South Korea chocolate Market

South Korea chocolate Market Highlights

The South Korea chocolate market is expected to cross a market size of USD 964.3 million by the end of 2033. The market size was valued at USD 626.02 million in 2023 and is expected to expand at a CAGR of 4.8% between 2024-2033.

• Over the mid-term, the rising association with movie stars and influencers is the primary factor anticipated to drive the South Korea chocolate market.
• Increasing health issues is a major factor to challenge the market growth.

South Korea chocolate Market Outlook

Chocolate is a kind of food made from roasted and ground cacao seed kernels. Cocoa or chocolate is found as a liquid, solid or paste. It is also used as a flavoring agent. The flavor made from cacao tree is bitter in taste and needs to be fermented. Baking chocolate used in baking purpose also contains cocoa solids and cocoa butter in varying proportions without any added sugar. It is also known as bitter chocolate.

Various chocolate brands are taking on massive celebrity stars and influencers to intensify their marketing efforts and connect with consumers more attractively and realistically. Celebrity associations comprise partnerships or advertising campaigns, product endorsements, event appearances, and social media promotions. These factors allow brands to gear the celebrity's admiration and influence to reach the bigger audience. For instance, Mars Inc. and BTS announced their partnership to release limited-edition chocolate bars in August 2022. Additionally, collaborations with celebrity and influencer endorsements play a crucial role in shaping consumer perceptions, driving brand awareness, and influencing purchasing decisions in the competitive South Korea chocolate market. Therefore, increasing collaborations with celebrities and influencers boost market growth during the forecast period. Crown Confectionery Co., Ltd., The Hershey Company, Orion Confectionery Co, Ltd. are some of the significant parties in the market for South Korea chocolate.

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South Korea chocolate Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the South Korea chocolate market are:

• Escalating demand and popularity of plant based and Vegan chocolate: The population of South Korea are inclining more towards veganism. South Korean consumers especially the millennials are more and more seeking out plant-based and vegan alternatives in response to health, and environmental concerns. The manufacturers of chocolate in South korea are responding to this trend by presenting a wide range of vegan and plant based products including dark chocolates, chocolate bars, truffles and bonbons.  For instance, Nestle SA Professional has been expanding its selection of plant-based dairy substitutes for professionals in the food service industry. Furthermore, the trend towards plant-based and vegan chocolate reflects changing consumer preferences and lifestyle choices, driving innovation and diversification in the market. As awareness continues to grow, plant-based and vegan chocolate is expected to become increasingly mainstream in South Korea, thereby driving market growth during the forecast period.        
• Surge in desire among consumers for Dark Chocolate: In South Korea, dark chocolate is gaining acceptance among the consumers due to its various health benefits, such as availability of high nutrition, powerful source of antioxidants, and for its ability to reduce heart disease. As consumers are increasingly opting for dark chocolates due to its healthier and higher-quality options the market is expected to grow. For instance, different energy bars in the market or ready to drink chocolate drinks for energy are attracting the consumers in the region, thereby creating opportunities for market growth.

Which Probable Factors Could Hamper the Growing South Korea chocolate Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the market growth of South Korea chocolate are:

• Increasing health issues: Diseases such as diabetes are increasing from young to the old generation. Certain ailments such as migraines, acne, obesity, tooth cavities, and others are mainly caused due to excessive consumption of chocolates. Further, regular chocolate consumption is linked to poor bone structure and osteoporosis, with one having lower bone density and strength.
• Availability of Chocolate alternatives: The availability of chocolate alternatives such as other confectionery items and snacks, can pose a threat to the chocolate market in South Korea. Consumers may opt for substitute products, particularly if they are perceived as healthier or affordable.

How is the South Korea Chocolate Market Segmented?

Our experts at KD Market Insights have segmented the South Korea chocolate market research report as:

Which Key Players Top the South Korea chocolate Market Share?

As per our analysts at KD Market Insights, the competitive landscape of South Korea chocolate market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with South Korea chocolate market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the South Korea chocolate market share:

• Crown Confectionery Co., Ltd.
• The Hershey Company
• Orion Confectionery Co, Ltd.
• Mars, Incorporated
• Ferrero International S.A.
• Lotte Corporation
• Meiji Holdings Co. Ltd
• Perfetti Van Melle Group
• Mondelez International, Inc.
• Loacker USA Inc.

What are the Recent Developments Observed in the South Korea chocolate Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with South Korea chocolate market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Lotte Confectionery Co. of South Korea stated that it has rebranded itself as Lotte Wellfood as part of its continued expansion.

Lotte Group stated that it would merge its confectionery and foodstuff businesses, Lotte Food in South Korea.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. South Korea chocolate Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Variant
      2. By Type
      3. By Distribution Channel
5. Market Segmentation by Variant
   1. Softline/selflines
   2. Boxed Assortments
   3. Seasonal Chocolates
   4. Molded Chocolate.
6. Market Segmentation by Type
   1. Dark chocolate
   2. Milk chocolate
7. Market Segmentation by Distribution Channel
   1. Supermarkets
   2. Convenience stores
   3. Retailers
   4. Online
8. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Crown Confectionery Co., Ltd.
      2. The Hershey Company
      3. Orion Confectionery Co, Ltd.
      4. Mars, Incorporated
      5. Ferrero International S.A.
      6. Lotte Corporation
      7. Meiji Holdings Co. Ltd
      8. Perfetti Van Melle Group
      9. Mondelez International, Inc.
      10. Loacker USA Inc.
9. Strategic Recommendations
10. Appendix
    1. List of Tables
    2. List of Figures

References