South Korea Chocolate Market By Product Type (Dark Chocolate, Milk Chocolate), By Product Variant (Softlines/Selflines, Boxed Assortments), By Distribution Channel (Supermarkets, Convenience Stores), & Region For 2024-2031
Report ID: 141943|No. of Pages: 202
South Korea Chocolate Market By Product Type (Dark Chocolate, Milk Chocolate), By Product Variant (Softlines/Selflines, Boxed Assortments), By Distribution Channel (Supermarkets, Convenience Stores), & Region For 2024-2031
South Korea Chocolate Market Valuation – 2024-2031
Increased consumer spending power boosts demand for premium and luxury chocolate products. Chocolate is becoming a popular gift choice for various occasions, including holidays and celebrations is driving the market size surpass USD 629.78 Billion valued in 2023 to reach a valuation of around USD 864.56 Billion by 2031.
In addition to this, Effective advertising and branding campaigns enhance consumer awareness and preference for chocolate products. Growth in e-commerce and specialty stores makes chocolate products more accessible is enabling the market to grow at a CAGR of 4.04% from 2024 to 2031.
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South Korea Chocolate Market: Definition/ Overview
South Korean chocolate is a product that reflects both traditional chocolate-making techniques and contemporary flavors influenced by local tastes. The country has developed a vibrant chocolate industry, characterized by a blend of imported cocoa beans and innovative ingredients that cater to local palates. South Korean chocolatiers often experiment with unique flavors, incorporating elements like matcha, red bean, and various fruits, resulting in a diverse range of chocolate products that appeal to both domestic and international consumers.
The applications of South Korean chocolate extend beyond confectionery. It is commonly used in baking, desserts, and gourmet food products, enhancing the culinary landscape with its unique flavors and textures. Additionally, the rise of artisanal chocolate shops has led to an increasing demand for high-quality, handcrafted chocolate products, further stimulating growth in the market. South Korean chocolate is also gaining recognition in the global market, with local brands participating in international competitions and exhibitions, showcasing their distinctive creations and elevating the country’s reputation in the chocolate industry.
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How will Rising Popularity of Premium and Artisanal Chocolate Driving the Market of South Korea Chocolate?
The South Korean chocolate market is experiencing significant growth driven by the rising popularity of premium and artisanal chocolate products among young consumers. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), premium chocolate sales increased by 34% in 2023, with consumers showing strong preference for high-cocoa content products. Godiva made a strategic move in March 2024 by opening its largest flagship store in Seoul’s Gangnam district, featuring exclusive Korean-inspired chocolate collections and interactive tasting experiences.
Health-conscious consumption trends are reshaping the chocolate market, with increasing demand for dark chocolate and sugar-free alternatives. The Korean Food and Drug Administration reported that sales of dark chocolate products with over 70% cocoa content grew by 45% in 2023, highlighting the shift towards healthier indulgence. Lotte Confectionery responded to this trend in February 2024 by launching a new line of sugar-free chocolate bars enriched with probiotics and antioxidants, specifically targeting health-conscious consumers.
The integration of chocolate into Korea’s café culture and gift-giving traditions is propelling market growth substantially. The Ministry of Agriculture, Food and Rural Affairs documented that chocolate café establishments increased by 28% in 2023, reflecting the growing “chocolate culture” among Korean consumers. Ferrero made waves in January 2024 by partnering with a leading Korean coffee chain to introduce exclusive chocolate-based beverages and seasonal gift sets, capitalizing on the strong gifting culture during holidays and special occasions.
Will Fluctuating Prices Of Cocoa And Other Raw Materials Restraining Market Growth?
The South Korean chocolate market faces several restraints that can affect its growth potential. One significant challenge is the increasing competition from imported chocolate brands. As global brands expand their presence in South Korea, local chocolatiers must compete not only on price but also on quality and unique offerings. This intense competition can lead to market saturation, making it difficult for smaller or artisanal producers to thrive.
Another restraint is the shifting consumer preferences towards healthier options. As more South Koreans become health-conscious, there is a growing demand for products with lower sugar content or healthier ingredients. This trend can impact traditional chocolate sales, requiring manufacturers to innovate and develop products that align with health trends. Adapting recipes and formulations to meet these new preferences can be costly and time-consuming for producers.
The fluctuating prices of cocoa and other raw materials also pose a challenge for the chocolate industry in South Korea. Global market conditions, including climate change and supply chain disruptions, can lead to price volatility. This uncertainty can affect production costs and profit margins, making it difficult for manufacturers to plan effectively and maintain stable pricing for their products.
Category-Wise Acumens
Will Rise in Adoption of Dark Chocolate Drive South Korea Chocolate Market Growth?
The dark chocolate segment in South Korea is experiencing unprecedented growth, driven by increasing health awareness and sophisticated taste preferences among consumers. According to the Korea Food Industry Research Institute, dark chocolate consumption increased by 52% in 2023, with consumers aged 25-40 being the primary drivers of this growth. Lindt & Sprüngli made a significant market move in March 2024, launching their exclusive Excellence Dark Chocolate line specifically crafted for Korean palates, featuring unique local ingredients like yuzu and ginseng.
