South Korea Snack Bar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korean Snack Bar Market is Segmented by Product Type (Cereal Bars and Energy Bars) and Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, and Other Distribution Channels).

Market Snapshot

South Korea Snack Bar Market Summary
Study Period: 2016 - 2026
Base Year: 2021
CAGR: 9.34 %

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Market Overview

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.

Scope of the Report

The South Korean snack bar market is segmented by product type and distribution channel. By product type, the market is segmented into cereal bars and energy bars. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and other distribution channels.

By Product Type
Cereal Bars
Energy Bars
By Distribution Channel
Supermarkets/Hypermarkets
Convenience Store
Specialty Stores
Online Stores
Other Distribution Channels

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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.

south-korea-snack-bar-market

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.

south-korea-snack-bar-market

Competitive Landscape

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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Cereal Bars

      2. 5.1.2 Energy Bars

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Convenience Store

      3. 5.2.3 Specialty Stores

      4. 5.2.4 Online Stores

      5. 5.2.5 Other Distribution Channels

  6. 6. CONSUMER BEHAVIOR ANALYSIS

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Most Active Companies

    2. 7.2 Most Adopted Strategies

    3. 7.3 Market Share Analysis

    4. 7.4 Company Profiles

      1. 7.4.1 The Kellogg Company

      2. 7.4.2 Orion Confectionery Co. Ltd

      3. 7.4.3 OhYeah! Nutrition

      4. 7.4.4 Optimum Nutrition Inc.

      5. 7.4.5 POWER CRUNCH

      6. 7.4.6 General Mills Inc.

      7. 7.4.7 Lotte Foods Co. Ltd

    5. *List Not Exhaustive
  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The South Korea Snack Bar Market market is studied from 2016 - 2026.

The South Korea Snack Bar Market is growing at a CAGR of 9.34% over the next 5 years.

The Kellogg Company, ORION CONFECTIONERY CO. LTD, OhYeah! Nutrition, POWER CRUNCH, General Mills Inc. are the major companies operating in South Korea Snack Bar Market.

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