South Korea Chocolate Market Overview, 2029

A traditional present for many occasions in South Korea, where there is a strong tradition of gift-giving, is chocolate. During special occasions like Valentine's Day, White Day (March 14), and Pepero Day (November 11), as well as for birthdays and anniversaries, chocolates are frequently given as gifts. Limited-edition chocolates and exquisite packaging are highly desired for gifting. The South Korean chocolate market is known for its unique flavor combinations. Local manufacturers often experiment with innovative and unexpected flavors to cater to consumer preferences. Examples include chocolates infused with traditional Korean ingredients like red bean, green tea (matcha), yuzu, and sesame. The popularity of K-Pop and Korean pop culture has had an impact on the chocolate market. Some chocolate brands collaborate with K-Pop idols or feature them in their advertisements to attract a younger demographic and capitalize on their influence. South Korea is home to numerous chocolate-themed cafes where visitors can enjoy a variety of chocolate-based beverages, desserts, and pastries. These cafes offer a unique experience for chocolate enthusiasts and often feature elaborate chocolate decorations and artful presentations. While South Korea has its own domestic chocolate brands, there is also a significant demand for imported chocolate confectionery. International brands from countries like Switzerland, Belgium, and the United States are popular choices among South Korean consumers seeking a taste of global chocolate varieties. In line with global trends, there is a growing interest in healthier chocolate options in South Korea. Consumers are seeking chocolates with reduced sugar content, natural ingredients, and added functional benefits like vitamins, antioxidants, or probiotics. This has led to the emergence of healthier chocolate alternatives in the market. Beyond traditional chocolate bars and confections, South Korean cuisine has embraced chocolate as a versatile ingredient. It is incorporated into various desserts, ice creams, pastries, and even savory dishes to add depth of flavor and a touch of indulgence. South Korea is known for its booming beauty industry, and chocolate has found its way into cosmetics and skincare products. Chocolate-based beauty items, such as face masks, body lotions, and lip balms, are popular for their purported antioxidant properties and hydrating effects. According to the research report "South Korea Chocolate Market Overview, 2029," published by Bonafide Research, it is expected that the chocolate market will grow rapidly over the forecast period. Lunar New Year, known as Seollal in South Korea, is one of the most important holidays in the country. During this time, chocolate companies introduce special Lunar New Year-themed chocolates, often featuring traditional symbols and designs, to celebrate the occasion. Chocopie, a marshmallow-filled chocolate snack, holds a special place in South Korean culture. It gained widespread popularity in the 1970s and has remained a beloved treat ever since. Chocopie has become an iconic symbol of South Korean confectionery, and various brands offer their own versions of this classic snack. Subscription boxes have gained popularity in South Korea, including those focused on delivering a variety of chocolates to consumers on a regular basis. These boxes often feature a selection of local and international chocolates, providing subscribers with a chance to explore different flavors and brands. South Korea boasts several chocolate-related attractions, including chocolate museums and theme parks. These destinations offer interactive exhibits, workshops, and chocolate-making experiences, providing visitors with a fun and educational journey through the world of chocolate. South Korean chocolatiers are known for their exceptional craftsmanship and attention to detail. They create intricate chocolate sculptures and showpieces that resemble famous landmarks, animals, and even popular characters from animation and pop culture. South Korea has a rich tea culture, and chocolate has found its place within this tradition. Some tea houses in South Korea offer chocolate pairings with various teas, allowing consumers to enjoy the complementary flavors and aromas of both. South Korea hosts various chocolate exhibitions and festivals throughout the year. These events bring together chocolatiers, pastry chefs, and chocolate enthusiasts from around the world to showcase their creations, participate in competitions, and engage in chocolate-related activities. Chocolates have become a popular choice for wedding favors in South Korea. Couples often present guests with specially designed chocolate boxes or individually wrapped chocolates as a sweet token of appreciation. DIY chocolate-making kits have gained popularity in South Korea. These kits allow consumers to create their own chocolates at home by providing pre-packaged ingredients, molds, and instructions. They offer a fun and interactive experience, especially for families and children.

Dark chocolate offers several potential health benefits and is a rich source of antioxidants, which help protect the body against free radicals and oxidative stress. These antioxidants have been linked to reducing inflammation, improving heart health, and boosting brain function. Consuming dark chocolate in moderation may also contribute to lower blood pressure, improved blood flow, and reduced risk of heart disease. Furthermore, dark chocolate contains minerals like iron, magnesium, and copper, which are essential for various bodily functions. To enjoy the benefits of dark chocolate, it is important to choose varieties with at least 70% cocoa content and limited added sugars. Good sources of dark chocolate include reputable brands offering high-quality dark chocolate bars, as well as artisanal chocolate makers specializing in premium and single-origin chocolates. The availability of a diverse range of dark chocolate products, including local and worldwide brands, as well as artisanal and gourmet alternatives, has aided in the growth of dark chocolate consumption in South Korea. Several major driving forces contribute to the increasing consumption of dark chocolate in South Korea. Firstly, Consumers are becoming more aware of the potential health benefits associated with dark chocolate, such as its high antioxidant content and positive impact on cardiovascular health. This growing awareness has led to a shift towards dark chocolate as a healthier indulgence compared to other chocolate options. Secondly, the influence of media and marketing has been instrumental in promoting dark chocolate consumption. Another driving force is the expanding availability and variety of dark chocolate products in the South Koreaian market. International and local chocolate brands have responded to the rising demand by offering a wider range of dark chocolate options, including different cocoa percentages and flavors. The emergence of artisanal chocolate makers specializing in high-quality dark chocolate has also contributed to the increased availability and diversity of choices for consumers. The online segment is anticipated to be the fastest growing over the forecast period. Increased internet penetration in the country and high adoption of online purchasing has witnessed significant growth in the past few years. The major driving factors for online sales would be Generation X, millennials, and Generation Z's parents' access to the internet and e-commerce. The pandemic had considerably affected chocolate production. The restrictions imposed led to losses for farmers growing cocoa, as the production exceeded the demands. Due to the imposed lockdown, labor immobility, and raw material scarcity, the production units faced difficulties. However, due to health reasons, consumers switched to dark chocolate during the pandemic, as it was low in calories and benefited the heart. Considered in this report ? Geography: South Korea ? Base year: 2023 ? Estimated year: 2024 ? Forecast year: 2029 Aspects covered in this report ? The South Korea chocolate market, with its value and forecast, along with its segments ? Various drivers and challenges ? Ongoing trends and developments ? Top-profiled companies ? Strategic suggestion By type in the report:

? Dark ? White ? Milk By application in the report ? Everyday ? Holiday/Gift Box ? Premium ? Gourmet By Sales Channel in the report ? Supermarket & Hypermarket ? Convenience Store ? Online ? Others The approach of the report This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then performing trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be helpful to industry consultants, manufacturers, suppliers, associations & organizations related to Chocolate Industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.