South Korea’s instant coffee market is estimated to be valued at US$895.889 million in 2020 and is anticipated to experience a slight decline in market growth during the forecast period.
The affordability of coffee among middle- and lower-income individuals, as well as the significance of South Korean coffee culture. Different types of coffee, such as cold-brewed coffee, and pod coffee have taken their place as an important part of the South Korean coffee culture these days and have led to a rise in popularity among a large number of individuals. This has led to rising demand from the consumers for a good cup of coffee that has a unique aroma, has a better taste and flavor profile, and is easily available in the market. Thus, this is one of the major factors contributing to a small decline in the consumption of instant coffee over the forecast period.
However, the demand for instant coffee exists, due to its consumption, by the lower-income individuals in the population as many brands such as Nestle offer affordable products under their brand Nescafe, among others. This has led to the further development of the South Korean coffee culture and has caused an increase in the number of speciality and unique café openings. In addition, speciality and unique coffees are proving to be beneficial as they are attracting younger consumers and encouraging them to try different blends and flavours.
Product Offerings by the market players in the South Korean Instant Coffee Market
The offering of better and more advanced varieties of instant coffee with enhanced flavour, and aromas, among others, by existing and new players in the market.
Some of the product offerings have been mentioned below-
Key Developments in the Market
COVID-19 had a negative impact on the South Korean instant coffee market. The enforcement of lockdown led to the closure of multiple, institutions, corporations, food outlets, and coffee houses, leading to the decline in the sales in these segments due to lesser foot traffic.
Dongsuh Companies Inc.
Starbucks Coffee Company
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