SEJONG, Nov. 9 (Korea Bizwire) – South Korea’s dessert market expanded 13.9 percent in 2014 from a year earlier on rising demand for sweets and non-alcoholic drinks, government data showed Wednesday.
The combined value of the local confectionery and non-alcoholic beverages markets stood at 8.9 trillion won (US$7.9 billion) in 2014, up 13.9 percent from a year earlier, according to the available data compiled by the Ministry of Agriculture, Food and Rural Affairs.
The dessert market accounted for 10.7 percent of the country’s entire food service market worth 83.8 trillion won in 2014.
The ministry said demand for high-end bakeries and cafes led the sharp growth in the dessert market as people tend to spend their time and money more on their health and well-being.
The confectionery industry posted sales of 4.6 trillion won in 2014, up 10.5 percent on-year, while sales of the beverage market jumped 16.8 percent on-year to 4.3 trillion won.
In particular, coffee shops saw their sales rise 25 percent on-year to 2.5 trillion won in 2014, taking up 47 percent of the country’s coffee market including instant coffee packets and drinks.