The Future of the Ice Cream Market in South Korea to 2017

The Future of the Ice Cream Market in South Korea to 2017 Market Size, Distribution and Brand Share, Key Events and Competitive Landscape Reference Code: FD0196ER www.canadean-winesandspirits.com

Table of Contents 1. Introduction... 13 1.1 What is this Report About?... 13 1.2 Definitions... 13 1.2.1 This report provides 2012 actual sales; while forecasts are provided for 2013 2017.... 13 1.2.2 Category Definitions... 13 1.2.3 Distribution Channel Definitions... 14 1.2.4 Volume Units and Aggregations... 15 1.2.5 CAGR Definition and Calculation... 15 1.2.6 Graphical representation of Brands... 16 1.2.7 Exchange Rates... 16 1.2.8 Methodology Summary... 16 2. South Korea Ice Cream Market Analysis, 2007 17... 17 2.1 Ice Cream Value Analysis, 2007 17... 17 2.1.1 Overall Ice Cream Market Value, 2007 17... 17 2.1.2 Ice Cream Market Value by Category, 2007 17... 19 2.1.3 Market Growth Dynamics by Value Ice Cream, 2007 17... 21 2.2 Ice Cream Volume Analysis, 2007 17... 22 2.2.1 Overall Ice Cream Market Volume, 2007 17... 22 2.2.2 Per-Capita Consumption - Ice Cream, 2007 17... 23 2.2.3 Ice Cream Market Volume by Category, 2007 17... 24 2.2.4 Market Growth Dynamics by Volume Ice Cream, 2007 17... 26 3. South Korea Artisanal Ice Cream Market Analysis, 2007 17... 27 3.1 Artisanal Ice Cream Value Analysis, 2007 17... 27 3.1.1 Artisanal Ice Cream Market by Value, 2007 17... 27 3.1.2 Average Consumer Price/Kg Artisanal Ice Cream, 2007 17... 29 3.2 Artisanal Ice Cream Volume Analysis, 2007 17... 30 3.2.1 Artisanal Ice Cream Market by Volume, 2007 17... 30 3.3 Market Growth Dynamics Artisanal Ice Cream, 2007 17... 31 3.3.1 Artisanal Ice Cream Market Growth Dynamics by Value, 2007 17... 31 3.3.2 Artisanal Ice Cream Market Growth Dynamics by Volume, 2007 17... 32 3.4 Artisanal Ice Cream Brand Analysis, 2009 12... 33 2 2

3.5 Artisanal Ice Cream Distribution Channel Analysis, 2009 12... 34 4. South Korea Impulse Ice Cream Market Analysis, 2007 17... 37 4.1 Impulse Ice Cream Value Analysis, 2007 17... 37 4.1.1 Impulse Ice Cream Market by Value, 2007 17... 37 4.1.2 Average Consumer Price/Kg Impulse Ice Cream, 2007 17... 39 4.1.3 Impulse Ice Cream Market Value by Segments, 2007 17... 40 4.2 Impulse Ice Cream Volume Analysis, 2007 17... 42 4.2.1 Impulse Ice Cream Market by Volume, 2007 17... 42 4.2.2 Impulse Ice Cream Market Volume by Segments, 2007 17... 43 4.3 Market Growth Dynamics Impulse Ice Cream, 2007 17... 45 4.3.1 Impulse Ice Cream Market Growth Dynamics by Value, 2007 17... 45 4.3.2 Impulse Ice Cream Market Growth Dynamics by Volume, 2007 17... 46 4.4 Dairy-Based (Impulse Ice Cream) Analysis, 2007 17... 47 4.4.1 Dairy-Based (Impulse Ice Cream) Market by Value, 2007 17... 47 4.4.2 Dairy-Based (Impulse Ice Cream) Market by Volume, 2007 17... 48 4.5 Water-Based (Impulse Ice Cream) Analysis, 2007 17... 49 4.5.1 Water-Based (Impulse Ice Cream) Market by Value, 2007 17... 49 4.5.2 Water-Based (Impulse Ice Cream) Market by Volume, 2007 17... 50 4.6 Impulse Ice Cream Brand Analysis, 2009 12... 51 4.7 Impulse Ice Cream Distribution Channel Analysis, 2009 12... 53 5. South Korea Take-Home Ice Cream Market Analysis, 2007 17... 56 5.1 Take-Home Ice Cream Value Analysis, 2007 17... 56 5.1.1 Take-Home Ice Cream Market by Value, 2007 17... 56 5.1.2 Average Consumer Price/Kg Take-Home Ice Cream, 2007 17... 58 5.1.3 Take-Home Ice Cream Market Value by Segments, 2007 17... 59 5.2 Take-Home Ice Cream Volume Analysis, 2007 17... 61 5.2.1 Take-Home Ice Cream Market by Volume, 2007 17... 61 5.2.2 Take-Home Ice Cream Market Volume by Segments, 2007 17... 62 5.3 Market Growth Dynamics Take-Home Ice Cream, 2007 17... 64 5.3.1 Take-Home Ice Cream Market Growth Dynamics by Value, 2007 17... 64 5.3.2 Take-Home Ice Cream Market Growth Dynamics by Volume, 2007 17... 65 5.4 Dairy-Based (Take-Home Ice Cream) Analysis, 2007 17... 66 5.4.1 Dairy-Based (Take-Home Ice Cream) Market by Value, 2007 17... 66 5.4.2 Dairy-Based (Take-Home Ice Cream) Market by Volume, 2007 17... 67 3 3

