Market size reaches 329.4 billion won! Korean breakfast cereals become the new favorite

Due to the impact of the new coronavirus, Koreans have been staying at home longer, leading to a rapid growth in the grain market.

On March 21, according to a report by Euromonitor, a statistical information and market research company for the food industry , data released by the Korea Agriculture and Fisheries Food Distribution Corporation (aT) showed that the size of South Korea's domestic grain market reached 329.4 billion won last year, an increase of 14.0% compared to the previous year .

Compared with the average annual growth rate of 9.6% in the grain market over the past five years , last year's growth rate was 1.5 times higher.

As of 2020, the market size of each cereal for families (flakes , oatmeal, etc.) is 173 billion won, the market size of each cereal for children (crunchy chocolate , lucky chriffy, etc.) is 145.2 billion won, and hottmille (oatmeal) is 10.7 billion won.

aT said: "According to analysis, the surge in cereal sales was due to the impact of the epidemic, and consumers and children who previously skipped breakfast began to look for breakfast substitutes again. "

In addition, aT predicts that if the epidemic disappears, the sharp growth momentum of the grain market may also slow down.

It is estimated that the size of South Korea's domestic grain market this year is 32.88 trillion won, down from last year. It is expected to be 34.32 trillion won in 2022, 35.8 billion won in 2023, 37.13 billion won in 2024, and 38.36 trillion won in 2025. Cereal sales will continue their relatively slow growth trend.

In the Korean cereal market, Dongseo Foods (47.5%) and Nongshim Kellogg (37.9%) are the most popular. Taking "Post Granola" as an example, the market share as of 2020 was 13.0%, up 4.8% from the previous year , and "Kellogg graola" ranked fifth with a share of 5.7%.

“In the cereal market, where corn flakes are the main trend, cereal products processed by adding nuts and fruits to cereals (e.g., oats) dominate , and cereals and snacks made with ingredients other than cereals are also gaining attention , ” aT explained .

Under the epidemic, people's living habits have changed. They all hope to have a healthy body. It is said that breakfast nourishes the stomach, the middle nourishes the heart, and the evening nourishes all meridians. Breakfast can provide the body with a steady stream of energy. Now that the epidemic has not been completely controlled, it is expected that the size of the Korean grain market will continue to grow.

South Korea

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