Market Size of South Korea Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.11 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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South Korea Chocolate Market Analysis
The South Korea Chocolate Market size is expected to grow from USD 589.63 million in 2023 to USD 687.20 million by 2028, at a CAGR of 3.11% during the forecast period (2023-2028).
Chocolate consumption is rising in South Korea as consumers are shifting towards small luxuries and high-quality products, thereby propelling the growth of premium chocolate brands. Consumers following these trends are willing to purchase premium-priced chocolate with quality ingredients, high cacao content, and minimal artificial additives. Additionally, there is an inclination toward a healthier lifestyle, which has been driving the consumption of sugar-free and dark chocolate. Also, consumers are preferring organic, vegan, and gluten-free chocolates, which is expected to be one of the key factors boosting the growth of the market in the coming years.
In South Korea, people give chocolates or other sweet snacks on various occasions. Increased demand for premium chocolate brands and boxed assortments is the key factor driving the chocolate market across the country. Innovation in product packaging and chocolate with toys is gaining popularity among adults as well. Growing demand for imported chocolate owing to premium varieties is further accelerating overall sales. These factors are thus promoting the demand and growth of the chocolate market in South Korea over recent years.
