Report Overview

South Korea Meat Market - Industry Trends & Forecast Report, 2030

South Korea Meat Market size was estimated to be worth USD 5.95 billion in 2023. During the forecast period between 2024 and 2030, South Korea Meat Market size is projected to grow at a CAGR of 3.30%, reaching a value of USD 7.46 billion by 2030.

By volume, South Korea Meat Market size was estimated at 2,675 thousand tons in 2023. During the forecast period between 2024 and 2030, South Korea Meat Market size is expected to expand at a CAGR of 5.88%, reaching a volume of 3,155.8 thousand tons by 2030.

Major growth factors for South Korea Meat Market include the increasing disposable income of Korean consumers, changes in dietary patterns, and growing health consciousness. Meat, particularly chicken, pork, and seafood, is considered a staple in Korean cuisine culture. In addition, the rising demand for processed meat products available in convenience stores and supermarkets/hypermarkets is also expected to drive South Korea meat market during the forecast period.

Meat – Overview

Generally, 'meat' refers to animal flesh intended for human consumption as food. Among the nutrients found in meat are proteins, zinc, iron, selenium, phosphorus, vitamin A and B-complex vitamins. The necessary vitamins and minerals found in meat support healthy weight control, strong bones and muscles, and mental clarity. South Korea offers many types of meat, including beef, goat, lamb, chicken, fish, pork, and seafood. Among these types, pork is the most popular meat in South Korea.

South Korea Meat Market

Growth Drivers

Growing Demand for Convenient Food Products

Korean customers demand ready-to-eat food goods that are readily available in offline stores and need little preparation time as the country's economy appears to be thriving. South Korea Meat Market is witnessing a significant surge in demand for chilled and frozen beef. Furthermore, the market expansion is aided by Korean consumers' fast-paced lifestyle and demanding work schedules, particularly in cities like Seoul. In addition, millennials are becoming more in favor of meat items that are simple to prepare. As a result, South Korea Meat Market is expected to grow at a significant CAGR during the period in analysis.

Challenges

Increasing Popularity of Veganism

The growing popularity of vegetarianism and veganism and increasing adoption of the vegan lifestyle are emerging as a major hindrance to the growth of South Korea Meat Market. There are approximately 2.5 million people in Korea following a vegan diet, as reported by The Korean Vegan. The rising consciousness towards animal rights and ethical consumption, along with the increasing prevalence of zoonotic diseases post-COVID-19 outbreak, are emerging as major factors boosting the adoption of veganism in Korea. Furthermore, plant-based meat is also increasingly becoming accessible through convenience stores and supermarkets/hypermarkets, which can affect the demand for meat in the forecast period.

Impact of Escalating Geopolitical Tensions on South Korea Meat Market

Intensifying and further spreading of geopolitical tensions could adversely affect the growth of South Korea Meat Market. The country imports a significant volume of meat, particularly beef, and pork to meet its high domestic meat consumption. However, geopolitical conflicts lead to hindrances in international trade routes, leading to import disruption, creating shortages and a hike in meat prices. Volatile meat prices due to increased transportation costs or shifts in supply and demand dynamics could also result in lower meat consumption in South Korea. In addition, tensions with leading trading partners of meat, such as the United States or China, may result in increased tariffs and trade restrictions, which may affect the consumer’s accessibility to certain meat types from stores. Consequently, escalating geopolitical tensions could affect the growth of South Korea Meat Market.

South Korea Meat Market

Segmental Coverage

South Korea Meat Market – By Meat Type

Based on meat type, South Korea Meat Market is segmented into pork, beef, chicken, fish & seafood, and processed meat. The pork segment accounts for the highest share in South Korea Meat Market by meat type. With 1.2 million tons, or 44.2% of all meat sales, pork accounted for the biggest portion of meat sold in South Korea in 2022, according to a report published by Agriculture and Agri-Food Canada. Poultry came in second with 0.9 million tons and beef third with 0.5 million tons. However, chicken is projected to register the highest growth rate in South Korea Meat Market over the forecast period owing to the growing popularity of fried chicken across the country.

South Korea Meat Market – By Form

By form, South Korea Meat Market is segmented into fresh meat, frozen meat, processed meat products, and marinated and pre-seasoned meat. The fresh meat segment holds the largest share of South Korea Meat Market, owing to its high nutritional content compared to its frozen and processed counterparts. Fresh meat is considered healthier as it contains no added chemicals and is easily available in the local market. The presence of a high number of wet markets, such as Majang meat market, which offers a wide range of fresh and cheap meat types also drives its market growth.

South Korea Meat Market – By Distribution Channel

Based on distribution channel, South Korea Meat Market is segmented into supermarkets/hypermarkets, online retail, convenience stores, food service, and others. The supermarkets/hypermarkets segment accounts for the highest market share. The high number of supermarkets/hypermarkets in South Korea, along with rising launches of a wide range of meat products, including fresh and frozen alternatives contributes to its market growth. However, the online retail segment is anticipated to register the highest CAGR during the forecast period. The growing popularity of super apps for grocery orders, particularly among Gen-Z and millennials, acts as a major driving factor for its market growth.

