2014-04-18 04:01:01 - Tea in South Korea - a new market research report on companiesandmarkets.com
AmorePacific Corp leads the South Korea tea market with 31% value share in 2012 followed by Dongsuh Foods Co Ltd. Both companies focus on green tea. AmorePacific Corp has its representative brand Sulloc, positioned in premium green tea with both loose tea and tea bag format. Sulloc brand by AmorePacific Corp continued to maintain its premium image by mainly distributing through department stores and minimising the sales through hypermarkets and internet retailers. The company operated the specialised O´Sulloc Tea House. Dongsuh Foods Co Ltd on the other hand is focused on economic price level in mostly tea bag format.
Tea had -2% decline in off-trade value sales, reaching Won220 billion in 2012. The market declined in the review period but the
negative growth rate was becoming slower. Black tea showed stagnant movement whereas green tea was shrinking at a moderate pace. Fruit/herbal tea and instant tea contributed to tea overall with value growth of 3% and 5% each.
Tea is expected to have constant off-trade value CAGR of -1% in the forecast period. Green tea is expected to show biggest drop with constant CAGR of -3% in volume. The decrease rate in each year is expected to be slower, but the declining trend will be constant. Supply channels are reacting to this decline in demand. Farmers are changing green tea fields into other crop fields or even closing the fields. Such decrease in both number of fields and field size is expected to continue in the forecast period, making it harder for green tea to have momentum in regaining market power or popularity.
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