The potato chips market in South Korea has been growing. In 2015, the five-year CAGR of the market value in local currency was 2.52%, which is higher-paced than any other savory snack categories, such as processed snacks, popcorn, and pretzels. Novel flavors in potato chips grab consumers' attention and create a significant buzz on social media, which influences the sales of innovative products. Haitai-Calbee honey butter chips is one of most significant examples. In the meantime, social media make the market more competitive and encourage a fast product lifecycle.
- After being launched in August 2014, Haitai-Calbee honey butter chips became a social media sensation in the country and sold fast. They became impossible to find in many stores, having widely sold out.
- Blending sweet and rich flavor with savory potato chips has appealed to young female consumers in South Korea, and news of the product spread quickly via social media.
- Social media also creates a much faster product lifecycle. Markets in countries with high social media penetration demand frequent innovative new launches or constant product updates.
"Success Case Study: Haitai-Calbee Honey Butter Chips" is part of Successes and Failures research. It examines the details of and reasons behind the success of Haitai-Calbee Honey Butter Chips, which have made a significant sales splash in South Korea. It delivers the critical "what?", "why?", and "so what?" analysis to teach you crucial lessons that increase your chances of launching successful products.
Reasons To Buy
- Reduce the risk of failure by learning from brands/products that have under-performed: failed innovation can severely impact profit and reputation.
- Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
- Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
- Access valuable strategic take-outs to help direct future decision-making and inform new product development.
Nhong Shim Kellogg