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Sweet and Savoury Snacks in South Korea

South Korea savoury snacks market: Won1 trillion value in 2012


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2014-03-04 04:21:02 - Sweet and Savoury Snacks in South Korea - a new market research report on companiesandmarkets.com

Nong Shim Co Ltd maintained its leadership position with a 27% value share in the South Korea savoury snacks market in 2012. The company continued to lead in extruded snacks, recording a 28% value share. Nong Shim Co Ltd introduced the Sumi Chip brand in 2010 and, as a direct consequence, expanded its value share within chips/crisps, benefiting from this products premium positioning. Sumi Chip recorded very strong growth to gain the second-ranked position in chips/crisps in 2012, with a 22% value share. The company still retain the leadership due to strength in their distribution network and marketing.

The extruded snacks category continued to account for the largest share of sweet and savoury snacks sales in 2012, as consumers showed a

 

 

tendency to purchase familiar products. It also posted the strongest rise in value sales in 2012, with an increase of 6%. Manufacturers were continuously launches new variants, healthier products such as organics which help the growth of extruded snacks in 2012.

The sweet and savoury snacks category is expected to see constant value sales rise at a CAGR of 1% over the forecast period. Although the maturity of the category will mean that the rate of growth is lower than the review period and the overall category is set to grow only slightly, all categories will continue to show a positive performance. Despite the health and wellness trend, consumers will continue to purchase products within the sweet and savoury snacks category, but they will prefer healthier options. In addition, private label products are set to see an expansion of value share as operators offering similar product quality and lower prices target specific categories, such as retail popcorn and nuts as snack accompaniments to alcoholic drinks.

Key Headlines

- Sweet and savoury snacks sales increase by 6% in value terms, to reach Won1,000 billion in 2012
- Premium products that feature high-quality ingredients record a good performance
- Extruded snacks records the highest growth rate in 2012, at 6% in current value terms
- Average unit price rises by 3% in 2012
- Nong Shim Co Ltd leads the category with a 27% value
- The sweet and savoury snacks category is expected to see constant value sales increase at a CAGR of 1% over the forecast period

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