Top Growth Opportunities: Hot Drinks in South Korea

Top Growth Opportunities: Hot Drinks in South Korea

  • February 2019 •
  • 78 pages •
  • Report ID: 5744584 •
  • Format: PDF
Top Growth Opportunities: Hot Drinks in South Korea

Summary
The South Korean hot drinks sector ranks seventh in terms of per capita expenditure in US dollar terms, just above India, China, and Malaysia. Furthermore, the per capita expenditure in South Korea is expected to grow at a CAGR of 5.9% during 2017-2022.

This growth can be attributed to a large, young population base (20.3% of the population aged 20-34 in 2017) in the country who are experimental in nature and increasingly seeking innovative flavors and varieties of products. This is driving manufacturers to launch unusual flavors in hot drinks. Moreover, with changing lifestyles and increasing health consciousness, consumers are also looking for ‘better-for-you’ healthy hot drinks options labeled with health & wellness claims.

The report "Top Growth Opportunities: Hot Drinks in South Korea", provides an overview of the Hot Drinks market, analyzing market data, demographic consumption patterns within the category, and the key consumer trends driving consumption.The report uses Risk vs Reward Opportunity model to pinpoint the best growth opportunities for Hot Drinks producers, suppliers and retailers by combining robust, granular data and expert insight.

The report identifies the best opportunities, analyzes white spaces in the market, and outlines new product development that will effectively target the most pertinent consumer need states. These are combined to offer strategic recommendations to capitalize on evolving consumer landscapes.

The report brings together consumer analysis and market data to provide actionable insight into the behavior of South Korea Hot Drinks consumers.This is based on unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivators in the Hot Drinks sector.

Category, brand, and packaging dynamics are also examined. This allows product and marketing strategies to be better aligned with the leading trends in the market.

Companies mentioned: Ajinomoto Group, Nestle SA, Jacobs Douwe Egberts, Jardin Café Solution S.A., McNulty`s Tea & Coffee Co., Namyang Dairy Products Co, Amorepacific Corporation, Dongsuh, Lotte Co., Ltd., Ottogi Co, Ltd.

Scope
- South Korea’s economic growth (GDP) is slated to remain stable through 2020, given the government’s initiatives to tackles rising unemployment in the country, according to the OECD. The steady improvement in the country’s economy is likely to drive consumer spending, supporting growth in the hot drinks sector during 2017-2022.
- Hot coffee popular among working class people as well as older consumers as it is considered to be one of the staple everyday drinks in the country. Brands should come up with new products in this category featuring unusual flavors and varieties to drive premiumization and higher profit margins.
- Rapid technological developments will have a huge impact on consumers’ shopping practice and ultimately on the South Korean retail landscape. The traditional retailers are offering the convenience of shopping grocery via their dedicated online websites, which will enable niche brands and products to reach a larger base of consumers.

Reasons to buy
- This report brings together consumer analysis and market data to provide actionable insight into the behavior of South Korea Hot Drinks consumers.
- This is based on GlobalData’s unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivators in the Hot Drinks sector.
- Category, brand, and packaging dynamics are also examined.
- This allows product and marketing strategies to be better aligned with the leading trends in the market.
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