The lentil bread market in Korea is estimated to expand by a steady CAGR of around 6%. The worldwide market for lentil bread is estimated to reach a worth of US$ 616.5 million in 2023. After accelerating at an anticipated 8.1% CAGR between 2023 and 2033, the global market is likely to surpass a value of US$ 1249.2 million in 2033.
Synthetic chemicals and colors in food add interesting tastes and aromas but have long-term negative effects on the body. As consumers in Korea become more conscious of the presence of these additives and stabilizers in the food they eat, they are making healthier choices that support their overall well-being.
Functional foods, dietary supplements, and other nutritional substitutes are being increasingly consumed by the Korean population. Consumers in Korea are also becoming cautious of protein sources like red meat that may trigger chronic illnesses. Lentils are rich in various nutrients such as protein, carbohydrates, and vitamins. These positives of lentils are driving its adoption and use across Korean bakeries, where lentil bread is made along with other baked products.
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Other plant-based protein sources such as soy and wheat are also good sources of protein, but may not be suitable for all customers as they contain gluten. Younger generations across the entirety of Korea, especially those who aim for healthy living, are increasingly steering clear of gluten products. As a result, Future Market Insights (FMI) expects lentil bread demand to escalate in Korea between 2023 and 2033.
Key Takeaways from the Lentil Bread market
- A steady 6% CAGR is anticipated to accelerate the Korea market for lentil bread from 2023 to 2033.
- In 2023, FMI expects the global lentil bread market to register a US$ 616.5 million valuation.
- The global market is expected to reach a valuation of US$ 1249.2 million in 2033.
- A positive 8.1% CAGR is likely to expand the global market between 2023 and 2033.
- Growing aversion to gluten products among younger Korean consumers along with lentils’ health benefits are making lentil bread more popular in the country.
“The lentil bread business is driven by several trends. One of them is the rising demand for non-GMO and organic products. Consumers are becoming more conscious of food ingredients and are looking for products made with organic and natural ingredients. Conventional breads have come under fire from health advocates in recent times due to their potential to trigger several health conditions. In the times to come, these trends are likely to converge and provide a much needed boost to Korea market for lentil bread.” –Says an FMI Analyst.
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Competition Landscape in the Lentil Bread Market
Manufacturers are marking their presence across Korea by launching their products across multiple distribution channels. Various ongoing research activities related to the development of lentil bread are also contributing to the steady development of the market. Prominent players in the lentil bread market are also expected to explore potential mergers and acquisitions.
Genious Foods, Doves Farm Foods, ITC Limited, Warburtons, and King Arthur Flour are the key players in Korea lentil bread market.
Recent Developments
- In November 2022, UPL, the worldwide provider of sustainable agriculture solutions announced that Advanta Seeds and Bunge have agreed to acquire a 20% stake in SeedCorp|HO. This proposed investment is part of UPL Group’s OpenAg goal of fostering collaboration to provide farmers with a complete set of solutions. It also highlights UPL’s focus on supporting every stage of the aquaculture process.
Key Segments
Source:
- Organic
- Conventional
Type:
- Red Lentil
- Green Lentil
- Brown Lentil
- Yellow Lentil
Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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