South Korea Rice Cake Market Insights Forecasts to 2033

• The Market Size is Growing at 5.8% CAGR from 2023 to 2033.
• The South Korea Rice Cake Market Size is Expected to Reach a Significant Share by 2033.

The South Korea Rice Cake Market Size is expected to reach a significant share by 2033, growing at a 5.8% CAGR from 2023 to 2033.     

Market Overview

The South Korean rice cake market refers to the industry that produces, distributes, and consumes rice cakes, which are a traditional staple of Korean cuisine. Rice cakes, also known as "tteok," are prepared from steamed, pounded, or molded rice and are frequently flavored and textured with components such as beans, nuts, and fruits. The market offers a diverse range of rice cake kinds, both savory and sweet, to meet the needs of different consumers and situations, such as holidays, celebrations, and daily meals. The South Korea rice cake market is affected by local cuisine culture, increased consumer desire for authentic and easy food products, and the growing trend of healthier eating. Furthermore, globalization has resulted in the increased popularity of Korean cuisine, particularly rice cakes, in worldwide markets, contributing to overall industry growth. In addition, increased disposable income gives consumers the ability to seek out premium, artisanal rice cake products, while innovative, fusion flavors appeal to younger generations, fusing tradition with modern tastes. Together, these drivers are contributing to the strong growth of the rice cake market in South Korea.

Report Coverage

This research report categorizes the market for the South Korea rice cake market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea rice cake market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea rice cake market.

Driving Factors

Several significant elements contribute to the South Korea rice cake market's growth. Rice cakes have a cultural importance, especially during traditional events and holidays, which ensures ongoing demand. Low-fat, low-calorie, and gluten-free choices have grown in popularity, making rice cakes a tempting snack for health-conscious consumers. Furthermore, the desire for convenience has prompted the creation of ready-to-eat and frozen rice cake types. The global appeal of Korean cuisine, spurred by K-pop and Korean dramas, has extended the market worldwide. Furthermore, eco-friendly packaging and sustainability are becoming increasingly important factors for both manufacturers and customers, fueling a shift toward more ecologically conscious manufacturing processes. These developments represent shifting customer tastes and the industry's responsiveness to changing demands.

Restraining Factors

However, traditional rice cakes have a short shelf life, making it difficult to retain freshness and quality over long periods of time, especially for non-frozen variations. Furthermore, the manufacturing method for traditional rice cakes can be labor-intensive, resulting in greater production costs than mass-produced snacks, limiting affordability for some consumers.

Market Segment

• The flavoured rice cakes segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the product type, the South Korea rice cake market is divided into plain rice cakes, flavoured rice cakes, multigrain rice cakes, organic rice cakes, and others. Among these, the flavoured rice cakes segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This shift is being driven primarily by the younger generation, which is more willing to experiment with new flavors and textures. Popular flavors include matcha, red bean, and sesame, as well as more modern options like chocolate or fruit-infused rice cakes. The growing trend of fusion foods, which combine traditional Korean flavors with international influences, has helped to drive the growth of the flavored rice cake segment.

• The supermarkets & hypermarkets segment accounted for the majority of the share in 2023 and is estimated to grow at a significant CAGR during the projected timeframe.

Based on the distribution channel, the South Korea rice cake market is divided into supermarkets & hypermarkets, convenience stores, online retail, specialty stores, and others. Among these, the supermarkets & hypermarkets segment accounted for the majority of the share in 2023 and is estimated to grow at a significant CAGR during the projected timeframe. These retail channels provide a diverse range of rice cake products, including traditional and flavored varieties, allowing customers to access multiple options in one location. Because of their large size, supermarkets and hypermarkets can cater to a wide range of customers, from regular shoppers to those looking for premium or specialty rice cake products.

• The resealable packs segment held the largest share in 2023 and is estimated to grow at a significant CAGR during the predicted timeframe.

Based on the packaging type, the South Korea rice cake market is divided into single serve packs, bulk packs, resealable packs, and others. Among these, the resealable packs segment held the largest share in 2023 and is estimated to grow at a significant CAGR during the predicted timeframe. In South Korea, where rice cakes are a popular snack, resealable packaging is practical because it allows consumers to store products for longer periods of time without sacrificing quality, which fits into busy lifestyles. This packaging format is particularly popular for ready-to-eat and snack-sized rice cakes, which are often consumed on the go or in smaller portions.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea rice cake market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hwangnam Bread
• Ottogi
• Baekmidang
• Pulmuone
• CJ CheilJedang
• Dongwon F&B
• Haitai Confectionery & Foods
• Koryo Dang
• Daesang Corporation
• Samjin Amook
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea Rice Cake Market based on the below-mentioned segments:

South Korea Rice Cake Market, By Product Type

• Plain Rice Cakes
• Flavoured Rice Cakes
• Multigrain Rice Cakes
• Organic Rice Cakes
• Others

South Korea Rice Cake Market, By Distribution Channel

• Supermarkets & Hypermarkets
• Convenience Stores
• Online Retail
• Specialty Stores
• Others

South Korea Rice Cake Market, By Packaging Type

• Single Serve Packs
• Bulk Packs
• Resealable Packs
• Others