Forecast South Korea meat market set to be worth $15.3bn. by 2023
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.
However, the report reveals that South Korea’s value share in the APAC region, which stood at 4.8% in 2018, is expected to decline to 4.4% by 2023, mainly due to the projected faster growth of meat products among other leading countries in the region, such as Hong Kong and China.
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.