South Korea

Depilatories maintained solid current value growth for another consecutive year in South Korea in 2023, although the rate of increase slowed compared with the previous couple of years. Nevertheless, women’s razors and blades continued to see robust…

Dermatologicals is a saturated category in South Korea and has lost some of its growth momentum in terms of retail volume sales. A lack of new product development is one factor hampering stronger growth for some products, whilst another is increasing…

Ginseng remains by far the largest value category within dietary supplements in South Korea. As ginseng is well-known for its overall immunity support, this category is experiencing stable demand, whilst also remaining popular for gifting, with red…

Due to changes in dietary habits during the pandemic, such as the increase in delivery food, demand for certain digestive remedies exploded, while home seclusion during this time, resulting in sedentary lifestyles, supported the surge in demand for…

Direct selling saw little movement in its value sales in current terms in South Korea in 2023, with just a slight decline seen. In April 2023, a legal shift unfolded, permitting sponsored direct sellers to engage in non-face-to-face transactions…

Discounters remained only a small retail channel in South Korea in 2023, and continued to see a decline in outlet numbers in this year, although returned to slight current value growth. In South Korea, major retailers have embraced private label…

Retail volume sales of dishwashers in South Korea are marginally declining in 2023 for a second consecutive year. This can be attributed to subdued consumer sentiment due to economic stability, which is resulting in many South Koreans refraining from…

Dishwashing witnessed notable current value growth in 2023, propelled by a surge in demand for automatic dishwashing products and a modest increase in current value sales of hand dishwashing. Urbanisation in South Korea is expanding the number of…

After seeing minimal current value growth in 2023, dog food is set to record another year of low single-digit growth in South Korea in 2024. Due to the slowdown in growth in the dog population, and the economic downturn, there have been low growth…

In 2023, drinking milk products in South Korea is expected to continue to thrive in current value terms, building on the positive growth seen in the previous year. However, this growth trajectory varies significantly at the category level, and the…

In 2023, South Korea’s GDP growth slowed to 1.3%, due to decreased export demand and subdued domestic demand, with the country’s economic growth underperforming the Asia Pacific average. Despite a decline in inflation, it remained above the 2% mark,…

In 2023, the global supply chain of edible oil raw materials has faced significant disruptions due to climate change and geopolitical complexities, impacting availability in South Korea. The country's reliance on external sources has made it…

The briefing examines the global development of the EV industry. It breaks down the analysis into three key pillars: EV industry overview, EV charging industry and EV battery industry. Each section seeks to shed light on the dominant trends,…

Energy drinks is set to see dynamic double-digit off-trade and on-trade volume growth in 2023. On-trade sales were hit hard by the pandemic, and despite strong growth, sales are not expected to return to the 2019 level in 2023. However, the off-trade…

In its second edition, the EV Readiness Index 2023 indicates the best prepared markets for the electric vehicle (EV) transition. This follows growing EV take-up, with new electric passenger car registrations set to reach 20% of total registrations…

Consumer demand has been shifting from manufactured goods back towards services. Due to this, value sales of experiential luxury grew by 13% to amount to KRW642 million in 2023, boosted by wealthier individuals resuming their normal activities,…

Demand for standard eye care, the largest category in overall OTC eye care in South Korea, continues to improve in 2023, in line with heightened exposure to digital screens in everyday life, and a return to out-of-home activities, including the…

In 2024, overall eyewear in South Korea is set to see current value growth. The prevalence of vision impairments is on the rise in Korea, with an increasing number of people affected by presbyopia, myopia, and hyperopia. The overall increase in…

The landscape of card transactions in South Korea is undergoing a remarkable transformation marked by a gradual decline in cash usage. This paradigm shift is primarily driven by the widespread adoption of mobile financial services, a trend that has…

Value sales of fine wines/champagne and spirits grew by 8% to total KRW657.4 billion in 2023, boosted by consumers’ appetite for experiences and enjoyment after the pandemic. Enjoying a drink with a meal at home or when relaxing remains a key pastime…

Retail volume sales of food preparation appliances are declining for a second consecutive year in 2023. This is a trend evident across the category, with juice extractors experiencing the steepest decline. This is being driven by several factors, but…

Asia Pacific remained the largest global producer of food, beverages and tobacco in 2021, with sales valued at USD3,809 billion. With the release of pent-up demand, the industry’s turnover witnessed an increase in 2021. Going forward, expanding…

In 2023, sports footwear continues to post healthy sales growth, as South Korea enters an endemic era where all social restrictions, including the mask mandate, have been fully lifted and consumers have returned to normal outdoor activities. As…

Asia Pacific, with a value of USD916 billion, is the largest forestry, wood and paper goods producer in the world. Forecasts for the region’s industry remain positive for 2021-2030, due to developing economies and rising population. However, the…

Fragrances maintained double-digit current value growth in South Korea in 2023, with premium fragrances continuing to overwhelmingly dominate, and also seeing the strongest growth in this year. The super-premium segment in fragrances is primarily…

Traditional buffet-style family restaurants faced significant losses during COVID-19, due to concerns about close contact with many people. In particular, chained Korean buffet brands such as Season’s Table, which were popular amongst…

Gardening in South Korea witnessed a slight current value decline in 2023, although many categories maintained solid growth. For instance, gardening equipment experienced increasing sales, due to the rising popularity of gardening as a recreational…

General merchandise stores maintained growth in both outlet numbers and current value sales in South Korea in 2023, with increases seen for both variety stores and department stores, although the latter remained by far the larger channel. Department…