Societal Changes Prompting South Koreans to Spend More on FBT
Released on: September 18, 2008, 2:23 am
Press Release Author: Shushmul Maheshwari
Industry: Food & Beverage
Press Release Summary: Consumer expenditure on food, beverages & tobacco in South Korea is projected to grow at an AAGR of more than 9% over the coming few years, says RNCOS.
Press Release Body: South Korea has maintained its position as a major food, beverages and tobacco industry in Asia with its total consumer expenditure on the segment growing at an average annual growth rate of more than 11% over the past few years, compared to some 10.6% in China and around 10.9% in India during the same period, says "South Korean Food and Drinks Market: Emerging Opportunities", the latest addition in our Food & Beverages collection.
High consumer expenditure on food, beverages and tobacco in South Korea is generally attributed to the rising disposable income due to rapid economic recovery. Demographic and social changes, such as greater participation by women in the labor force, urbanization, changing food consumption pattern, and an aging population are also resulting in higher expenditure on this segment.
As per our research, Korean shoppers now look for convenience, new taste, and safer and fresher products. So affluent groups and young professionals consider issues like price as secondary and give more importance to image and quality while making purchase decisions. Another factor emphasizing the healthy eating is growing health awareness among aging consumers. As a result, organic food and wines have gained immense popularity among the health-conscious consumers. Demand for processed and convenience foods has also been growing rapidly in the country.
Due to all these factors, the research foresees the South Korean expenditure on food, beverage and tobacco to grow at an AAGR of over 9% during the period from 2008 to 2012.
We have also done a detailed study on food, beverage and tobacco consumption patterns in South Korea. "South Korean Food and Drinks Market: Emerging Opportunities" provides an extensive research on consumption patterns in various segments such as milk, vegetable, meat, fruit, tea, coffee, soft drinks and alcoholic drinks. It provides thorough analysis of the market, with special emphasis on past, current and future performance, and helps analyze future market prospects. This report has been made to help clients in evaluating the opportunities, challenges and drivers critical to the growth of the industry in the East Asian country of South Korea.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
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