The ‘South Korea Tea Market Report, Size, Share, Price, Outlook and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea tea market, assessing the market on the basis of its segments like type, packaging, and distribution channels.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 332 million
- Forecast CAGR (2023-2028): 4.5%
- Forecast Market Size (2028): USD 422 million
Increasing knowledge about long term benefits of incorporating tea in diets on a regular basis have supported the growth of the tea market. Due to its low caffeine content and wide range of flavours, this drink is suitable for customers of all ages which in turn is further contributing towards the popularity of the beverage. Increased focus on self-care is also heavily contributing to the tea market. Growing demands for aromatic and soothing beverages alongside rising disposable income are also considered significant factors that could further propel the growth of the South Korea tea market.
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Introduction of new tea varieties including but not limited to, green tea, white tea, fruit tea, and chamomile tea is projected to increase the popularity of the beverage, which is further expected to fuel the growth of the South Korea tea market. Some benefits of chamomile tea include improved digestion, improved sleep quality and blood sugar control, such health benefits are also expected towards the growth of tea market in South Korea.
Sales of tea on prominent e-commerce platforms as well as online stores coupled with convenient delivery options and lucrative discounts is expected to have a favourable influence towards the tea market. Introduction of speciality stores and retailers for supplying organic and premium quality tea is expected to increase customer convenience and further expand the South Korea tea market.
South Korea Tea Industry Definition and Major Segments
Tea is a beverage that is prepared by boiling leaves derived from the Camellia sinensis plant. Among the most popular beverages worldwide, tea is approximately 5000 years old, according to archaeologists. The cultural significance of tea is immense; it is not just a beverage but a custom for many countries. Teas are also considered healthy, with the ability to improve the immune system, reduce risk for heart diseases, and lower inflammation.
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Based on type, the market is segregated into:
- Green Tea
- Oolang Tea
- Black Tea
- Fruit/ Herbal Tea
On the basis of packaging, the market is classified into:
- Tea Bags
- Plastic Containers
- Loose Tea
- Aluminium Tins
Based on distribution channels, the market is segmented into:
- Supermarkets/ Hypermarkets
- Convenience Store
- Speciality Stores
- Online Stores
South Korea Tea Market Trends
The key trends in the South Korea tea market include the growing popularity of lounges and cafes which offer wide varieties of tea on their menus. The increasing demand for unique flavours and blends as well as addition of the cold brew method of tea preparation has further propelled the popularity of tea in the country. Addition of grab-and-go bottled tea selection by convenience stores are likely to heighten the incorporation of tea as an everyday beverage.
Furthermore, celebrity marketing, employed by many brands is also anticipated to have a positive impact on the popularity of the beverage in the country, which is expected to aid in growth of the South Korea tea market. Such social influences alongside increased standards of living are yet another crucial trend.
Repurposed use of tea is yet another factor contributing towards the popularity of the beverage. Green tea, in particular matcha, is being used in many new innovative ways. The incorporation of tea in snacks, pastries and decorative overlays for cake has further strengthen the tea market in South Korea. Introduction of premium quality and ready-to-go tea options has made consumption more convenient for the customers which additionally benefits the tea market.
Key Market Players
The major players in the South Korea tea market report are:
- Osulloc Co., Ltd.
- Nokchawon Co. Ltd.
- Kwangdong pharmaceutical co., ltd.
- Dong Suh Co., Ltd
- Ssanggye Myung Tea Co., Ltd
- Lotte Chilsung Beverage Co.,Ltd
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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