South Korea Mashed Potato Market Size, Share, Opportunities And Trends By Application (Food Ingredient, Food Product, Snack, Culinary), By Form (Powder, Solid), By Distribution Channel (Foodservice, Retail) - Forecasts From 2023 To 2028

The South Korea mashed potato market is projected to show steady growth during the forecast period.

One of the popular fast-food selections is mashed potatoes. Because of its adaptability and utility, it is a go-to supper for people all over the world. In many nations, including South Korea, mashed potatoes are popular as a side dish and also as salads. They are typically served as a side dish and can be made in a variety of ways, including the addition of butter, milk, cheese, herbs, or spices. Mash potatoes are popular among South Koreans with French fries, especially in restaurants with a Western or foreign cuisine theme. There is a smooth, creamy, and crunchy Korean potato salad made with mashed potatoes and a few simple ingredients. serving chilled or at room temperature which is highly famous in households in South Korea. The country's growing population increases food consumption, which normally promotes the expansion of the country's mashed potato industry.

The increasing population and consumption rate drive the mashed potato market in the country.

South Korea's population is equal to 0.66% of the global population. South Korea is ranked 28th in terms of population among nations (including dependencies). According to World Bank data, the population of South Korea is around 51,744,876 in 2021. In its most recent effort to promote more births and solve the world's lowest fertility rate, South Korea intends to provide every family with a newborn kid a monthly stipend of 1 million won ($740) this will ensure boosting the population which the coming year can increase the consumption rate of many food items including mashed potatoes. As the country's population grows, there will inevitably be an increase in food consumption. According to USDA due to rising demand for prepared potato products, which have historically made up the majority of Korean potato imports, Korea's potato consumption is anticipated to increase by 2.5 percent in 2023. The increasing demand for frozen French fries and mashed potatoes in the food service industry led to a 17 percent increase in Korea's imports of potatoes and potato-related products to 227,000 MT. This shows the production and import of potatoes in South Korea are huge in numbers because of high consumer demand. This tends to grow the mashed potato market in South Korea.

Increased potato consumption and production in South Korea will drive the growth of South Korea’s mashed potato industry.

The consumption of potatoes is moderate in South Korea with a decrease in consumption from a few it has shown a growth market. According to the United States Department of agriculture in South Korea following a rise in market prices in 2018, it is anticipated that the output volume and planted area of fall potatoes will grow by 11.3 percent and 1.3 percent, respectively, in 2022.

During COVID-19, eating at home became a popular trend so the trend of cooking at home has led to a rise in potato consumption. In a poll released in December 2021 by the Korea Rural Economic Institute (KREI), 71.8 percent of respondents claimed that eating potatoes at home increased their consumption. The reasons given by respondents for increasing their consumption of potatoes were price decreases by 12.1% and cooking videos incorporating potatoes around 9.2%.

According to USDA reports, due to reducing social distancing regulations, the potato consumption index in restaurants grew somewhat up to 92 in 2021 from 88 in 2020 and as of 2020, there are around 450 McDonald’s restaurants in the country and presently 190 KFC locations. These Western-style fast food outlets contribute significantly to the creation of processed potato dishes such as mashed potatoes and French fries which are consumed by a huge number of food lovers in South Korea. As a result, these factors contribute to the increased revenue growth of the mashed potato industry which tends to increase the mashed potato market in South Korea in a healthy manner.

South Korea Mashed Potato Market Scope:

Segmentation

• By Application
  • Food Ingredient
  • Food Product
  • Snack
  • Culinary
• By Form
  • Powder
  • Solid
• By Distribution Channel
  • Foodservice
  • Retail