Urban Lifestyles to Drive Growth for Bakery & Cereals in South Korea to 2017
25 September 2013
According to Canadean, health concerns and customer convenience are expected to drive growth in the Bakery & Cereals industry in South Korea up to 2017. The industry will grow at a Compounded Annual Growth Rate (CAGR) of 4.1% by value and 3.4% by volume for the same time period.
Convenience drives the growth of Energy Bars and Cereal Bars
An on-the-go lifestyle is aiding the growth of Energy Bars in South Korea. The category will display the highest growth in volume at a CAGR of 4.8% up to 2017. Energy Bars is second only to the staple Bread & Rolls category and will grow at a CAGR of 5.1% by value up to 2017.
Convenience is a large factor for the young middle class of South Korea. This consumer segment has busy lives and they require products that can be consumed quickly and easily. Cereal Bars are therefore a popular choice for individuals with a fast paced lifestyle. The category is expected to grow at a CAGR of 4.9% by value and 4.7% by volume up to 2017.
Health concerns slow the growth of the Cookies category
In keeping with the healthy lifestyle trend, Cookies will show the least growth over the next five years, with value and volume CAGRs of 3.0% and 2.8% respectively, to 2017.
The Canadean report: ‘The Bakery & Cereals Sector in South Korea, to 2017’ was published in September 2013.
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