Global Tteokbokki Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Traditional, Instant, Frozen, Specialty, and Others), By Flavour (Spicy, Mild, Cheese, Seafood, and Others), By Distribution Channel (Supermarkets, Convenience Stores, Online Retail, Foodservice, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Tteokbokki Market Insights Forecasts to 2033

• The Global Tteokbokki Market Size was estimated to exceed a significant share in 2023
• The Market Size will Grow at a Substantial CAGR from 2023 to 2033.
• The Worldwide Tteokbokki Market Size is Expected to Reach a Significant Share by 2033.
• North America is expected to grow the fastest during the forecast period.

The Global Tteokbokki Market Size is expected to reach a significant share by 2033, at a substantial CAGR during the forecast period 2023-2033. The global tteokbokki market has prospects because to the increasing global appeal of Korean cuisine, which drives demand in overseas markets. Furthermore, product developments, different taste options, and expanded online and retail distribution channels are generating new grcowth opportunities.

Market Overview

The global tteokbokki market includes the production, distribution, and commercialization of tteokbokki, a Korean rice cake dish that has achieved international recognition. The market offers a variety of product types, including instant, frozen, and fresh tteokbokki, catering to both domestic consumers and the restaurant industry. Rising demand for Korean street food, increased international culinary influence, and the expansion of retail and online distribution networks all contribute to growth. Furthermore, the global tteokbokki market is seeing an increase in plant-based and healthier options, catering to health-conscious customers. The growth of K-culture, which includes K-pop and K-dramas, has a huge impact on foreign demand for Korean street cuisine. In addition, premium and gourmet tteokbokki versions, which use high-quality ingredients and restaurant-style flavors, are gaining popularity. Private-label brands and collaborations with influencers are also driving industry growth via digital and social media marketing.

Report Coverage

This research report categorizes the tteokbokki 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 tteokbokki market. Recent market developments and competitive strategies such as expansion, type launch, 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 tteokbokki market.

Driving Factors

Increasing demand for ethnic and spicy food has been driving the global tteokbokki market across the globe as it appeals to a diverse range of consumers. Urbanization and busy lifestyles are also increasing demand for quick ready-to-eat meals, boosting the sales of instant and frozen tteokbokki. The increase in disposable incomes and changing food habits in the emerging economies also boost the growth of the market. Strengthening international market penetration, food exports are increasingly supported by government policies, as well as by the expansion of Korean food franchises. Advances in food preservation and packaging technologies help improve product shelf life and quality.

Restraining Factors

The global tteokbokki market is constrained by factors such as intense rivalry from both domestic and international snack goods, which may limit market share. Tteokbokki adoption may be slowed due to cultural and taste preferences in some places. In addition, fluctuations in raw material prices and production costs may have an impact on pricing and profitability.

Market Segmentation

The tteokbokki market share is classified into product type, flavour, and distribution channel.   

• The instant 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 tteokbokki market is divided into traditional, instant, frozen, specialty, and others. Among these, the instant segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The increase in demand for convenient, ready-to-eat meals with quick preparation times is driving the expansion. Furthermore, new retail and online sales channels, as well as a growing taste for rapid Korean street food, are likely to drive growth in the instant tteokbokki market.

• The spicy segment accounted for the majority of the share in 2023 and is estimated to grow at the substantial CAGR during the projected timeframe.

Based on the flavour, the tteokbokki market is divided into spicy, mild, cheese, seafood, and others. Among these, the spicy segment accounted for the majority of the share in 2023 and is estimated to grow at the substantial CAGR during the projected timeframe. The popularity of spicy spices, particularly in Korean cuisine, is driving demand, as consumers seek robust, intense sensations. Furthermore, the segment benefits from the global influence of Korean cuisine culture and the growing popularity of spicy street food offers around the world.

• The foodservice segment held the largest share in 2023 and is estimated to grow at the substantial CAGR during the predicted timeframe.

Based on the distribution channel, the tteokbokki market is divided into supermarkets, convenience stores, online retail, foodservice, and others. Among these, the foodservice segment held the largest share in 2023 and is estimated to grow at the substantial CAGR during the predicted timeframe. The segment's expansion is being driven by the rising popularity of Korean street cuisine, particularly in restaurants, cafes, and food trucks. The global expansion of Korean food chains, as well as increased demand for authentic dining experiences, are significant drivers of the foodservice segment's growth.

Regional Segment Analysis of the Tteokbokki Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the tteokbokki market over the predicted timeframe.

Asia-Pacific is anticipated to hold the largest share of the tteokbokki market over the predicted timeframe. Tteokbokki's cultural incorporation into Korean cuisine, as well as its widespread consumption in South Korea, Japan, China, and other adjacent nations, are driving the expansion. The region benefits from high demand for street and ethnic meals, with Tteokbokki increasing popularity as a result of the influence of Korean pop culture (K-pop), K-dramas, and the global trend of Korean cuisine. Rapid urbanization, rising disposable income, and expanding use of convenient, ready-to-eat meals all help to drive market expansion. The market in this region is also being driven by the growth of foodservice chains, Korean restaurants, and online platforms that sell Tteokbokki.

North America is expected to grow at the fastest CAGR growth of the tteokbokki market during the forecast period. The expanding popularity of Korean cuisine, spurred by the global success of K-pop and K-dramas, as well as an increased interest in ethnic foods, is boosting demand for Tteokbokki. Furthermore, the rise of Korean cuisine outlets, fusion flavors, and internet retail platforms in the region are all contributing to the region's rapid growth. Rising consumer interest in street food culture and convenience-oriented meal solutions contribute to increased demand for tteokbokki in North America.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the tteokbokki market along with a comparative evaluation primarily based on their type of 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 type 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

• CJ CheilJedang Corporation
• Ottogi Corporation
• Samyang Foods Co., Ltd.
• Pulmuone Co., Ltd.
• Nongshim Co., Ltd.
• Lotte Foods Co., Ltd.
• Bibigo (CJ Foods)
• Seoul Food Co., Ltd.
• Haidilao International Holding Ltd.
• Mando Corporation
• 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 global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Tteokbokki market based on the below-mentioned segments: 

Global Tteokbokki Market, By Product Type

• Traditional
• Instant
• Frozen
• Specialty
• Others

Global Tteokbokki Market, By Flavour

• Spicy
• Mild
• Cheese
• Seafood
• Others

Global Tteokbokki Market, By Distribution Channel

• Supermarkets
• Convenience Stores
• Online Retail
• Foodservice
• Others

Global Tteokbokki Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa