Home meal replacement market valued at w4.2tr in 2019

By Yonhap

Published : March 11, 2021 - 10:21

Models pose with home meal replacement products in this file photo released by Homeplus, a local discount store chain operator. (Yonhap)

South Korea's home-meal replacement product market was estimated at 4.2 trillion won ($3.68 billion) in 2019, data showed Thursday, with the sector expected to continue to grow down the road on the growing number of single-member households.

The annual average growth of the segment was 16 percent since 2010, according to the Korea Rural Economic Institute (KREI).

The proportion of single-member households in South Korea surpassed 30 percent of the total for the first time in 2019. (Yonhap)