South Korea Snack Bar Market – Segmented by Product Type and Distribution Channel – Growth, Trends, and Forecast (2018 – 2023)
The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Snack Bar Market on the basis of stating current situation of the industry in 2021. This is a latest report, covering the Post COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.
The South Korea snack bar market is expected to reach USD 19.53 million by 2023 witnessing a CAGR during the forecast period 2018-2023.
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Major Players – GENERAL MILLS, INC., ORION CONFECTIONERY CO, LTD., THE KELLOGG COMPANY, KING LLC amongst others.
The snack bar is still a niche category in South Korea, which is growing at a faster rate due to consumer preference for health & wellness product. 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. Rising health & wellness trend among consumers, on-the-go convenience and innovation in product development are various drivers accelerating the market. High sugar content and changing consumer taste preference is primarily affecting the market growth.
On-the-go Convenience on Rising
Convenience is the most important factor for Koreans due to their busy lifestyle. Multipacks containing various small pack size snack bar, which is portable and consumed on multiple occasion in a day are in high demand. Young middle-class population due to their busy lifestyle are the primary consumers of cereal and energy bar.
Healthier options in snack such as breakfast and cereal bar have turned as an alternative to breakfast for consumers. Consumers with busy lifestyle demanding more convenient snacks featuring health benefits. Rising demand for convenient food in smaller packages is driving snack bar sales.
Impulse Purchase Boosting Snack bar Sale
The snack bar is consumed mostly as a treat, and impulse purchasing behaviors are driving retail sales. The impulse and indulgence food sales in South Korea valued more than USD 5.8 billion in 2010. Pricing, product bundling offering discount and packaging attracts consumers for impulse purchasing. The snack baris also considered as a treat which drives impulse buying. Supermarket/hypermarket dominates the distribution channel sale with a share of around 70% in the snack bar market. Specialist stores offer health & wellness oriented snack bar with multiple brands grew by 6% during the past five years. Expanding retail chain in the country provide a potential growth opportunity to the market.
April 2018 – Healthy snack brand Boka Food recently introduced its range of snack bars featuring four green lights in front of the pack, meaning it is low in fat, saturates, sugar and salt.
The South Korea 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 compared to domestic brands. Focus on the distribution channel, and product innovation is the key strategy adopted by players to maximize sales.
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Analyzing the outlook of the market with the recent trends and Porters five forces analysis
Market dynamics, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Country-level analysis integrating the demand and supply forces that are influencing the growth of the market.
Market value (USD Million) and volume (Kg Million) data for each segment and sub-segment
Distribution Channel sales Analysis by Value
Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategy employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
The Main objectives of this report are:
- To analyze global Snack Bar status, future forecast, growth opportunity, key market and key players.
- To present the Snack Bar development in United States, Europe and China.
- To strategically profile the key players and comprehensively analyze their development plan and strategies.
- To define, describe and forecast the market by product type, market and key regions.
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The research includes historic data from 2016 to 2021 and forecasts until 2026 which makes the report’s an invaluable resource for industry executives, Marketing, Sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Table of Contents: –
- Global Snack Bar Market Overview
- Global Snack Bar Market Competitions by Manufacturers
- Global Snack Bar Capacities, Production, Revenue (Value) by Region
- Global Snack Bar Supply (Production), Consumption, Export, Import by Region
- Global Snack Bar Productions, Revenue (Value), Price Trend by Type
- Global Snack Bar Market Analyses by Application
- Global Snack Bar Manufacturers Profiles/Analysis
- Snack Bar Manufacturing Cost Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analyses, Distributors/Traders
- Market Effect Factors Analysis
- Global Snack Bar Market Forecast
- Research Findings and Conclusion
Furthermore, this study will help to solve the following issues:
- Cyclical Dynamics-Report foresee dynamics of industries by using core analytical and unconventional market research approaches.
- Identifying key cannibalizes– Strong substitute of a product or service is the most prominent threat. Report includes key cannibalizes of a market, by procuring market research. This helps in aligning new product development/launch strategies in advance.
- Spotting emerging trends– Report helps to spot upcoming hot market trends. Report also track possible impact and disruptions which a market would witness by a particular emerging trend.
- Interrelated opportunities–This report will allow to make decisions based on data, thereby increasing the chances that the strategies will perform better.
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