Boston, MA -- (ReleaseWire) -- 05/30/2014 -- Value sales of dried processed food in South Korea will decline by 1%, while volume sales will fall by 3% in 2013. Dried processed food sales are largely affected by rice consumption, which makes up 60% of dried processed food sales in value terms. Thus, the market is being impacted by decreasing consumption of rice in South Korea. Traditionally, rice is the staple for the local diet, however, the popularity of other carbohydrates such as bread is impacting rice consumption. Furthermore, concerns over gaining weight is causing consumers to reduce their carbohydrate intake.
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Nongshim is the leader in dried processed food, accounting for 24% of retail value sales in 2013. Thanks to its substantial presence in instant noodles, the company has been able to sustain its position over the review period. The company's recent strategy is to offer premium instant noodles, by differentiating processing and ingredients compared to more standard products. For instance, the company has introduced thepremium instant noodle Vegetable Ramyun, which claims to bethe least calorific instant noodle in South Korea. The company has emphasised its new manufacturing process,which reduces the number of calories in the noodles. The company is planning to add more premium instant noodles over the forecast period in order to mitigate any potential decrease of retail volume sales.
Dried processed food in South Korea is expected to show a constant value CAGR of -1% over the forecast period. A continued decline of rice, plain noodles and dehydrated soup consumption will cause this, although growth is expected within dessert mixes and dried pasta.In particular, a decline of rice will be faster than overall dried processed food in the forecast period. As a result, its share of dried processed food sales will continue to decline, to reach 56% of value sales at the end of the forecast period.
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The Dried Processed Food in South Korea market research report includes:
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- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
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