South Korea instant coffee market is projected to decline by 4.21% during the forecast perido.
The affordability of coffee among the middle income and the lower-income individuals and the importance of the South Korean coffee culture
Different types of coffee such as cold-brewed coffee and pod coffee has taken a place as an important culture in 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 leading 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 specialty and unique café openings. In addition, specialty and unique coffees are proving to be beneficial as they are attracting younger consumers and encouraging them to try different blends and flavors available.
Product Offerings by the market players in the South Korean Instant Coffee Market
The offering of better and advanced varieties of instant coffee with enhanced flavor and aromas among others by existing and new players in the market.
Some of the product offerings have been mentioned below-