Market Size of South Korea Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.11 % |
| Market Concentration | Low |
Major Players.webp "South Korea Chocolate Market Major Players"){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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South Korea Chocolate Market Analysis
The South Korea Chocolate Market size is expected to grow from USD 589.63 million in 2023 to USD 687.20 million by 2028, at a CAGR of 3.11% during the forecast period (2023-2028).
Chocolate consumption is rising in South Korea as consumers are shifting towards small luxuries and high-quality products, thereby propelling the growth of premium chocolate brands. Consumers following these trends are willing to purchase premium-priced chocolate with quality ingredients, high cacao content, and minimal artificial additives. Additionally, there is an inclination toward a healthier lifestyle, which has been driving the consumption of sugar-free and dark chocolate. Also, consumers are preferring organic, vegan, and gluten-free chocolates, which is expected to be one of the key factors boosting the growth of the market in the coming years.
In South Korea, people give chocolates or other sweet snacks on various occasions. Increased demand for premium chocolate brands and boxed assortments is the key factor driving the chocolate market across the country. Innovation in product packaging and chocolate with toys is gaining popularity among adults as well. Growing demand for imported chocolate owing to premium varieties is further accelerating overall sales. These factors are thus promoting the demand and growth of the chocolate market in South Korea over recent years.
South Korea Chocolate Industry Segmentation
Chocolate is a food product made from the fruit of a cacao tree (Theobroma cacao) and is available as solid, liquid, or paste. South Korea Chocolate Market is segmented by type, product, and distribution channel. By type, the market is further segmented into milk/white chocolate and dark chocolate. By product, the market is divided into soft lines/selflines, boxed assortments, countlines, seasonal chocolates, molded chocolates, and others. By distribution channel, the market is further segmented into supermarkets/ hypermarkets, specialist retailers, convenience/grocery stores, online retail stores, and other distribution channels. The market sizing has been done in value terms in USD for all the abovementioned segments.
| Type | |
| Milk/White Chocolate | |
| Dark Chocolate |
| Product Type | |
| Softlines/Selfilines | |
| Boxed Assortments | |
| Countlines | |
| Seasonal Chocolates | |
| Molded Chocolates | |
| Other Product Types |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Retailers | |
| Convenience/Grocery Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
South Korea Chocolate Market Size Summary
The South Korean chocolate market is experiencing a notable expansion, driven by a shift in consumer preferences towards premium and high-quality chocolate products. This trend is characterized by a growing inclination for chocolates with high cacao content, minimal artificial additives, and ingredients that cater to healthier lifestyles, such as sugar-free and dark chocolate options. The market is further bolstered by the popularity of organic, vegan, and gluten-free chocolates, which are becoming increasingly sought after by health-conscious consumers. The tradition of gift-giving, particularly during occasions like Christmas and Valentine's Day, continues to fuel demand for premium boxed chocolates, which are often viewed as luxurious alternatives to traditional desserts. The presence of international premium chocolate brands in South Korea, such as Pierre Ledent and GODIVA, underscores the market's appeal and the consumers' preference for imported varieties.
The retail landscape for chocolate in South Korea is predominantly store-based, with convenience stores, grocery stores, and supermarkets/hypermarkets being the primary channels for chocolate purchases. However, there is a significant rise in online retail sales, driven by the demand for personalized recommendations and the growing popularity of artisanal chocolates. The market is competitive, with both regional and international players like Lotte Co. Ltd. and Ferrero Group actively engaging in strategic initiatives such as mergers, acquisitions, and product launches to enhance their market presence. These companies are also leveraging celebrity endorsements and innovative marketing strategies to attract younger consumers and promote higher-priced chocolate products. The ongoing expansion and rebranding efforts by major players, along with collaborations with popular cultural icons, further illustrate the dynamic nature of the South Korean chocolate market.
South Korea Chocolate Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Milk/White Chocolate
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2.1.2 Dark Chocolate
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2.2 Product Type
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2.2.1 Softlines/Selfilines
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2.2.2 Boxed Assortments
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2.2.3 Countlines
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2.2.4 Seasonal Chocolates
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2.2.5 Molded Chocolates
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2.2.6 Other Product Types
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2.3 Distribution Channel
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2.3.1 Supermarkets/Hypermarkets
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2.3.2 Specialty Retailers
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2.3.3 Convenience/Grocery Stores
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2.3.4 Online Retail Stores
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2.3.5 Other Distribution Channels
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South Korea Chocolate Market Size FAQs
What is the current South Korea Chocolate Market size?
The South Korea Chocolate Market is projected to register a CAGR of 3.11% during the forecast period (2024-2029)
Who are the key players in South Korea Chocolate Market?
Crown Confectionery Co. Ltd., Lotte Corporation, Orion Confectionery Co, Ltd., Ferrero International S.A. and Mars Incorporated are the major companies operating in the South Korea Chocolate Market.
