Note: This report includes forecasting data that is based on baseline historical data.
Executive summary
In 2023, South Korea placed fourth among 22 Asia Pacific countries with an average gross income of US$25,852.
The country experienced a 1.5% increase in per capita consumer expenditure in 2023, guided by rising disposable income, improving consumer confidence and a lower inflation rate.
South Korea is a net importer of agri-food and seafood products. In 2024, South Korea imported Can$57.1 billion and exported Can$16.4 billion of agri-food and seafood products, recording a trade deficit of Can$40.6 billion.
South Korea's agri-food and seafood imports have increased moderately by a compound annual growth rate (CAGR) of 5.4% from Can$44.0 billion in 2019. In 2024, top agri-food and seafood imports from the world were maize (corn), food preparations nowhere else specified, frozen pork, frozen boneless beef and wheat and meslin.
Canada exported Can$1.2 billion of agri-food and seafood products to South Korea in 2024. Fresh or chilled pork was the largest commodity with Can$205.2 million, followed by frozen pork with values of Can$154.2 million and wheat and meslin with values of Can$88.4 million.
The packaged food market in South Korea was valued at US$30.0 billion in 2024 and experienced a moderate increase in CAGR of 4.3% from US$24.3 billion in 2019 (+6.5% annually to US$25.9 billion in 2020). The market is forecast to increase in CAGR by 3.8% to attain US$36.3 billion by 2029.
The health and wellness industry in South Korea continues to gain greater significance, particularly post-pandemic, as more consumers have become cognisant of the negative impact of processed food and beverages on their health and wellbeing.
Consumer foodservice value sales increased 1.5% annually from US$73.3 billion in 2019 to US$78.8 billion in 2024.
Full and limited-service restaurants were the largest consumer foodservice types in South Korea with value sales of US$42.2 billion (53.5% market share) and US$20.9 billion (26.6% market share) respectively, in 2024. In the forecast period, consumer foodservice value sales are expected to increase 0.9% annually to reach US$82.3 billion by 2029.
Country profile
Economy
In 2023, South Korea's real gross domestic product (GDP) growth rate declined to 1.3%, following a 2.6% increase in 2022. Decreased export demand, particularly for semiconductors, ongoing geopolitical issues, and a decline in domestic demand, contributed to the country's economic deceleration. Despite these challenges, South Korea's GDP per capita reached US$33,276, significantly higher than the Asia Pacific average of US$7,723. Over the 2023-2028 period, South Korea's economy is forecast to expand at a CAGR of 2.2% in real terms, which is below the Asia Pacific average of 4.2%. Stronger than anticipated global expansion and a reduction in geopolitical tensions could, however, enhance the economic prospects for the export-reliant Korean economy (Euromonitor International; Economy, Finance and Trade: South Korea, May 2024).
Income and expenditure
In 2023, South Korea placed fourth among 22 Asia Pacific countries with an average gross income of US$25,852. Over the year, the country recorded a 1.0% real terms increase in per capita disposable income levels, a slight decrease from the 1.6% growth observed in 2022. Between 2023-2028, per capita disposable income in South Korea is projected to increase by 9.9% in real terms. In 2028, the population segment aged 45-49 years is forecast to remain the highest income earners per capita due to the accumulation of assets and multiple sources of income. This group will also dominate the top-income band (those with an annual gross income over US$250,001), shaping luxury spending patterns within the country (Euromonitor International; Income and Expenditure: South Korea, July 2024).
The country experienced a 1.5% increase in per capita consumer expenditure in 2023, guided by rising disposable income, improving consumer confidence and a lower inflation rate. The inflation rate in the country decreased to 3.6% in 2023, down from 5.1% in the previous year, primarily due to the enforcement of a more rigorous monetary policy, a deceleration in economic expansion and a reduction in the prices of food commodities and energy. Despite these factors, inflation remained above the 2.0% target, supporting the central bank's strategy of maintaining high interest rates for an extended period. Among the major groups of consumer goods and services, clothing and footwear, hospitality services, and food and non-alcoholic beverages saw the largest price increases in 2023.
During 2023-2028, the consumer market is forecast to expand by 11.3% in real terms, however; per capita consumer expenditure is expected to rise at a slower pace compared to other Asia Pacific countries. By 2030, South Korea is forecast to rank 13th out of 84 countries in Euromonitor's Wealth Index, guided by robust economic development, rising disposable income, a strong societal focus on status and beauty, and the influence of global and local fashion trends The country's overall wealthy and affluent population is projected to expand to 1.3 million adults (45.2% of total wealth) by 2030 (Euromonitor International; Income and Expenditure: South Korea, July 2024).
Demographics
South Korea's population is expected to reach 51.3 million in 2029, declining 0.2% from 51.8 million in 2024. In 2024, foreign citizens accounted for 2.1 million of the total population and by 2040, this segment is expected to increase 20.0% to reach 2.6 million. The country's population is predicted to decline by 3.7% to 49.9 million in 2040, due to changes in net migration and natural change.
South Korea's population is ageing rapidly with the median age of the population forecast to reach 54.7 by 2040, older than the regional average of 38.7, with mid-Lifers (aged 45-64) representing the largest cohort of the population. Between 2024 to 2040, the population aged 0-14 years are projected to increase by 30.0%, while those aged 65+, are forecast to increase by 72.1%. Relatedly, life expectancy in South Korea is predicted to increase by 1.7 to reach 86.1 years by 2040. (Euromonitor International; South Korea in 2040: The Future Demographic, April 2025).
The birth rate in South Korea is anticipated to increase from 4.2 per 1,000 population in 2024 to 5.2 per 1,000 population by 2040. The fertility rate (children born per female) in South Korea increased from 0.7 to 0.8 between 2024 to 2029, and is anticipated to reach 1.1 by 2040, lower than the regional average of 1.9. The average age of women at (first) childbirth is predicted to increase from 29.9 years in 2024 to 30.8 years by 2040, as economic, social and cultural factors continue to influence their decision (Euromonitor International; South Korea in 2040: The Future Demographic, April 2025).
