Boston, MA -- (SBWIRE) -- 06/20/2014 -- In 2013, soup saw positive retail value sales growth of 8% to reach Won110 billion. UHT soup remained the largest category, in accounting for a retail value sales share of 47%, while it also saw the most dynamic growth. Chilled soup and instant soup also saw positive retail value sales growth, driven by the growing number of single and two person households in the country, as well as the increasing popularity of outdoor activities amongst consumers. As the number of single households and double-income households increased, they increasingly turned to convenient meal options, such as soup. Soup proved increasingly popular among such consumers, due to its convenience and the fact that it remained a relatively cheap meal option.
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Ottogi Foods Co Ltd remained the leading player in soup in 2013, in accounting for a retail value sales share of 38%. The company introduced UHT soup in South Korea in 1995 and over the intervening years expanded its product line to other kinds of soups from chilled soup to instant soup. Although there were no significant new product launches or marketing campaigns to promote its soup products, Ottogi maintained its leading position, due to the strength of its brand. Furthermore, the company was present in UTH soup, instant soup and dehydrated soup, which helped its performance in soup as a whole.
Soup is expected to see strong retail volume and value sales growth over the forecast period, with respective CAGRs of 8% and 6% predicted. Soup is expected to see increasing demand among single and two person households, as well as people who enjoy outdoor activities, such as camping.
Discover the latest market trends and uncover sources of future market growth for the Soup industry in South Korea with research from Euromonitor's team of in-country analysts.
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The Soup 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
Our market research reports answer questions such as:
- What is the market size of Soup in South Korea?
- What are the major brands in South Korea?
- Will retail sales suffer as economic prospects improve and consumers move back to eating out rather than eating at home?
- Are consumers moving from traditionally canned and dehydrated variants to more innovative chilled, frozen and UHT formats?
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Product coverage: Canned/Preserved Soup, Chilled Soup, Dehydrated Soup, Frozen Soup, Instant Soup, UHT Soup.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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