Boston, MA -- (ReleaseWire) -- 05/30/2014 -- Value sales of baby food is set to see small positive growth of 3% in current terms, to reach Won6 trillion in 2013; despite low birth rates and a preference for breast feeding in South Korea. Milk formula and in particular, standard milk formula leads market growth of baby food in 2013.
Namyang Dairy Products leads the baby food market, with a 50% value share in 2013, its market share increased by one percentage point in the year. Namyang Dairy Products is expected to achieve over Won300 billion sales in baby food in 2013, generating most of its sales from milk formula products. In milk formula, its 55% value share of sales is double that of Maeil Dairies - the manufacturer ranked second in the market. The company ranked first across all categories of milk formula thanks to brand loyalty.
Value sales of baby food in 2013 constant prices are expected to increase by a CAGR of 1% over the forecast period. With breast feeding campaign and the low expected birth rate, it will result in slow growth in baby food and milk formula. As milk formula will continue to be the most popular type of baby food, overall market growth is expected to be in line with milk formula sales.
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