Urbanisation will continue across South Korea as people continue to migrate from rural areas for better work and education opportunities. In 2024, 42.1 million of the population resided in urban settings versus 41.9 million anticipated in 2029. By 2040, 41.8 million (83.8%) of the population will reside in urban areas, compared to 59.2% across the rest of Asia Pacific. Major cities across South Korea will continue to develop and expand as they are hubs of consumer expenditure, innovation and higher living standards. By 2040, Seoul is anticipated to be the largest city in South Korea with a population of 8.6 million citizens (Euromonitor International; South Korea in 2040: The Future Demographic, April 2025).
Consumers
South Korean consumers are becoming more price conscious as inflationary pressures drive up costs. Euromonitor International's Voice of the Consumer: Lifestyles Survey reports that only 20.0% of respondents (n=1,015), acknowledged they intended to increase their overall spending over the next 12 months, with 42.0% hoping to save more, (Euromonitor International; Consumer: Lifestyles in South Korea, June 2024). Relatedly, as inflationary pressure continues to result in rising food prices, 21.0% of respondents stated they regularly seek private label and low-cost products when they shop. When choosing a product, 55.0% of respondents, including 58.0% of Millennials, acknowledged that they extensively research the products and services they consume, with 56.0% only buying from companies and brands they trust (Euromonitor International; Consumer: Lifestyles in South Korea, June 2024).
In terms of cooking or baking habits, 63.0% of consumers cook or bake at home at least weekly rather than dine out. In addition, 44.0% report that they reheat/prepare ready meals to save time and effort. Nevertheless, many consumers are still tempted by the convenience of ordering in as 38.0% revealed they regularly order food for home delivery, while 36.0% are regularly ordering food for takeaway, or pick up ready-made food to eat at home 2040 (Euromonitor International; Consumer Lifestyles in South Korea, June 2024).
In terms of eating and dietary habits, unhealthy eating habits and consumers' concerns about their health are prompting more to manage their weight. For example, 28.0% of respondents stated that they are on a diet trying to lose weight, while 43.0% reported that they look for healthy ingredients in food and beverages. Further, 33.0% of consumers closely read the nutrition labels on the products they consume, as interest in healthy ingredients and health related information expands. Further, for a variety of reasons, including personal health, high prices and sustainability, consumers continue to reduce the proportion of meat in their diets with 18.0% acknowledging that they are trying to reduce their meat consumption, while 11.0% said they now eat meat (and fish) only occasionally (Euromonitor International; Consumer Lifestyles in South Korea, June 2024).
Production
Rice was South Korea's primary domestic crop, with production volumes of 4.9 million tonnes in 2023, representing a decrease in compound annual growth rate (CAGR) of 0.6% from 5.0 million tonnes in 2019. Other vegetables, fresh n.e.c. and cabbages were the country's second and third largest crops with production volumes of 3.3 million tonnes and 2.5 million tonnes respectively, in 2023. Cabbages and tomatoes increased 2.9% and 2.1% respectively in volume production, from 2019 to 2023, while onions and shallots, dry and apples experienced the largest declines in volume production, decreasing 7.4% respectively, during the same period.
Chickens were South Korea's largest livestock (live animals) with volumes of 182.1 million in 2023, increasing 1.3% in CAGR from 172.9 million in 2019. Swine were the country's second largest livestock-live animal with 11.1 million, followed by ducks with 6.5 million in 2023, despite declining 6.7% annually from 8.6 million in 2019. Cattle experienced the largest increase in annual growth rate (2.6%) from 3.6 million in 2019 to 4.0 million in 2023.
Meat of swine (pork) fresh or chilled, was South Korea's primary livestock meat produced with volumes of 1.4 million tonnes in 2023 representing an increase in growth of 1.3% annually from 1.4 million tonnes in 2019. Chicken meat fresh or chilled, was the second largest meat produced with volumes of 923,000 tonnes in 2023. Cattle meat experienced the largest increase in volume growth (4.8%) annually, growing from 286,000 tonnes in 2019 to 345,000 tonnes in 2023, while duck meat fresh or chilled, in comparison, declined 11.2% annually in volume growth from 95,200 tonnes to 59,074 tonnes during the same period.
