Boston, MA -- (SBWIRE) -- 06/09/2014 -- Noodles in South Korea saw retail value sales growth of 1% to reach Won2,686 billion in 2013. Instant noodles continued to dominant noodle retail value sales in 2013, in accounting for a retail value sales share of 80%. Meanwhile, snack noodles and frozen noodles remained relatively small categories in South Korea, although the latter saw more dynamic retail value sales growth than instant noodles in 2013.
Nong Shim Co Ltd remained the leading player in noodles in 2013, in accounting for a retail value sales share of 53%. The company has been historically strong in noodles, due to having several popular instant noodle brands. As instant noodles continued to account for a dominant share of noodle retail value sales in 2013, Nong Shim continued to dominate noodles as a whole. The company was also active in introducing new brands to maintain its leading position. In 2013, Nong Shim added the new premium brand, Vegetable Ramyun. The product was highlighted as having the lowest calorie count of any instant noodle product, due to being dried rather than oiled. As instant noodles saw a stagnation of retail volume sales in 2013, the company plans to add more premium instant noodle products to its portfolio over the forecast period, in order to supplement its retail value sales and defend its leading position in noodles.
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Noodles in South Korea is expected to see a 2% decline in both retail volume and value sales over the forecast period. This will be mainly driven by demographic changes. According to Korean Statistical Information Service, South Korea population aged 10 to 30 continues to decrease, where this is the main consumer segment for instant noodles. As instant noodles take largest portion of noodles market, the decline in population of main consumers will affect the market performance.
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The Noodles 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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