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Euromonitor International Issues Packaged Food Report for South Korea

By December 22, 2015 at 8:00 am
South Korea food (Photo : Getty Images/Chung Sung-Jun)

Euromonitor International reported that the packaged food market recorded only marginal positive value growth in 2015 as the Korean economy remained in recession.

The rate of economic growth was only 2.8% in 2015, according to the Bank of Korea, lower than the 3.3% level witnessed in the previous year, according to Reportbuyer, leading industry intelligence solution that provides all market research reports from top publishers.

Due to the ongoing uncertain economic outlook, consumer confidence was unable to recover, and in fact shrank. Nonetheless, the ready meals category, which carries fairly high unit prices, recorded healthy value growth.

Euromonitor International's Packaged Food in South Korea report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data 2010-2014, allowing you to identify the sectors driving growth. 

It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market - be they new product developments, distribution or pricing issues. Forecasts to 2019 illustrate how the market is set to change.

Growth in packaged food in the UK in 2015, at less than 1% in value terms, was more than three times less than the review period average of over 2%. Three key reasons can be identified for this slowdown.

Firstly, economic conditions in the UK have changed for the better, and a consequent effect has been that the British public is visiting foodservice outlets in greater numbers, thereby somewhat lessening demand for packaged food. Secondly, there has been evidence of a degree of innovation..

Product coverage: Baby Food, Baked Goods, Biscuits and Snack Bars, Breakfast Cereals, Confectionery, Dairy, Ice Cream and Frozen Desserts, Oils and Fats, Processed Fruit and Vegetables, Processed Meat 

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