Despite the prolonged stagnation of consumption in Korea, the convenience food market continues to grow. (Image : Yonhap)
SEOUL, Dec.4 (Korea Bizwire) – Despite the prolonged stagnation of consumption in Korea, the convenience food market continues to grow.
According to Nielsen Korea, the global information analysis company, sales of instant products (convenience foods edible after heating) were 1.4 trillion won from September 2014 to August 2015, which was a 9.8 percent increase compared to the year before.
Despite the prolonged stagnation of consumption in Korea, the convenience food market continues to grow. (Image : Yonhap)
A total of 25 different types of products figured in the investigation, including frozen rice, refrigerated noodles, instant noodles, pasta sauce and noodles, instant porridge, processed tofu, frozen fries, frozen soups, and instant ‘tteokbokki’ (hot spicy rice cakes). Ramen noodles were excluded from the investigation.
The product that showed the largest growth in sales was frozen rice, leaping 51 percent. Frozen soups ranked second (29.3 percent), followed by tteokbokki (26.4 percent), instant porridge (14.2 percent) and frozen dumplings (10.4 percent), all of which showed two-digit growth rates over the year.
Despite the prolonged stagnation of consumption in Korea, the convenience food market continues to grow. (Image : Yonhap)
The main demographics for convenience food purchases were people in their 40s, one or two person households, and those with an income of under three million won per month.
By Lina Jang (linajang@koreabizwire.com)
