Boston, MA -- (SBWIRE) -- 06/03/2014 -- Biscuits saw retail value growth of 1% in spite of negative volume growth, to reach sales of Won966 billion in 2013. Overall biscuits has shown negative volume growth since 2012 due to the falling growth of savoury biscuits and crackers, cookies and sandwich biscuits. Retail value sales of savoury biscuits and crackers showed a decline of 1% in 2013, as local consumers prefer sweet biscuits for snacks. Moreover, manufacturers rarely develop new products in the category, since it is hard to differentiate them from existing products as value-added products.
Lotte Confectionery Co Ltd maintained the leading position in biscuits in 2013, with 43% retail value share. Du:ffe was developed in 2013 as the first product for teatime snacks in South Korea. Even though coffee drinks and cafes have gained strong popularity amongst local consumers, there have been no proper snacks that may go well with coffee. Du:ffe is like a packaged scone and provides a very similar taste to fresh-baked scones sold in cafes. The company expects to attract female consumers especially, who prefer having snacks or other foods to serve during tea or coffee time.
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Biscuits will see 1% CAGR in constant retail value terms over the forecast period, as both savoury biscuits and crackers and sweet biscuits will suffer from negative growth after 2013. In sweet biscuits, only chocolate coated biscuits will show positive constant value growth in the forecast years with 2% CAGR. Compared to other types of biscuit products, chocolate coated ones can give strong taste and deep flavour. Unlike other artificial flavours, consumers think chocolate is well matched with biscuits. In addition, they might feel having just chocolate itself can be too strong in taste, and biscuits seem to work as good neutralisers of the chocolate taste.
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The Biscuits 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
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