South Korea Seasonings, Dressings & Sauces Market Skyrockets

Seasonings

Driven majorly by the popularity of condiment sauces, the South Korean Korean seasonings, dressings and sauces market is projected to expand from KRW2,115.3bn to KRW2,460.6bn between 2021 and 2026, at a compound annual growth rate of (CARG) 3.1 percent, according to GlobalData, a leading data and analytics company.

GlobalData’s report, ‘South Korea Seasonings, Dressings and Sauces Market Size by Categories, Distribution Channel, Market Share and Forecast, 2021-2026’ has revealed that the condiment sauces category will be the main driver of the South Korean market, set to register the fastest value CAGR of 3 percent over 2021 to 2016. Coming up second, the tomato pastes and purees category is forecasted to see a CAGR of 3.5 percent across the same period.

Due to the COVID-19 pandemic, the salad dressing category has undergone a complete transformation with formulations that incorporate simpler, more natural, and clean-label ingredients. “Just like seasonings, the new dressings and sauces are addressing the consumer desire to add more flavour to bland salads without compromising on their health goals,” explained Likitha Nalluri, Consumer Analyst at GlobalData.

Furthermore, the new product lines have expanded to feature pourable health and nutritional supplements that can boost the nutritional value of any meal. Likewise, probiotic-rich organic fermented sauces and condiments are becoming increasingly popular in South Korea.

In 2021, E-retailers was the dominant distribution channel in the South Korean seasonings, dressings and sauces market, followed by ‘hypermarkets and supermarkets’, and convenience stores.

The per capita expenditure on seasonings, dressings and sauces in South Korea soared from $10.8 to $17.4 between 2016 and 2021 and is projected to continue to rise to $20.5 in 2026, which is significantly higher than the regional and global average of $9.1 and $13.8, respectively.

In 2020, Chung Jung One and Bibigo were the leading brands in the South Korean seasonings, dressings & sauces market by value whilst GJ Group, Daesand, and Sempion Foods Company were the top three companies in the market.

“Following the onset of the COVID-19 pandemic, consumers have become increasingly cautious about their health and wellness. They are seeking natural and clean label products that align with their healthy lifestyles, providing nutrition and flavour in a single serve,” concluded Nalluri.

“Dressings and sauces enriched with beneficial nutrients such as probiotics and prebiotics, which can aid in digestive health, are poised to gain more traction in the South Korean market in the immediate future.”