The Stagnation of the Vegan Food Market in South Korea Amid Economic Slowdown
Creatrip Team
a year ago
The vegan food market in South Korea, which saw growth with products like plant-based meat and vegan desserts during the COVID-19 pandemic, is now experiencing stagnation. This is due to the economic slowdown which has led consumers to prioritize price over value. As a result, the demand for relatively expensive vegan products has declined, with sales dropping significantly. However, vegan bakery products have seen growth, driven by trends in healthy eating. Interestingly, people in their 40s and 50s are showing increased interest in vegan foods, indicating a shift from the younger demographics that initially drove the market. Despite the slowdown, the market continues to grow slowly with diversification of products and consumer base expansion, but price remains a barrier for wider adoption.
