Boston, MA -- (ReleaseWire) -- 05/30/2014 -- Snack bars had positive growth in both value and volume sales of 11% and 5% respectively in 2013. The category has continued to show double-digit growth in value since 2008, reaching Won39 billion. The category is led by granola/muesli bars, which accounted for 70% of total snack bars in retail value.
Orion Crop ranked first with 55% value share in 2013, followed by Haitai Confectionery & Foods. Orion Corp has a very strong brand, Dr You, and dominates the largest category, granola/muesli bars, with 79% value share in 2013. Dr You took up 55% of total snack bar sales in the year. The success of Dr You is from targeting the right consumers. Targeting young consumers, it has continued to renew its packaging and implemented active marketing campaigns to satisfy its main consumers. Strongly positioned as a healthy and energy-boosting snack, Dr You could rebound in market growth.
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Constant value sales of snack bars are expected to grow at a CAGR of 10% in the forecast period. The category is still small with only a few brands available. Increasing demand for nutritional snacks to replace a meal in South Korea can attract manufacturers to enter the market as other packaged food categories are reaching maturity in the country.
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The Snack Bars in South Korea market research report includes:
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