionery Co. Ltd.
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Lotte Corporation
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Orion Confectionery Co, Ltd.
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Ferrero International S.A.
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Mars Incorporated
*Disclaimer: Major Players sorted in no particular order
South Korea Chocolate Market News
- In March 2023, South Korea Lotte Confectionery Co. announced its rebranding with the name of Lotte Wellfood as part of further global expansion. The company supplies sweets, chocolates, biscuits, and snacks and the market expansion will further help the company grow.
- In August 2022, Mars Inc. announced a collaboration with BTS to launch limited-edition chocolate bars. The bars were packaged in the K-pop group's signature purple color along with text branding referencing the septet's hits, including 'Life Goes On,' 'Make It Right,' 'I'm Fine,' 'Spring Day,' 'Good Day,' 'Save Me,' 'Never Mind' and 'For You.'
- In March 2022, Lotte Group announced the merger of its confectionery and foodstuff businesses, Lotte Food in South Korea.
South Korea Chocolate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Milk/White Chocolate
5.1.2 Dark Chocolate
5.2 Product Type
5.2.1 Softlines/Selfilines
5.2.2 Boxed Assortments
5.2.3 Countlines
5.2.4 Seasonal Chocolates
5.2.5 Molded Chocolates
5.2.6 Other Product Types
5.3 Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Retailers
5.3.3 Convenience/Grocery Stores
5.3.4 Online Retail Stores
5.3.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Crown Confectionery Co., Ltd.
6.3.2 The Hershey Company
6.3.3 Orion Confectionery Co, Ltd.
6.3.4 Mars, Incorporated
6.3.5 Ferrero International S.A.
6.3.6 Lotte Corporation
6.3.7 Meiji Holdings Co. Ltd
6.3.8 Perfetti Van Melle Group
6.3.9 Mondel膿z International, Inc.
6.3.10 Loacker USA Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Chocolate Industry Segmentation
Chocolate is a food product made from the fruit of a cacao tree (Theobroma cacao) and is available as solid, liquid, or paste. South Korea Chocolate Market is segmented by type, product, and distribution channel. By type, the market is further segmented into milk/white chocolate and dark chocolate. By product, the market is divided into soft lines/selflines, boxed assortments, countlines, seasonal chocolates, molded chocolates, and others. By distribution channel, the market is further segmented into supermarkets/ hypermarkets, specialist retailers, convenience/grocery stores, online retail stores, and other distribution channels. The market sizing has been done in value terms in USD for all the abovementioned segments.
| Type | |
| Milk/White Chocolate | |
| Dark Chocolate |
| Product Type | |
| Softlines/Selfilines | |
| Boxed Assortments | |
| Countlines | |
| Seasonal Chocolates | |
| Molded Chocolates | |
| Other Product Types |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Retailers | |
| Convenience/Grocery Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
South Korea Chocolate Market Research FAQs
What is the current South Korea Chocolate Market size?
The South Korea Chocolate Market is projected to register a CAGR of 3.11% during the forecast period (2024-2029)
Who are the key players in South Korea Chocolate Market?
Crown Confectionery Co. Ltd., Lotte Corporation, Orion Confectionery Co, Ltd., Ferrero International S.A. and Mars Incorporated are the major companies operating in the South Korea Chocolate Market.
What years does this South Korea Chocolate Market cover?
The report covers the South Korea Chocolate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Chocolate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Chocolate Industry Report
Statistics for the 2024 South Korea Chocolate market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. South Korea Chocolate analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
