CreatripTeam

South Korea's chocolate market is showing signs of recovery with a 3.94% sales increase in 2022, reaching around 785 billion won. This growth follows a prolonged decline due to low birth rates affecting the main consumer base of children and teenagers. The introduction of 'healthy pleasure' products, like Lotte Wellfood's sugar-free 'Zero Mild Chocolate', is reigniting consumer interest. While Lotte remains the dominant player with brands like Pepero and Ghana, its market share is declining, replaced by increasing imports of premium chocolates, which grew by 3.5% annually since 2019. Meanwhile, cocoa prices have surged due to climate effects, leading to price hikes in domestic chocolate products.