Market Size of South Korea Snack Bar Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.34 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Snack Bar Market Analysis
The South Korean snack bar market is projected to witness a CAGR of 9.34% during the forecast period of 2020-2025.
- The snack bar category is a niche category in South Korea, which is growing at a faster rate due to consumer preference for health and wellness products.
- Cereal and granola bar accounts for the most significant share of the market, which is expected to register a healthy growth rate during the forecast period.
South Korea Snack Bar Industry Segmentation
The South Korean snack bar market is segmented by product type and distribution channel. By product type, the market is segmented into cereal bars and energy bars. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and other distribution channels.
| By Product Type | |
| Cereal Bars | |
| Energy Bars |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Store | |
| Specialty Stores | |
| Online Stores | |
| Other Distribution Channels |
South Korea Snack Bar Market Size Summary
The South Korean snack bar market is experiencing robust growth, driven by a burgeoning consumer interest in health and wellness products. This niche market is expanding rapidly, with cereal and granola bars holding the largest market share and anticipated to continue their upward trajectory. The increasing popularity of sports nutrition, alongside the rise of health clubs and gyms, underscores a societal shift towards healthier lifestyles. This trend is further fueled by a growing awareness of health and the demand for nutritionally rich food options. Snack bars, often purchased as treats, benefit from impulse buying behaviors, with supermarkets and hypermarkets leading in distribution. The market is also seeing a rise in specialty stores that focus on health-oriented snack bars, offering a variety of brands and flavors.
The competitive landscape of the South Korean snack bar market is dominated by international players, who hold a significant portion of the market share. These foreign brands are known for their innovative products and diverse flavor offerings, which often surpass those of domestic brands. Key strategies for market players include focusing on distribution channels and product innovation to enhance sales. Major companies such as Orion Confectionery Co. Ltd, OhYeah! Nutrition, Optimum Nutrition Inc., and Lotte Foods Co. Ltd are prominent in the market, leveraging their global presence and product diversity to maintain a competitive edge. The expanding retail infrastructure in South Korea presents further growth opportunities for the snack bar market.
South Korea Snack Bar 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 By Product Type
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2.1.1 Cereal Bars
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2.1.2 Energy Bars
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2.2 By Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Convenience Store
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2.2.3 Specialty Stores
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2.2.4 Online Stores
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2.2.5 Other Distribution Channels
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South Korea Snack Bar Market Size FAQs
What is the current South Korea Snack Bar Market size?
The South Korea Snack Bar Market is projected to register a CAGR of 9.34% during the forecast period (2024-2029)
Who are the key players in South Korea Snack Bar Market?
The Kellogg Company, ORION CONFECTIONERY CO. LTD, OhYeah! Nutrition, POWER CRUNCH and General Mills Inc. are the major companies operating in the South Korea Snack Bar Market.
