The processed meat products market in South Korea has grown by 8.9% on an annual average since 2015

The Ministry of Agriculture and Food of Korea and the Korea Food and Rural Distribution Corporation have released the '2020 Processed Food Subdivision Market Status Report: Processed Meat Products'. The report provides an overview of the processed meat industry, including supply and demand, production and export data, consumer trends, and market size. In 2018, the domestic market for processed meat products grew by 2.4% to 5.6 trillion won, driven by the increase in single-person households and the popularity of HMR products. Globally, the processed meat market was worth $4237 billion in 2019, with the United States, China, and Germany being the largest markets. The report also notes a shift towards premium, low-salt and low-sugar products, and an increasing demand for spicy and finger foods. In Korea, exports of processed meat products increased, with ham, sausage, and dried meat being the most exported items. Consumer surveys indicated a preference for ham, sausages, and bacon, with children's households and independent households being the main purchasers. The report is available on the Food Industry Statistics Information System (www.aTFIS.or.kr).