The above chart is South Korea Premium Chocolate Market Outlook (2018 to 2032)
the south korean premium chocolate market has already been growing steadily in the past few years, and projections indicate that this trend will continue for the next couple of decades. the market has seen a steady rise in demand from the millennial generation, who are becoming more open to indulging in luxury products. south korea is also home to many affluent consumers, which is increasing the demand for premium and semi-premium chocolates. the south korean market for premium and semi-premium chocolate is expected to grow rapidly in the coming years, with growth rates expected to be around 10-12% annually. this growth can be attributed to rising disposable incomes among the population and the ever-changing tastes of consumers. moreover, the government’s tax subsidies and toll-free imports have made it easier for foreign confectionery brands to enter the market. the industry is being catered by several world-renowned companies, such as mondelez, ferrero, barry callebaut, and nestle, as well smaller, locally based vendors. furthermore, the influx of artisanal chocolate makers and suppliers from around the world is opening up the market further to even more competitors. new trends in the south korean premium chocolate market include more demand for organic and fair trade varieties of chocolate. consumers are becoming increasingly health-conscious and environmentally aware, so they are more likely to opt for products produced under ethical standards. moreover, there is also a shift towards premium and semi-premium varieties of artisanal chocolate. moreover, the ongoing innovation in product offerings by existing brands is likely to drive sales for premium and semi-premium chocolates in the near future. companies are trying to come up with new flavors and packaging options for consumers to choose from. these innovations will also help boost sales of premium and semi-premium chocolates in the coming years. finally, south korea is likely to become one of the top importers of premium chocolates by 2032. not only is the population increasing, but more citizens are also becoming wealthier and more willing to indulge in luxury products. it is clear that the south korean premium chocolate market outlook for the next few decades is positive overall.
