CreatripTeam

While birth rates in South Korea have led to decreased sales of baby formula domestically, Korean baby formula exports have surged in Southeast Asia, nearly tripling over the past decade to a record $44.2 million in 2024. The biggest importer among ASEAN countries is Cambodia, with over half the total ASEAN imports. Major Korean brands have tailored products specifically for these markets, as seen with Namyang Dairy's 'Imperial XO Stargrow' in Cambodia and Lotte Wellfood's specialized products in Vietnam. Despite the domestic challenges, these companies view the Southeast Asian market as a promising growth opportunity given its steadily increasing demand.