Boston, MA -- (SBWIRE) -- 05/29/2014 -- Sauces, dressings and condiments in South Korea saw positive retail volume and value sales growth of 2% and 3%, respectively, in 2013. Retail value sales reached Won1,481 billion in 2013. Table sauces remained the largest category, in accounting for a retail value sales share of 44%. Other table sauces, which included the traditional bean paste Doenjang, remained the largest subcategory in table sauces, as well as sauces, dressings and condiments as a whole. This was due to the fact that Doenjang continued to be commonly used for a variety of dishes in South Korea.
CJ Cheiljedang Corp remained the leading player in sauces, dressings and condiments in South Korea in 2013, in accounting for a retail value sales share of 22%. The company offered eight brands in sauces, dressings and condiments in 2013, namely Haechandeul, Dashida, Beksul, Het Kimchi, Sandeulae, CJ, Freshian and Indeli Curry. The company maintained its leading position through launching new products and promoting its brands. In 2012, CJ Cheiljedang Corp introduced three new premium wet/cooking sauces, Honey Mustard Sauce, Teriyaki Sauce, and Wok Sauce. In particular, Wok Sauce, which contains oyster sauce and various vegetable flavours, was a new product type for South Korea. Furthermore, the company announced its intention to strengthen its position in pasta sauce through offering premium quality products to compete against existing players.
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Sauces, dressings and condiments in South Korea is expected to see a constant value CAGR of 1% over the forecast period. This will be driven by demographic changes, namely the increasing number of single households and dual-income households, growing demand for convenience, and ongoing strong competition amongst the major players.
Discover the latest market trends and uncover sources of future market growth for the Sauces, Dressings and Condiments industry in South Korea with research from Euromonitor's team of in-country analysts.
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The Sauces, Dressings and Condiments 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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