Boston, MA -- (ReleaseWire) -- 06/11/2014 -- In 2013 retail value sales of baked goods grew at 5% to reach Won1,927 billion, whilst retail volume sales posted 2% growth. The positive growth rate was mainly due to increasing bread consumption in South Korea, in line with changes in consumers' meal habits or dining style. Cakes and pastries posted retail value growth at 5% and 1% respectively. Local consumers are becoming familiar with having bread at breakfast to replace their traditional meal style, and they consider cakes and pastries as more like refreshments.
Artisanal products held the majority value share of baked goods with 62% in 2013. Artisanal products are mostly sold through bakery franchisees or in-store bakeries, encompassing the sales of unpackaged products of bread, cakes and pastries. Due to severe competition amongst bakery franchisees, authorities set a rule that multiple franchisee stores should not be built within a certain distance to one another. The rule negatively influences expansion of franchise stores, but growing consumer demand for bread compensates the negative impact.
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Over the forecast period, baked goods will show 1% constant value CAGR. The volume sales of baked goods will keep increasing as more and more consumers will replace their rice-based breakfast with bread. However, since unpackaged/artisanal bread products have more potential to reflect premium price, their sales will register the higher constant value growth in the forecast years at 2% CAGR. For packaged/industrial bread, constant value growth will not be able to catch up with the volume growth as the majority of local consumers look for value for money products in the category.
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The Baked Goods in South Korea market research report includes:
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