Industry Trend Analysis - Foodservices Driving Poultry Outperformance - OCT 2017
BMI View: Meat and poultry consumption will continue to grow in South Korea over our forecast period to 2021 in line with shifting consumer diet preferences. While po rk will remain the dominant category, poultry consumption will record the strongest g rowth amid rising demand for convenience, including home meal replacement products and fried chicken outlets which play a key role in South Korea's expanding foodservices sector.
Consumer demand for meat and poultry is on the rise in South Korea, as consumption patterns shift towards a more western meat and fruit-based diet, and away from grain-based meals. We forecast the meat and poultry market in South Korea to be worth USD17.7bn by 2021, up from an estimated USD13.6bn in 2016. Poultry will be a key growth driver in this regard, with poultry sales set to rise by an annual average growth rate of 2.9% in local currency terms between 2017 and 2021. This compares to 2.6% for pork and 1.2% for beef over the same period. Pork however will remain the dominant meat category for South Korean consumers, accounting for just over half of all meat and poultry consumption at 37.8kg per capita in 2017. We forecast poultry and beef consumption to come in at 20.2kg and 15.5kg per capita respectively in 2017.
|Pork & Poultry Preferred In Korea|
|Meat Consumption Per Capita (kg/yr)|
|f=BMI forecast. Source: USDA|