South Korea Meat Market – By End User

On the basis of end user, South Korea Meat Market is segmented into household consumption and the food service industry. The household segment dominates South Korea Meat Market. The increasing disposable income of Koreans directly influences their meat consumption. A report published by the Korean Rural Economic Institute reveals the country’s per capita meat consumption spiked from 59.8 kilograms in 2022 to 60.6 kilograms in 2023. However, the food service industry is also growing at a substantial rate owing to the expanding tourism and high popularity of Korean street food among both locals and tourists.

Competitive Landscape

Major companies in intensely competitive South Korea Meat Market include CJ Corp, Hormel Foods Corp, Lotte Group, Dongwon Group, Daesang Corp, Harim Co Ltd, Moguchon Corp, Sajo Industrial Co Ltd, Jinju Ham Co Ltd, and Sajo Haepyo Corp. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In March 2024 – South Korean researchers at Yonsei University developed “beef rice," a hybrid type of beef rice containing cow muscle and fat cells.

Scope of the Report

By Meat Type

• Pork

• Beef

• Chicken

• Fish & Seafood

• Processed Meat

By Form

• Fresh Meat

• Frozen Meat

• Processed Meat Products

• Marinated & Pre-seasoned Meat

By Distribution Channel

• Supermarkets/Hypermarkets

• Online Retail

• Convenience Stores

• Food Service

• Others

By End User

• Household Consumption

• Food Service Industry

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South Korea Meat Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Disposable Income
         2. Increasing Urbanization of South Korea
         3. Growing Population in South Korea
      2. Restraints
         1. High Meat Prices
         2. Increasing Health Concerns Among Consumers
      3. Opportunities
         1. Increasing Adoption of Western Dietary Habits
         2. Growing Demand for Premium Meat Products
         3. Development of Alternative Protein Sources
      4. Challenges
         1. Ensuring Food Safety and Preventing Outbreaks of Foodborne Illnesses is a Critical Challenge for the Meat Industry
         2. Growing Concerns about Animal Welfare and Ethical Meat Production
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. South Korea Meat Market: Marketing Strategies
5. South Korea Meat Market: Pricing Analysis
6. South Korea Meat Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Meat Type
         1. Pork
         2. Beef
         3. Chicken
         4. Fish & Seafood
         5. Processed Meat
      2. By Form
         1. Fresh Meat
         2. Frozen Meat
         3. Processed Meat Products
         4. Marinated & Pre-seasoned Meat
      3. By Distribution Channel
         1. Supermarkets/Hypermarkets
         2. Online Retail
         3. Convenience Stores
         4. Food Service
         5. Others
      4. By End User
         1. Household Consumption
         2. Food Service Industry
7. Competitive Landscape
   1. List of Key Players and Their Meat Types
   2. South Korea Meat Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on South Korea Meat Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
   1. CJ Corp
   2. Hormel Foods Corp
   3. Lotte Group
   4. Dongwon Group
   5. Daesang Corp
   6. Harim Co Ltd
   7. Moguchon Corp
   8. Sajo Industrial Co Ltd
   9. Jinju Ham Co Ltd
   10. Sajo Haepyo Corp
   11. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       South Korea Meat Segmentation

Figure 2       South Korea Meat Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       South Korea Meat Market Size, By Value (USD Billion), 2019–2030

Figure 5       South Korea Meat Market Share, By Meat Type, By Value (USD Billion), 2019–2030

Figure 6       South Korea Meat Market Share, By Form, By Value (USD Billion), 2019–2030

Figure 7       South Korea Meat Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030           

Figure 8       South Korea Meat Market Share, By End User, By Value (USD Billion), 2019–2030                            

List of Tables      

Table 1        South Korea Meat Market Size, By Value (USD Billion), 2019–2030

Table 2        South Korea Meat Market Share, By Meat Type, By Value (USD Billion), 2019–2030

Table 3        South Korea Meat Market Share, By Form, By Value (USD Billion), 2019–2030

Table 4        South Korea Meat Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030 

Table 5        South Korea Meat Market Share, By End User, By Value (USD Billion), 2019–2030         

Table 6        CJ Corp Company Overview

Table 7        CJ Corp Financial Overview

Table 8        Hormel Foods Corp Company Overview

Table 9        Hormel Foods Corp Financial Overview

Table 10      Lotte Group Company Overview

Table 11      Lotte Group Financial Overview

Table 12      Dongwon Group Company Overview

Table 13      Dongwon Group Financial Overview

Table 14      Daesang Corp Company Overview

Table 15      Daesang Corp Financial Overview

Table 16      Harim Co Ltd Company Overview

Table 17      Harim Co Ltd Financial Overview

Table 18      Moguchon Corp Company Overview

Table 19      Moguchon Corp Financial Overview

Table 20      Sajo Industrial Co Ltd Company Overview

Table 21      Sajo Industrial Co Ltd Financial Overview