Boston, MA -- (SBWIRE) -- 05/30/2014 -- Value sales of drinking milk products are expected to grow by 6% in 2013 to Won4 trillion in 2013. The market suffered from an imbalance between demand and supply of raw milk in the first half of 2012, however, price promotion by the dairy producers supported sales in the second half of the year and 2013. Aggressive promotion was caused by an attempt by the main manufacturers to gain market share, however, brand loyalty is high in this market as consumers rarely like to change their tastes once they get used to a specific milk product.
In 2013, Seoul Dairy Cooperative continues to dominate sales, which will reach Won1,400 billion in 2013, representing 36% of value sales. Its share will decline marginally in the year due to a fall in share in dairy only flavoured milk drinks. Having various brands available in the market, consumers tend to choose flavoured milk drinks that offers promotional price. Relatively higher unit price of Seoul Dairy's products resulted in decline in share in the market.
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Drinking milk products are expected to achieve a value CAGR of 3% between 2013 and 2018, in constant 2013 prices. Market saturation has developed since the recovery of drinking milk products from the foot-and-mouth crisis in 2010 and will be likely to maintain 2-3% year-on-year value growth thereafter. Only long-life/UHT milk will suffer negative growth of -9% a year over the forecast period. Local consumers are less satisfied with long-lasting products, with fresh/pasteurised milk and flavoured milk drinks more appealing to them.
Discover the latest market trends and uncover sources of future market growth for the Drinking Milk Products industry in South Korea with research from Euromonitor's team of in-country analysts.
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The Drinking Milk Products 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
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