| Crops | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2019-2023 |
|---|---|---|---|---|---|---|
|
Rice |
5,016,083 |
4,713,162 |
5,211,037 |
4,998,223 |
4,897,839 |
−0.6 |
|
Other vegetables, fresh, not elsewhere classified |
3,319,116 |
3,317,765 |
3,319,757 |
3,320,548 |
3,321,339 |
0.0 |
|
Cabbages[1] |
2,187,903 |
2,555,876 |
2,403,447 |
2,518,193 |
2,453,436 |
2.9 |
|
Onions and shallots, dry |
1,594,450 |
1,168,227 |
1,576,752 |
1,195,563 |
1,172,848 |
−7.4 |
|
Tangerines, mandarins, clementines |
629,785 |
658,859 |
635,835 |
610,454 |
645,418 |
0.6 |
|
Potatoes[1] |
630,140 |
553,194 |
554,893 |
480,601 |
544,042 |
−3.6 |
|
Watermelons[1] |
475,815 |
466,529 |
489,029 |
487,167 |
459,554 |
−0.9 |
|
Onions and shallots, green |
463,721 |
417,881 |
493,162 |
448,632 |
438,783 |
−1.4 |
|
Apples[1] |
535,324 |
422,115 |
515,931 |
566,041 |
394,428 |
−7.4 |
|
Tomatoes |
358,580 |
344,048 |
369,383 |
378,808 |
390,042 |
2.1 |
|
Source: FAOSTAT Agricultural Production, 2025 *CAGR: Compound Annual Growth Rate 1: Crops also produced in Canada |
||||||
| Livestock | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2019-2023 |
|---|---|---|---|---|---|---|
|
Chickens |
172,920,000 |
178,528,000 |
177,194,000 |
173,136,000 |
182,127,000 |
1.3 |
|
Swine |
11,279,894 |
11,078,032 |
11,216,566 |
11,123,872 |
11,089,026 |
−0.4 |
|
Ducks |
8,637,000 |
7,929,000 |
6,752,000 |
5,994,000 |
6,538,000 |
−6.7 |
|
Cattle |
3,645,190 |
3,804,976 |
3,990,257 |
4,116,407 |
4,035,076 |
2.6 |
|
Goats |
302,825 |
331,575 |
309,413 |
314,524 |
322,919 |
1.6 |
|
Source: FAOSTAT Livestock Production, 2025 *CAGR: Compound Annual Growth Rate |
||||||
| Livestock | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR* % 2019-2023 |
|---|---|---|---|---|---|---|
|
Meat of swine (pig) with bone, fresh or chilled |
1,364,000 |
1,403,000 |
1,407,000 |
1,419,000 |
1,435,000 |
1.3 |
|
Meat of chickens, fresh or chilled |
856,000 |
962,000 |
935,000 |
925,000 |
923,000 |
1.9 |
|
Meat of cattle with the bone, fresh or chilled |
286,000 |
291,000 |
304,000 |
330,000 |
345,000 |
4.8 |
|
Edible offal of pigs, fresh, chilled or frozen |
182,481 |
187,699 |
188,234 |
189,839 |
191,980 |
1.3 |
|
Meat of ducks, fresh or chilled |
95,200 |
86,588 |
71,921 |
67,013 |
59,074 |
−11.2 |
|
Source: FAOSTAT Livestock primary, 2025 *CAGR: Compound Annual Growth Rate |
||||||
Trade
South Korea is characterized by its mountainous terrain, interspersed with coastal plains along the western and southern regions. As of 2022, land use in the country was estimated to include 16.2% for agricultural purposes–comprising 13.5% arable land, 2.1% permanent crops, and 0.6% permanent pasture. Forests cover approximately 64.2% of the land, with the remaining area classified as other 19.6% uses (CIA; World Factbook, South Korea, May 2025).
With limited agricultural land available, the country domestic production is constrained, meeting 46.0% of the country's food demand, with reliance on imported products to fulfil its food and agricultural needs (USDA; Food Processing Ingredients Annual, May 2025). Further, recent surging energy and food costs have prompted a series of government-led efforts to stabilize prices to help mitigate the impact on low and middle-income households. Korea plans to extend its tariff rate quota on energy and food imports into part of next year, allowing a specified volume of imports to enter the country under reduced tariff rates for a specific period of time (The Korea Times: Korea to extend tariff quota on energy, food imports to ease burden on households, December 2024).
South Korea is a net importer of agri-food and seafood products. In 2024, South Korea imported Can$57.1 billion and exported Can$16.4 billion of agri-food and seafood products, recording a trade deficit of Can$40.6 billion. The United States (U. S) and China were South Korea's primary agri-food and seafood suppliers with values of Can$13.0 billion (22.7% market share) and Can$7.2 billion (12.6% market share) respectively, followed by Australia with values of Can$4.5 billion (7.9% market share) in 2024.
Canada in comparison, was South Korea's ninth largest supplier of agri-food and seafood products with values of Can$1.3 billion (2.3% market share) in 2024. Top imports from Canada in 2024 included fresh or chilled pork (Can$205.4 million, 15.6% market share), frozen pork (Can$180.4 million, 13.7% market share), wheat and meslin (Can$113.4 million, 8.6% market share), food preparations, n.e.s. (Can$102.1 million, 7.8% market share) and frozen beef, bone in (Can$73.3 million, 5.6% market share).
South Korea's agri-food and seafood imports have increased moderately by a CAGR of 5.4% from Can$44.0 billion in 2019. In 2024, top agri-food and seafood imports from the world were maize (corn), food preparations n.e.s., frozen pork, frozen boneless beef and wheat and meslin.
| HS Code | Commodity | Import value Can$ millions | Top suppliers and market value share % | Canada's share % | ||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | ||||
|
Agri-Food and Seafood (Total) |
57,059.6 |
United States: 22.7 |
China: 12.6 |
Australia: 7.9 |
2.3 |
|
|
100590 |
Maize (excluding seed for sowing) |
3,964.1 |
Brazil: 28.5 |
Argentina: 25.5 |
United States: 22.2 |
0.00 |
|
210690 |
Food preparations, not elsewhere specified |
2,834.1 |
United States: 49.3 |
Germany: 11.4 |
China: 5.5 |
3.6 |
|
020329 |
Frozen meat (pork) |
2,560.1 |
United States: 33.4 |
Spain: 18.6 |
Chile: 10.3 |
7.1 |
|
020230 |
Frozen, boneless beef |
2,027.7 |
Australia: 53.7 |
United States: 39.1 |
New Zealand: 3.5 |
3.1 |
|
100199 |
Wheat and meslin |
1,899.1 |
United States: 37.8 |
Australia: 28.6 |
Ukraine: 12.9 |
6.0 |
|
020130 |
Fresh or chilled beef, boneless |
1,536.8 |
United States: 70.6 |
Australia: 29.2 |
Canada: 0.2 |
0.2 |
|
020220 |
Frozen beef cuts, with bone in |
1,316.7 |
United States: 68.9 |
Australia: 20.9 |
Canada: 5.6 |
5.6 |
|
170114 |
Raw cane sugar, in solid form |
1,204.7 |
Australia: 44.7 |
Thailand: 25.8 |
South Africa: 8.1 |
|
|
230400 |
Oilcake and other solid residues |
1,175.7 |
Brazil: 77.2 |
Argentina: 9.5 |
China: 5.4 |
0.00 |
|
090111 |
Coffee (excluding roasted and decaffeinated) |
1,121.7 |
Brazil: 31.8 |
Colombia: 17.6 |
Ethiopia: 14.3 |
0.00 |
|
Source: Global Trade Tracker, 2025 |
||||||
South Korea's processed food and beverage imports were valued at Can$41.2 billion in 2024, increasing 5.3% annually from Can$31.8 billion in 2019. According to South Korea's reported import data, Canada was the country's ninth largest supplier, accounting for Can$1.0 billion (2.5% market share) in 2024. Top processed food and beverage imports from Canada included fresh or chilled pork, frozen pork and food preparations, n.e.s with a combined market share representation of 48.1% in 2024. Top processed food and beverage imports from the world included food preparations n.e.s., frozen pork, frozen boneless beef, fresh or chilled beef, boneless and frozen beef, bone in. Top suppling countries to South Korea were the U. S, China, Australia, Vietnam and Brazil accounting for 55.4% of the market in 2024.