The health and wellness trend has positioned dark chocolate as a functional food in South Korean consumer mindsets. The Korean Health Supplement Association reported that 65% of consumers now consider dark chocolate as a healthy snack option in 2023, particularly valuing its antioxidant properties. Lotte Confectionery capitalized on this trend in February 2024 by introducing their new premium dark chocolate range fortified with added nutrients and superfood ingredients, targeting health-conscious consumers.
Which Factors Enhance the Use of South Korea Chocolate in Supermarkets?
Supermarkets have emerged as the dominant retail channel for chocolate sales in South Korea, offering extensive product variety and convenient shopping experiences. According to the Korea Chamber of Commerce and Industry, supermarket chocolate sales accounted for 45% of total chocolate retail value in 2023, showing a significant lead over other distribution channels. E-Mart, South Korea’s largest supermarket chain, announced in March 2024 the launch of its premium chocolate section featuring dedicated chocolate sommeliers and tasting stations across 50 flagship stores.
The strategic positioning of chocolate products in supermarkets has revolutionized impulse purchasing patterns among Korean consumers. The Korea Rural Economic Institute reported that supermarket chocolate displays near checkout counters increased sales by 37% in 2023 compared to traditional aisle placement. Lotte Mart made headlines in February 2024 by implementing AI-powered smart shelving systems for their chocolate sections, which adjust product placement based on real-time consumer behavior data.
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Country/Region-wise Acumens
Will Rising Health-Conscious Consumption Patterns Driving South Korea Chocolate Market Growth?
South Korea’s chocolate market is experiencing robust growth, driven by evolving consumer preferences and increasing disposable income. According to the Korea Agro-Fisheries & Food Trade Corporation, the chocolate market value reached KRW 2.4 trillion in 2023, marking a 15% increase from the previous year. Lotte Confectionery strengthened its market position in March 2024 by launching an innovative range of premium chocolates incorporating traditional Korean ingredients like ginseng and green tea, targeting both domestic and international consumers.
The premiumization trend is reshaping the market landscape, with consumers showing strong preference for high-quality and artisanal chocolates. The Korean Consumer Agency reported that premium chocolate segment sales grew by 32% in 2023, outpacing the growth of standard chocolate products. Godiva capitalized on this trend in February 2024 by opening its largest Asian flagship store in Seoul’s Gangnam district, featuring exclusive Korean-inspired collections and interactive chocolate experiences.
Health-conscious consumption patterns are driving innovation in the chocolate sector, particularly in functional and better-for-you products. The Ministry of Food and Drug Safety data showed that sugar-free and reduced-sugar chocolate sales increased by 48% in 2023. Ferrero made a strategic move in January 2024 by introducing a new line of wellness-focused chocolates enriched with probiotics and plant-based ingredients, specifically developed for health-conscious Korean consumers.
Competitive Landscape
The South Korea Chocolate Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the South Korea Chocolate Market include:
Lotte Confectionery, Hershey’s Korea, Mars Korea, Crown Confectionery, Mondelez International (Cadbury), Nestlé Korea, Ferrero Korea, Orion Corporation, Paldo Co., Ltd., Baking School, Bourbon Corporation, Sempio Foods Company, Caffarel, Chococro (Lotte), Dongsuh Companies, Hankook Confectionery, Bauducco, Patanjali, Ghirardelli (Lindt & Sprüngli), Kraft Foods (Kraft Heinz.
Latest Developments
- In October 2023, a major South Korean chocolate manufacturer announced the launch of a new range of organic and fair-trade chocolates, targeting health-conscious consumers and the growing demand for sustainable products.
- In September 2023, the South Korean government implemented a tax incentive program to support local chocolate producers, aimed at boosting domestic production and reducing reliance on imports.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2031 |
| Growth Rate | CAGR of ~4.04% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
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| Key Players | Lotte Confectionery, Hershey’s Korea, Mars Korea, Crown Confectionery, Mondelez International (Cadbury), Nestlé Korea, Ferrero Korea, Orion Corporation, Paldo Co., Ltd., Baking School, Bourbon Corporation. |
| Customization | Report customization along with purchase available upon request |
South Korea Chocolate Market, By Category
Product Type
- Dark Chocolate
- Milk Chocolate
Product Variant
- Softlines/Selflines
- Boxed Assortments
- Countlines
- Seasonal Chocolates
- Molded Chocolate
Distribution Channel
- Supermarkets
- Convenience Stores
- Retailers
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF SOUTH KOREA CHOCOLATE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 SOUTH KOREA CHOCOLATE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 SOUTH KOREA CHOCOLATE MARKET, BY PRODUCT TYPE
5.1 Overview
5.2 Dark Chocolate
5.3 Milk Chocolate
6 SOUTH KOREA CHOCOLATE MARKET, BY PRODUCT VARIANT
6.1 Overview
6.2 Softlines/Selflines
6.3 Boxed Assortments
6.4 Countlines
6.5 Seasonal Chocolates
6.6 Moulded Chocolate
7 SOUTH KOREA CHOCOLATE MARKET, BY DISTRIBUTION CHANNEL
7.1 Overview
7.2 Supermarkets
7.3 Convenience Stores
7.4 Retailers
7.5 Online
8 SOUTH KOREA CHOCOLATE MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Lotte
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Ferrero Group
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 Mars
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 Orion Confectionery Co
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 The Hershey Company
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Crown Confectionery Co.
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
10 Appendix
10.1 Related Research
Report Research Methodology
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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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