Boston, MA -- (ReleaseWire) -- 06/03/2014 -- Pasta in South Korea saw retail value sales growth of 6% to reach Won13 billion in 2013. Italian food, including pasta, remained popular in South Korea over the review period. Due to its ease of preparation and the fact that it remained a much cheaper option, consumers showed an ongoing preference for cooking pasta at home, rather than dining in Italian full-service restaurants. Furthermore, the increasingly diverse range of imported pasta sauces available indirectly boosted demand for pasta.
F Divella SpA remained the leading player in pasta in South Korea in 2013, in accounting for a retail value sales share of 35%. Although the company maintained its leading position, it saw a loss of retail value sales share in each of the three last years of the review period, from 39% in 2010 to 35% in 2013. The company promoted its dried pasta brand, Divella by offering it to Italian cooking classes nationwide. The company also offered a diverse range of dried pasta products. However, the increasing number of brands available in South Korea saw the company struggle to retain retail value sales share over the later years of the review period.
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Pasta in South Korea is expected to see strong retail volume sales growth over the forecast period, with a CAGR of 6% predicted, while constant value sales are expected to see a CAGR of 2%. It will become increasingly common for South Koreans to cook pasta at home, due to its ease of preparation and the fact that it represents a much cheaper option than dining out. Younger South Koreans no longer consume rice as their main staple and like to eat other alternatives, including pasta, which will drive retail volume sales over the forecast period. Meantime, constant value sales are expected to see less dynamic growth than retail volume sales, as pasta retail prices are expected to decline, due to the EU-South Korea Free Trade Agreement (FTA). Under the recent FTA, dried pasta is likely to become exempt from tariffs gradually over the forecast period, which will directly impact retail prices.
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The Pasta in South Korea market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
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