In 2024, South Korea exported Can$16.4 billion of agri-food and seafood to global markets. Top agri-food and seafood exports included pasta, food preparations, n.e.s., cigarettes, fruit, prepared or preserved and non-alcoholic beverages. Top export markets were Japan, the U. S, China, Vietnam and Hong Kong. Canada was South Korea's thirteenth largest export market for agri-food and seafood with values of Can$337.5 million (2.1% market share) in 2024.
| HS Code | Commodity | Export value Can$ millions | Top importers and market share % | Canada's share % | ||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | ||||
|
Agri-Food and Seafood (Total) |
16,426.4 |
Japan: 16.5 |
United States: 16.4 |
China: 15.6 |
2.1 |
|
|
190230 |
Pasta, cooked or prepared |
1,868.2 |
United States: 19.5 |
China: 19.4 |
Netherlands: 7.0 |
2.6 |
|
210690 |
Food preparations, nowhere else specified |
1,235.0 |
China: 23.8 |
Japan: 12.3 |
Vietnam: 11.5 |
0.6 |
|
240220 |
Cigarettes |
1,017.1 |
United Arab Emirates: 24.7 |
Japan: 19.6 |
Hong Kong: 11.1 |
|
|
200899 |
Fruit and other edible parts of plants, prepared or preserved |
872.6 |
United States: 33.6 |
Japan: 15.1 |
China: 6.1 |
5.0 |
|
220299 |
Non-alcoholic beverages |
827.1 |
China: 35.5 |
United States: 15.7 |
Vietnam: 11.4 |
1.2 |
|
121221 |
Seaweeds and other algae, fresh, chilled, frozen or dried |
652.3 |
Japan: 31.7 |
Thailand: 18.0 |
Russia: 14.6 |
0.2 |
|
190590 |
Bread, pastry, cakes, and biscuits |
549.5 |
United States: 34.0 |
China: 10.3 |
Canada: 5.2 |
5.2 |
|
210390 |
Preparations for sauces and prepared sauces; mixed condiments and seasonings |
511.8 |
United States: 22.3 |
China: 14.1 |
Japan: 9.5 |
3.2 |
|
240411 |
Products containing tobacco or reconstituted tobacco |
382.6 |
Japan: 93.3 |
Uzbekistan: 3.2 |
Ukraine: 1.1 |
0.00 |
|
030487 |
Frozen fillets of tuna, skipjack or stripe-bellied bonito |
349.4 |
Japan: 40.5 |
France: 20.0 |
China: 12.8 |
0.2 |
|
Source: Global Trade Tracker, 2025 |
||||||
Canada's performance
Canada exported Can$1.2 billion of agri-food and seafood products to South Korea in 2024. The top agri-food and seafood suppling Canadian provinces were Alberta with values of Can$324.7 million (27.3% market share), followed by Manitoba with Can$233.0 million (19.6% market share) and Ontario with values of Can$135.6 million (11.4% market share) in 2024.
Fresh or chilled pork was the largest commodity exported (Can$205.2 million) to South Korea with Manitoba providing a majority of the exports (74.3% market share), followed by frozen pork with values of Can$154.2 million, provided predominantly by Québec and Manitoba (combined market share of 67.4%), and wheat and meslin with values of Can$88.4 million provided primarily by Saskatchewan (39.0% market share) and Alberta (29.6% market share) in 2024. Other notable provincial agri-food and seafood contributions to South Korea included BC (food preparations, n.e.s., 90.3% market share), Saskatchewan (canola oil, 95.0% market share), Nova Scotia (lobsters, 100.0% market share), and Alberta (frozen and boneless beef, 81.5% and 94.6% market shares, respectively), in 2024.
