South Korea Dairy Products Market Growth and Share, Emerging Trends, Key Players and Business Opportunities 2033 – SPER Market Research
Products manufactured from plant-based or non-dairy sources that are meant to take the place of traditional dairy products like milk, cheese, yogurt, and butter are known as dairy substitutes. As consumers have grown more aware of dietary limitations, lactose intolerance, and the ethical concerns surrounding animal welfare, the demand for dairy replacements has increased significantly. These substitutes can be made from a variety of plant sources, including grains, legumes, nuts, and seeds. To accommodate various dietary needs and tastes, they provide a variety of flavours and textures. Common examples include oat-based beverages, coconut yogurt, and almond milk. Dairy substitutes are made using processing techniques that replicate or extract the properties of dairy.
According to SPER Market Research, ‘South Korea Dairy Alternatives Market Size- By Category, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Korea Dairy Alternatives Market is estimated to reach USD 1.38 billion by 2033 with a CAGR of 7.27%.
Drivers: Due to a number of factors, including shifting consumer preferences, environmental concerns, and health consciousness, the dairy substitute business in South Korea has expanded dramatically in recent years. One of the primary causes is the growing incidence of lactose intolerance in South Korean society. Many East Asians, especially Koreans, seek for dairy alternatives to avoid discomfort because a sizable portion of them is lactose intolerant. This demographic change has led to a rise in the demand for lactose-free goods, particularly plant-based substitutes that have similar nutritional benefits. Consumer behaviour in South Korea is greatly influenced by wellness and health-related trends. As consumers become more conscious of the health risks associated with dairy products, they are implementing more dairy alternatives into their everyday routines.
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Restraints: Despite its remarkable growth, the South Korean dairy alternatives market is confronted with a number of obstacles that may jeopardize its long-term viability and growth. The perception of flavour and texture in relation to conventional dairy products is one of the main obstacles. Due to their ingrained preference for the taste and texture of dairy products, many South Korean customers could be reluctant to make the leap to plant-based substitutes. It is quite challenging to override these deeply rooted preferences, even if producers are spending more money on research and development to enhance the flavour characteristics of dairy alternatives. The nutritional suitability of dairy substitutes presents another difficulty. Although many customers think these goods are healthier, their market appeal may be limited by worries about their nutritional value.
The COVID-19 epidemic has altered supply chains, consumer behavior, and market dynamics, which has had a substantial impact on South Korea’s market for alternative dairy products. Initially, the pandemic boosted demand for dairy alternatives as individuals sought for healthier food options to boost their immune systems and overall health. During lockdowns, many individuals adopted plant-based diets because they thought they were healthier and more sustainable. Sales of dairy alternatives, such as plant-based milk and yogurt, surged throughout this period. The epidemic also altered the way that consumers made purchases. Due to restrictions on eating out and a focus on cooking at home, consumers began experimenting with new products, like dairy alternatives.
South Korea Dairy Alternatives Market Key Players:
In South Korea, Seoul is the most dominant market for dairy substitutes. Its significant number of health-conscious customers, notably young professionals, foreigners, and those who follow international culinary trends, is primarily responsible for its prominence. Major players in the market are- Armored Fresh, Califia Farms LLC, Sahmyook Food, Dr Chung’s Food Co Ltd, Blue Diamond Growers.
South Korea Dairy Alternatives Market Segmentation:
By Category: Based on the Category, South Korea Dairy Alternatives Market is segmented as; Non-Dairy Butter, Non-Dairy Milk, Non-Dairy Yoghurt, Non-Dairy Cheese, Non-Dairy Creamers
By Distribution Channel: Based on the distribution Channel, South Korea Dairy Alternatives Market is segmented as; Supermarkets, Hypermarkets, Convenience Stores, Grocery Stores, Restaurants, Cafes, Food Service Establishments
By Region: This research also includes data for Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region).
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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South Korea Dairy Alternatives Market Size
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