Instant porridge market gains steam in 3 years

With home meal replacement products gaining popularity in South Korea, the instant porridge market has also grown immensely -- twofold growth since 2015, and is estimated at over 88.5 billion won ($75.5 million) last year, according to data from Korea Agro-Fisheries & Food Trade Corp. Monday.

The market for instant porridge has gradually expanded from 2015, when it was valued at 41 billion won, and grew to over 70.7 billion won in 2017, the data showed. 

Officials said that it will grow to at least 100 billion won by the year-end, considering that the accumulated market size of instant porridge came in at 94.8 billion won as of the third quarter this year.

Industry insiders cited the convenience of instant porridge and eating pouch-type products as handy, nutritious ready-to-eat breakfast amid the increasing number of single-person households for its growing popularity. 

According to aT, sales of instant porridge by food brands such as Dongwon F&B and CJ CheilJedang showed that 37.8 percent of them were sold at convenience stores, followed by discount chains (24.7 percent) and supermarkets (16.2 percent). 

(ddd@heraldcorp.com)