| HS Code | Commodity | Export value Can$ million | Top provincial suppliers and market share % | ||
|---|---|---|---|---|---|
| 1 | 2 | 3 | |||
|
Agri-Food and Seafood (Total) |
1,189.6 |
Alberta: 27.3 |
Manitoba: 19.6 |
Ontario: 11.4 |
|
|
020319 |
Fresh or chilled pork |
205.2 |
Manitoba: 74.3 |
Alberta: 23.4 |
Québec: 2.3 |
|
020329 |
Frozen pork |
154.2 |
Québec: 34.9 |
Manitoba: 32.5 |
Ontario: 18.7 |
|
100199 |
Wheat and meslin |
88.4 |
Saskatchewan: 39.0 |
Alberta: 29.6 |
Manitoba: 19.3 |
|
210690 |
Food preparations, nowhere else specified |
75.8 |
British Columbia: 90.3 |
Ontario: 5.2 |
Nova Scotia: 3.5 |
|
020220 |
Frozen beef cuts, bone in |
74.0 |
Alberta: 81.5 |
Ontario: 18.5 |
|
|
030612 |
Frozen lobsters |
65.4 |
New Brunswick: 52.9 |
Nova Scotia: 22.8 |
Prince Edward Island: 13.7 |
|
020230 |
Frozen, boneless beef |
57.2 |
Alberta: 94.6 |
Ontario: 5.4 |
|
|
151411 |
Canola oil |
54.4 |
Saskatchewan: 95.0 |
British Columbia: 5.0 |
|
|
030632 |
Lobsters live, fresh or chilled |
43.3 |
Nova Scotia: 100.0 |
||
|
230910 |
Dog or cat food |
35.3 |
Alberta: 47.0 |
Ontario: 41.5 |
Québec: 5.7 |
|
Source: Global Trade Tracker, 2025 |
|||||
Retail sales (packaged food)
The packaged food market in South Korea was valued at US$30.0 billion in 2024 and experienced a moderate increase in CAGR of 4.3% from US$24.3 billion in 2019 (+6.5% annually to US$25.9 billion in 2020). The market is forecast to increase in CAGR by 3.8% to attain US$36.3 billion by 2029.
The top three packaged food categories in South Korea, in terms of largest retail value sales in 2024, were rice, pasta and noodles with values of US$4.8 billion (16.1% market share) increasing at a CAGR of 3.9% from US$4.0 billion in 2019 , followed by dairy with values of US$4.0 billion (13.2% market share) increasing in CAGR by 1.5% from US$3.7 billion in 2019 and baked goods valued at US$3.8 billion (12.6% market share), representing an increase in CAGR of 3.2% from US$3.2 billion in 2019. Of note, the meals and soups category and the edible oils category experienced the great growth performance, increasing 11.0% and 9.7% respectively, while baby food in contrast, declined in growth by 0.3% between 2019 to 2024.
Retail sales in the rice, pasta and noodles category will continue to grow, particularly instant noodle cups, as the increase in single-person households and the demand for convenience has positively impacted retail volume sales of instant noodle cups. Furthermore, the recent growth of convenience stores, a major sales channel for cup noodles, has been one of the key factors contributing to the recent growth in instant noodle cups. Consumer preference for spicy and wellness (non-fried, low calorie) instant noodles has also expanded, and is expected to continue. Rice consumption in comparison, has evolved as the dietary culture in South Korea has become more Westernized with the growth in demand and consumption of bread, pizza, sandwiches and meat, replacing the consumption of rice as the traditional, staple food. Further, the development and expansion of meal kits, ready meals, and other packaged foods has reduced sales and demand for rice. Recent government efforts however, to promote the consumption of domestically produced rice, in conjunction with growing consumer interest in health and convenience, is anticipated to expand the growth prospects of rice in the forecast period (Euromonitor International; Rice, Pasta and Noodles in South Korea, October 2024).
Higher average unit prices of dairy (domestic raw milk) products and alternatives has contributed to lower dairy consumption with consumers favouring inexpensive, imported shelf stable milk and alternatives instead. Recent notable health and wellness trends in dairy have leveraged products marketed as low calorie, zero calorie, and high protein, in addition to premium domestic option offerings such as A2 milk, to capture a wider market. The outlook for dairy products and alternatives is expected to be shaped by negotiations surrounding the pricing structure of raw milk to stabilize prices and reform overall dairy product price. Product development and innovation beyond traditional milk products is essential to meeting evolving consumer preferences, prompting industry to explore new segments and offerings to position and promote growth and diversification in the forecast period (Euromonitor International; Dairy Products and Alternatives in South Korea, September 2024).
The baked goods category has been influenced by heightened consumer interest in health reflected in the establishment of various types of leavened bread (bagels, ciabatta, multigrain bread, whole wheat bread, and oatmeal bread), accommodating consumer preferences for low calorie, satiety and high nutritional value, while the increase in single-person households has increased demand for frozen baked goods. Further, the availability and diversity of high-quality packaged pastries and desserts, requiring little time or effort to prepare, are growing in demand. In terms of baked goods distribution, convenience stores have strategically positioned themselves as a familiar and accessible channel for purchasing baked goods by expanding the diversity and single packaged offerings of their product ranges. The baked goods category is expected to experience retail volume and value growth as diverse product offerings and recent consumer preferences for health and convenience will foster sustained growth in the forecast period. (Euromonitor International; Baked Goods in South Korea, October 2024).
