UNITED KINGDOM, London. An educated workforce with considerable disposable income is contributing to the growth of the meat sector in South Korea, which is expected to grow at a compound annual growth rate (CAGR) of 1.8% from $13.8bn. in 2018 $15.3bn. in 2023, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Country Profile: Meat in South Korea’, reveals that fresh meat available in retail counters held the largest value share of 61%, followed by chilled raw packaged meat – whole cuts, which accounted for a value share of 21.4% in 2018.
Harim Corporation and Cj Group were the leading players in the South Korean meat sector while Harim, and Cj were the top brands in 2018. A well-developed distribution network of hypermarkets and supermarkets, and consumers’ positive perception have contributed towards the modest consumption of private label products, which accounted for an overall penetration level of 19.9% in 2018, according to GlobalData.