The ‘South Korea Instant Noodles Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea instant noodles market, assessing the market on the basis of its segments like flavour, distribution channel, and major provinces.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
South Korea Instant Noodles Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.1%
The pandemic immensely contributed towards strengthening the instant noodle market in South Korea as the imposed lockdown and social distancing resulted in increased adoption of quick and easy meals, such as instant noodles by the general population. Long working hours coupled with rising work from home culture further boosted the demand for instant noodles as the preference for convenient food options grew.
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The high ownership rate of smartphones and televisions and the active use of social media keep consumers up to date with new product and flavour launches in the South Korea instant noodles market, supporting market growth. Additionally, the significant influence of k-dramas and k-pops on the people of South Korea has further contributed towards the growth of the market for instant noodles as major instant noodle companies regularly collaborate with k-pop and k-drama icons to advertise their products.
Growing developments in the manufacturing processes of instant noodles packaging, has further driven the growth of the South Korea instant noodles market. The strong and waterproof nature of noodle cups protects the contents inside them which makes it easier to directly consume the noodles from the container and eliminate the hassle of washing additional utensils.
South Korea Instant Noodles Industry Definition and Major Segments
Instant noodles are dried precooked noodles that are fused with oil and can be cooked quickly by simply adding them to boiling water. Made from processed flour, they often contain dried pieces of vegetables, tofu, and chicken among other ingredients. They are usually sold in small cups or packets made up of plastic or polystyrene.
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On the basis of flavour, the market is divided into:
• Meat Based
Based on distribution channel, the market is segmented into:
• Hypermarkets and Supermarkets
• Specialist Stores
• Convenience Stores
On the basis of provinces, the market is classified into:
• North Chungcheong
• South Chungcheong
• North Gyeongsang
• South Gyeongsang
• North Jeolla
• South Jeolla
• Jeju Special Self-Governing Province
South Korea Instant Noodles Market Trends
A crucial trend in the South Korea instant noodles market is the hectic lifestyles led by consumers and growing preference for quick and easy meals. Long working hours result in increased exhaustion and fatigue and result in availability of very little time for meal planning, preparation, and cooking. Therefore, working individuals, especially those living alone, are on the lookout for meal options that are tasty while being less time consuming and easy to prepare.
The key trends in the South Korea instant noodles market include the growing popularity of mukbang culture, where mukbang artists post videos of eating instant noodles or livestream while eating ramen noodles. Professionals are usually sponsored by well known brands and get paid to promote products on their platforms. Ramen mukbang videos have become increasingly popular among viewers, increasing the popularity of instant noodles. The autonomous sensory meridian response (ASMR) videos are known to be intense stress relievers, growing number of mukbang ASMR videos have resulted in increased number of people trying instant noodles and incorporating them in their diets.
Globalisation is yet another factor contributing to the growth of the market for instant noodles in South Korea. The swift social and developmental transition has catalysed the ppalli ppalli culture, which in turn resulted in increased consumption of instant noodles across the country.
Key Market Players
The major players in the South Korea instant noodles market report are
• Nongshim Co., Ltd.
• Samyang Foods Co., Ltd
• Ottogi Corporation., Ltd
• Paldo Inc.
• CJ Cheildang Corp
• Nestlé S.A.
• Unilever Group
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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