| Category | 2019 | 2024 | CAGR* % 2019-2024 | 2025 | 2029 | CAGR* % 2024-2029 |
|---|---|---|---|---|---|---|
|
Packaged food (total) |
24,327.0 |
30,036.7 |
4.3 |
31,332.1 |
36,280.0 |
3.8 |
|
Cooking Ingredients and Meals |
4,007.6 |
6,023.0 |
8.5 |
6,340.2 |
7,489.7 |
4.5 |
|
Edible Oils |
342.4 |
544.2 |
9.7 |
555.9 |
612.4 |
2.4 |
|
Meals and Soups |
2,017.3 |
3,392.0 |
11.0 |
3,648.3 |
4,528.4 |
5.9 |
|
Sauces, Dips and Condiments |
1,396.0 |
1,803.1 |
5.3 |
1,847.5 |
2,040.0 |
2.5 |
|
Sweet Spreads |
252.0 |
283.7 |
2.4 |
288.6 |
308.8 |
1.7 |
|
Dairy Products and Alternatives |
4,517.8 |
4,903.6 |
1.7 |
5,018.3 |
5,479.2 |
2.2 |
|
Baby Food |
432.4 |
425.8 |
−0.3 |
441.9 |
518.3 |
4.0 |
|
Dairy |
3,681.0 |
3,970.5 |
1.5 |
4,046.7 |
4,335.4 |
1.8 |
|
Plant-based Dairy |
404.3 |
507.3 |
4.6 |
529.7 |
625.6 |
4.3 |
|
Staple Foods |
10,420.2 |
12,493.6 |
3.7 |
13,027.4 |
15,079.9 |
3.8 |
|
Baked Goods |
3,243.8 |
3,788.1 |
3.2 |
4,023.8 |
4,874.8 |
5.2 |
|
Breakfast Cereals |
218.5 |
315.6 |
7.6 |
330.3 |
369.1 |
3.2 |
|
Processed Fruit and Vegetables |
87.0 |
114.3 |
5.6 |
117.6 |
129.1 |
2.5 |
|
Processed Meat, Seafood and Alternatives to Meat |
2,872.1 |
3,429.6 |
3.6 |
3,536.4 |
3,899.3 |
2.6 |
|
Rice, Pasta and Noodles |
3,998.7 |
4,846.0 |
3.9 |
5,019.3 |
5,807.5 |
3.7 |
|
Snacks |
5,381.4 |
6,616.5 |
4.2 |
6,946.2 |
8,231.2 |
4.5 |
|
Confectionery |
1,274.7 |
1,308.1 |
0.5 |
1,361.4 |
1,520.3 |
3.1 |
|
Ice Cream |
1,319.5 |
1,698.0 |
5.2 |
1,781.2 |
2,135.9 |
4.7 |
|
Savoury Snacks |
1,861.5 |
2,512.1 |
6.2 |
2,649.3 |
3,209.2 |
5.0 |
|
Sweet Biscuits, Snack Bars and Fruit Snacks |
925.8 |
1,098.3 |
3.5 |
1,154.4 |
1,365.8 |
4.5 |
|
Source: Euromonitor International, 2025 *CAGR: Compound Annual Growth Rate |
||||||
Health and wellness claims
The health and wellness industry in South Korea continues to gain greater significance, particularly post-pandemic, as more consumers have become cognisant of the negative impact of processed food and beverages on their health and wellbeing. As a result, the consumer is increasingly seeking healthier food and beverage options that make a range of claims, including natural, organic, good source of minerals/vitamins, no sugar/no added sugar (especially in beverages), low fat, and high protein/fibre. In addition, the increase in the prevalence of chronic diseases such as obesity, diabetes and heart disease, and the growing concern of the impact of the food industry on the environment, has encouraged more consumers to seek healthier and environmentally sustainable options (Euromonitor International; Health and Wellness in South Korea, August 2024).
The introduction of sugar tax laws within the global market has also led to the increase in products with no added sugar, which has resulted in ingredient reformulations. Additionally, the prevalence of allergies in the general population has increased demand for gluten free (mostly in staple foods and snacks) and lactose-free (in dairy products and alternatives) products, which has been further fuelled by recent diet trends (Euromonitor International; Health and Wellness in South Korea, August 2024).
In terms of product marketing, manufacturers are positioning fortified/functional foods and beverages as premium offerings, and addressing specific consumer needs, such as energy-boosting products, through the provision of offerings that benefit both the body and mind (Euromonitor International; Health and Wellness in South Korea, August 2024).
In the cooking ingredients and meals category, natural was the leading health and wellness claim with retail sales of US$60.6 million in 2023, increasing 11.0% from US$39.9 million in 2019, followed by weight management with retail sales of US$36.4 million in 2023 (−28.5% annually from US$139.2 million in 2019) as consumers looked for more specific claims also associated with weight management such as no fat, and low sugar, and probiotic claims with retail value sales of US$19.9 million in 2023 (Euromonitor International; Health and Wellness Cooking Ingredients and Meals in South Korea, August 2024).
Probiotic, which is a fortified/functional type of claim, was the leading health and wellness claim in dairy products and alternatives in 2023, with retail sales of US$442.0 million in 2023, as consumers increasingly recognized the link between diet and a strong metabolism, followed by low fat and organic claims achieving retail sales of US$258.8 million and US$227.6 million, respectively in 2023. Of note, vegan and a good source of minerals claims experienced the greatest growth performance, increasing 27.5% and 15.0% respectively between 2019 to 2023 (Euromonitor International; Health and Wellness Dairy Products and Alternatives in South Korea, August 2024).
Natural was the leading health and wellness claim in staple foods with retail sales of US$106.4 million in 2023. Concerns regarding overprocessed food and drinks have contributed to high sales of variants with natural claims, despite the flavour of natural products, which has prompted some consumers to opt for alternatives which they believe taste better. Organic and vegan claims were also noted claims attaining retail sales of US$105.8 million and US$91.9 million respectively, in 2023, and are anticipated to experience dynamic growth (7.2% and 12.8%, respectively) in the forecast period. Vegan in particular, is projected to be the leading health and wellness claim in staple foods as more consumers choose vegan products not only for health reasons, but also due to concerns about the impact of meat consumption on the environment and animal welfare (Euromonitor International; Health and Wellness Staple Foods in South Korea, August 2024).
Organic was the leading health and wellness claim in snacks with retail sales attaining US$26.1 million in 2023, as organic products are often viewed as being less harmful to health and more natural, which are popular attributes in packaged food amidst consumers, post pandemic. No sugar and gluten free claims accounted for retail sales of US$22.7 million and US$22.6 million respectively, in 2023, with gluten free claims increasing 12.3% from US$14.2 million in 2019. Further, sugar reduction is a popular trend in South Korea, as an increasing number of consumers, especially amongst the younger generations, are following the "healthy pleasure" trend. No sugar claims are expected to perform well in the forecast period as increasing awareness surrounding the prevalence of chronic diseases linked to poor dietary choices is attributed in part, to ongoing discussions in the National Assembly, and government initiatives to promote healthier dietary habits amongst citizens. Weight management trends are shifting towards controlling blood sugar (Euromonitor International; Health and Wellness Snacks in South Korea, August 2024).
