The South Korean snack bar market is projected to witness a CAGR of 9.34% during the forecast period of 2020-2025.
- The snack bar category is a niche category in South Korea, which is growing at a faster rate due to consumer preference for health and wellness products.
- Cereal and granola bar accounts for the most significant share of the market, which is expected to register a healthy growth rate during the forecast period.
Key Market Trends
Increasing Number of Health and Fitness Centers
The rise of sports nutrition, along with the emergence of health clubs and gyms, is the result of an increasing emphasis on staying healthy and in shape, which are the key trends contributing toward the growth of the snack bar market in South Korea. In recent years, health clubs and fitness centers witnessed consistent growth in memberships due to increasing health concerns and changes in lifestyles. A rise in health awareness and the need for adequate nutritional content in food fostered the demand for sports nutrition products.
Impulse Purchase Boosting Snack Bar Sales
Snack bars are consumed mostly as a treat, and impulse purchasing behaviors are driving retail sales. Product pricing, discounts, and packaging attract consumers for impulse purchasing. Snack bars are also considered as a treat, driving impulse buying. Supermarkets/hypermarkets dominate the distribution channel sales with a significant share in the snack bar market. The sales of specialty stores offering health and wellness-oriented snack bars with multiple brands have grown by XX%, during the past five years. The expanding retail chain in the country provides a potential growth opportunity for the market studied.
The South Korean snack bar market is concentrated among a large number of international players occupying a major share in the market. Foreign brands comprise innovative products in various flavors and varieties, as compared to domestic brands. Focus on the distribution channel and product innovation is the key strategy adopted by players to maximize sales. Some of the major players in the South Korean snack bar market are Orion Confectionery Co. Ltd, OhYeah! Nutrition, Optimum Nutrition Inc., and Lotte Foods Co. Ltd, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support