Boston, MA -- (ReleaseWire) -- 05/29/2014 -- Ready meals in South Korea will record positive value growth of 8%,to reach Won182 billion in 2013. Canned/preserved ready meals make up the majority of the market, accounting for an expected 75% of ready meal sales in the year. The market growth was across the board, except for frozen pizza, which suffered a decline, as various consumer foodservice outlets offer fresh pizza at competitive prices, meaning consumers no longer look for frozen pizza.
CJ Cheiljedang leadsready meals in South Korea, accounting for 33% of value sales in 2013. The company is dominant across the packaged food industry and offers various types of ready meals in South Korea. The company has been collaborating with its subsidiary company, CJ FoodVille, a major consumer foodservice player in South Korea in order to offer premium ready meals such as steak, ribs and burger.
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Ready meals in South Korea are expected to grow at a constant value CAGR of 5% over the forecast period. Preference for quick and convenient meals is likely to continue in South Korea, with the increase in the variety of brands on offer in ready meals furthersupporting sales in the market. In the meantime, the retail volume CAGR of ready meals is expected to be 3% in the forecast period. The market is moving towards premiumisation to meet demand for high-quality ready meals in South Korea, therefore unit prices are expected to rise and quality assurance will become a more important factor for success in the ready meal market.
Discover the latest market trends and uncover sources of future market growth for the Ready Meals industry in South Korea with research from Euromonitor's team of in-country analysts.
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The Ready Meals in South Korea market research report includes:
- Analysis of key supply-side and demand trends
- 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
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Ready Meals in South Korea?
- What are the major brands in South Korea?
- Will retail sales suffer as economic prospects improve and consumers move back to eating out rather than eating at home?
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