Of note, vegan (a dietary and free from claim) experienced the largest growth performance, increasing 38.7% annually from US$2.3 million in 2019 to US$8.5 million in 2023 as consumer interest in the environment and animal welfare, and the positioning of vegan products to control weight by reducing fat intake, strengthens. Vegan claims are projected to continue to perform well, increasing 38.0% annually, reaching US$57.6 million by 2028 (Euromonitor International; Health and Wellness Snacks in South Korea, August 2024).
| Category | Health and Wellness Claim | 2019 | 2023 | CAGR* % 2019-2023 | 2024 | 2028 | CAGR* % 2023-2028 |
|---|---|---|---|---|---|---|---|
| Cooking Ingredients and Meals |
Natural |
39.9 |
60.6 |
11.0 |
56.1 |
60.2 |
1.8 |
|
Weight management |
139.2 |
36.4 |
−28.5 |
37.2 |
43.7 |
4.1 |
|
|
Probiotic |
21.7 |
19.9 |
−2.1 |
20.1 |
21.0 |
1.1 |
|
|
No fat |
14.3 |
19.6 |
8.2 |
20.7 |
25.6 |
5.5 |
|
|
Organic |
11.6 |
11.8 |
0.4 |
12.3 |
14.4 |
4.0 |
|
| Dairy Products and Alternatives |
Probiotic |
399.0 |
442.0 |
2.6 |
436.7 |
476.9 |
2.2 |
|
Low Fat |
244.7 |
258.8 |
1.4 |
256.9 |
268.0 |
1.1 |
|
|
Organic |
192.8 |
227.6 |
4.2 |
223.2 |
226.6 |
0.4 |
|
|
Good Source of Minerals |
110.7 |
193.4 |
15.0 |
186.4 |
190.9 |
0.6 |
|
|
Vegan |
20.8 |
55.0 |
27.5 |
58.6 |
75.4 |
6.5 |
|
| Staple Foods |
Natural |
87.7 |
106.4 |
0.0 |
106.2 |
125.1 |
4.2 |
|
Organic |
156.7 |
105.8 |
−0.1 |
114.2 |
150.6 |
7.2 |
|
|
Vegan |
60.4 |
91.9 |
0.1 |
109.5 |
177.3 |
12.8 |
|
|
Weight Management |
353.2 |
72.6 |
−0.3 |
69.9 |
71.0 |
0.4 |
|
|
Good Source of Vitamins |
10.6 |
29.2 |
0.3 |
30.2 |
40.2 |
7.4 |
|
| Snacks |
Organic |
38.7 |
26.1 |
−9.4 |
19.7 |
14.6 |
−7.2 |
|
No Sugar |
24.1 |
22.7 |
−1.5 |
24.7 |
33.5 |
7.9 |
|
|
Gluten Free |
14.2 |
22.6 |
12.3 |
25.4 |
43.6 |
14.5 |
|
|
Natural |
14.5 |
19.3 |
7.4 |
22.5 |
24.9 |
2.6 |
|
|
Vegan |
2.3 |
8.5 |
38.7 |
15.9 |
57.6 |
38.0 |
|
|
Source: Euromonitor International, 2025 *CAGR: Compound Annual Growth Rate |
|||||||
Foodservice
The consumer foodservice industry in South Korea endured prolonged economic stagnation in 2024 as continuous inflation increased menu prices beyond affordability. In response, foodservice operators have focused on strategic menu development and pricing structures to help ease financial strain on customers. A key example was the introduction of single-serve pizzas by limited-service restaurants, designed to lower entry barriers for price-sensitive consumers. Further, the increasing prevalence of single-person households and advancements in processed and ready-to-eat food alternatives (most notable are beverages, desserts and convenience meals/foods) have captured consumer demand, creating a more fluid and competitive environment across foodservice channels. For example, specialized coffee, tea and non-alcoholic beverage selections have historically been predominant products of coffee and tea shops however, the widespread adoption of coffee machines has enabled various limited-service restaurants (including McDonald's) to introduce their own coffee and beverage selections, increasing accessibility and affordability for the consumer (Euromonitor International; Consumer Foodservice in South Korea, March 2025).
Consumer foodservice value sales increased 1.5% annually from US$73.3 billion in 2019 to US$78.8 billion in 2024 (−10.5% from US$73.3 billion in 2019 to US$65.6 billion in 2020). Of the consumer value sales garnered in 2024, independent foodservice outlets represented a majority (53.0%) of the market share with values of US$41.8 billion, with the remaining market share (47.0%) were held by chained foodservice outlets with values of US$37.0 billion in 2024.
Full and limited-service restaurants were the largest consumer foodservice types in South Korea with value sales of US$42.2 billion (53.5% market share) and US$20.9 billion (26.6% market share) respectively, in 2024. Street stalls/kiosks in comparison, experienced the strongest growth performance, increasing 11.0% annually from US$ 602.3 million in 2019 to US$1.0 billion (1.3% market share) in 2024.
Standalone (freestanding) locations were the predominant consumer foodservice location type with value sales of US$61.1 billion (77.5% market share), followed by retail locations with values of US$8.9 billion (11.3% market share) in 2024.
In terms of foodservice fulfilment options, more consumers chose to eat-in (45.1% market share) in comparison to delivery (34.6% market share) and takeaway (18.9% market share) in 2024. The eat-in fulfilment type despite high value sales in 2024, has declined in growth by 6.3% annually, as consumers increasingly rely on takeaway and delivery services to enjoy restaurant-quality meals at home. The "loconomy" (local + economy) trend is however, gaining traction as restaurant incorporate locally sourced ingredients and regionally inspired dishes to attract consumer interest and patronage (Euromonitor International; Consumer Foodservice in South Korea, March 2025). Of note, both drive-through and delivery fulfilment options experienced the greatest annual growth performance, increasing 39.3% and 16.2% respectively, within the historic period. Relatedly, offline ordering was the primary ordering platform with value sales of US$46.9 billion (57.6% market share) versus online ordering with values sales of US$34.6 billion (42.4% market share) in 2024.
In the forecast period, consumer foodservice value sales are expected to increase 0.9% annually to reach US$82.3 billion by 2029, as consumer demand for value for money continues, challenging foodservice operators that rely heavily on pre-made and processed ingredients. To remain competitive, foodservice providers must differentiate themselves by focusing on superior quality and unique offerings, in addition to pricing strategies that minimize costs and reinforce customer inflow (Euromonitor International; Consumer Foodservice in South Korea, March 2025).
| Category | 2019 | 2024 | CAGR* % 2019-2024 | 2025 | 2029 | CAGR* % 2024-2029 |
|---|---|---|---|---|---|---|
|
Consumer Foodservice |
73,261.2 |
78,791.4 |
1.5 |
79,128.4 |
82,250.8 |
0.9 |
|
Consumer Foodservice by Type |
73,261.2 |
78,791.4 |
1.5 |
79,128.4 |
82,250.8 |
0.9 |
|
Chained Consumer Foodservice |
29,786.8 |
37,021.4 |
4.4 |
38,003.3 |
42,790.5 |
2.9 |
|
Independent Consumer Foodservice |
43,474.4 |
41,770.0 |
−0.8 |
41,125.1 |
39,460.3 |
−1.1 |
|
Cafés/Bars |
14,959.9 |
14,546.3 |
−0.6 |
14,657.7 |
15,555.7 |
1.4 |
|
Full-Service Restaurants |
42,396.0 |
42,178.4 |
−0.1 |
41,700.4 |
40,663.3 |
−0.7 |
|
Limited-Service Restaurants |
15,239.9 |
20,965.2 |
6.6 |
21,612.1 |
24,619.6 |
3.3 |
|
Self-Service Cafeterias |
63.0 |
86.5 |
6.5 |
88.5 |
102.9 |
3.5 |
|
Street Stalls/Kiosks |
602.3 |
1,015.1 |
11.0 |
1,069.7 |
1,309.4 |
5.2 |
|
Consumer Foodservice by Location |
73,261.2 |
78,791.4 |
1.5 |
79,128.4 |
82,250.8 |
0.9 |
|
Consumer Foodservice Through Standalone |
56,172.8 |
61,063.4 |
1.7 |
60,985.6 |
61,991.1 |
0.3 |
|
Consumer Foodservice Through Leisure |
3,166.6 |
3,466.8 |
1.8 |
3,651.1 |
4,451.1 |
5.1 |
|
Consumer Foodservice Through Retail |
8,317.3 |
8,903.4 |
1.4 |
8,999.2 |
9,628.3 |
1.6 |
|
Consumer Foodservice Through Lodging |
1,282.1 |
1,339.5 |
0.9 |
1,388.7 |
1,591.6 |
3.5 |
|
Consumer Foodservice Through Travel |
4,322.4 |
4,018.4 |
−1.4 |
4,103.8 |
4,588.7 |
2.7 |
|
Consumer Foodservice by Fulfillment |
74,069.5 |
81,496.7 |
1.9 |
85,139.8 |
96,892.3 |
3.5 |
|
Takeaway |
9,689.2 |
15,374.5 |
9.7 |
17,615.9 |
23,483.2 |
8.8 |
|
Delivery |
13,285.6 |
28,197.5 |
16.2 |
29,484.2 |
35,603.5 |
4.8 |
|
Drive-Through |
230.1 |
1,206.7 |
39.3 |
1,287.8 |
1,644.2 |
6.4 |
|
Eat-In |
50,864.6 |
36,718.0 |
−6.3 |
36,751.8 |
36,161.4 |
−0.3 |
|
Consumer Foodservice by Ordering Platform |
74,069.5 |
81,496.7 |
1.9 |
85,139.8 |
96,892.3 |
3.5 |
|
Consumer Foodservice Online Ordering |
9,815.4 |
34,594.3 |
28.7 |
38,123.7 |
50,372.7 |
7.8 |
|
Consumer Foodservice Offline Ordering |
64,254.1 |
46,902.4 |
−6.1 |
47,016.0 |
46,519.7 |
−0.2 |
|
Source: Euromonitor International, 2025 *CAGR: Compound Annual Growth Rate |
||||||
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Resources
- CIA; World Factbook, South Korea, May 2025
-
Euromonitor International, 2024
- Country Report: Baked Goods in South Korea, October 2024
- Country Report: Consumer Foodservice in South Korea, March 2025
- Country Report: Consumer: Lifestyles in South Korea, June 2024
- Country Report: Dairy Products and Alternatives in South Korea, September 2024
- Country Report: Economy, Finance and Trade: South Korea, May 2024
- Country Report: Health and Wellness in South Korea, August 2024
- Country Report: Health and Wellness Cooking Ingredients and Meals in South Korea, August 2024
- Country Report: Health and Wellness Dairy Products and Alternatives in South Korea, August 2024
- Country Report: Health and Wellness Staple Foods in South Korea, August 2024
- Country Report: Health and Wellness Snacks in South Korea, August 2024
- Country Report: Income and Expenditure: South Korea, July 2024
- Country Report: Rice, Pasta and Noodles in South Korea, October 2024
- Global Trade Tracker, 2024
- Mintel Global New Products Database, 2024
- The Korea Times: Korea to extend tariff quota on energy, food imports to ease burden on households, December 2024
- United States Department of Agriculture (USDA); Food Processing Ingredients Annual, May 2025
Market Overview – South Korea
Global Analysis Report
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