5.5 Water-Based (Take-Home Ice Cream) Analysis, 2007 17... 68 5.5.1 Water-Based (Take-Home Ice Cream) Market by Value, 2007 17... 68 5.5.2 Water-Based (Take-Home Ice Cream) Market by Volume, 2007 17... 69 5.6 Take-Home Ice Cream Brand Analysis, 2009 12... 70 5.7 Take-Home Ice Cream Distribution Channel Analysis, 2009 12... 72 6. Profiles of Companies Active in the Global Ice Cream Market... 75 6.1 Nestle SA... 75 6.1.1 Nestle SA Business Analysis... 75 6.1.2 Nestle SA Major Products and Services... 76 6.1.3 Nestle SA Key Competitors... 77 6.1.4 Nestle SA SWOT Analysis... 77 6.1.5 Nestle SA SWOT Analysis - Overview... 77 6.1.6 Nestle SA Strengths... 77 6.1.7 Nestle SA Weaknesses... 79 6.1.8 Nestle SA Opportunities... 80 6.1.9 Nestle SA Threats... 82 6.1.10 Nestle SA History... 84 6.1.11 Nestle SA Key Employees... 88 6.1.12 Nestle SA Locations and Subsidiaries... 90 6.2 Unilever PLC... 98 6.2.1 Unilever PLC Business Analysis... 98 6.2.2 Unilever PLC Major Products and Services... 99 6.2.3 Unilever PLC Key Competitors... 100 6.2.4 Unilever PLC SWOT Analysis... 100 6.2.5 Unilever PLC SWOT Analysis - Overview... 100 6.2.6 Unilever PLC Strengths... 100 6.2.7 Unilever PLC Weaknesses... 101 6.2.8 Unilever PLC Opportunities... 102 6.2.9 Unilever PLC Threats... 104 6.2.10 Unilever PLC History... 106 6.2.11 Unilever PLC Key Employees... 109 6.2.12 Unilever PLC Locations and Subsidiaries... 111 6.3 Lotte Holdings Co. Ltd... 116 6.3.1 Lotte Holdings Co. Ltd. Business Analysis... 116 4 4

6.3.2 Lotte Holdings Co. Ltd. Major Products and Services... 117 6.3.3 Lotte Holdings Co. Ltd. Key Competitors... 120 6.3.4 Lotte Holdings Co. Ltd. SWOT Analysis... 120 6.3.5 Lotte Holdings Co. Ltd. SWOT Analysis - Overview... 120 6.3.6 Lotte Holdings Co. Ltd. Strengths... 120 6.3.7 Lotte Holdings Co. Ltd. Weaknesses... 122 6.3.8 Lotte Holdings Co. Ltd. Opportunities... 122 6.3.9 Lotte Holdings Co. Ltd. Threats... 123 6.3.10 Lotte Holdings Co. Ltd. History... 125 6.3.11 Lotte Holdings Co. Ltd. Key Employees... 128 6.3.12 Lotte Holdings Co. Ltd. Locations and Subsidiaries... 128 6.4 Suntory Holdings Limited... 145 6.4.1 Suntory Holdings Limited Business Analysis... 145 6.4.2 Suntory Holdings Limited Major Products and Services... 146 6.4.3 Suntory Holdings Limited Key Competitors... 147 6.4.4 Suntory Holdings Limited SWOT Analysis... 148 6.4.5 Suntory Holdings Limited SWOT Analysis - Overview... 148 6.4.6 Suntory Holdings Limited Strengths... 148 6.4.7 Suntory Holdings Limited Weaknesses... 149 6.4.8 Suntory Holdings Limited Opportunities... 149 6.4.9 Suntory Holdings Limited Threats... 150 6.4.10 Suntory Holdings Limited History... 152 6.4.11 Suntory Holdings Limited Key Employees... 155 6.4.12 Suntory Holdings Limited Locations and Subsidiaries... 156 6.5 Fonterra Co-operative Group Limited... 167 6.5.1 Fonterra Co-operative Group Limited Business Analysis... 167 6.5.2 Fonterra Co-operative Group Limited Major Products and Services... 168 6.5.3 Fonterra Co-operative Group Limited Key Competitors... 169 6.5.4 Fonterra Co-operative Group Limited SWOT Analysis... 169 6.5.5 Fonterra Co-operative Group Limited SWOT Analysis - Overview... 169 6.5.6 Fonterra Co-operative Group Limited Strengths... 169 6.5.7 Fonterra Co-operative Group Limited Weaknesses... 170 6.5.8 Fonterra Co-operative Group Limited Opportunities... 171 6.5.9 Fonterra Co-operative Group Limited Threats... 172 6.5.10 Fonterra Co-operative Group Limited History... 174 5 5

6.5.11 Fonterra Co-operative Group Limited Key Employees... 176 6.5.12 Fonterra Co-operative Group Limited Locations and Subsidiaries... 178 6.6 San Miguel Corporation... 183 6.6.1 San Miguel Corporation Business Analysis... 183 6.6.2 San Miguel Corporation Major Products and Services... 184 6.6.3 San Miguel Corporation Key Competitors... 186 6.6.4 San Miguel Corporation SWOT Analysis... 186 6.6.5 San Miguel Corporation SWOT Analysis - Overview... 186 6.6.6 San Miguel Corporation Strengths... 186 6.6.7 San Miguel Corporation Weaknesses... 187 6.6.8 San Miguel Corporation Opportunities... 187 6.6.9 San Miguel Corporation Threats... 188 6.6.10 San Miguel Corporation History... 190 6.6.11 San Miguel Corporation Key Employees... 193 6.6.12 San Miguel Corporation Locations and Subsidiaries... 196 6.7 Uni-President Enterprises Corp.... 200 6.7.1 Uni-President Enterprises Corp. Business Analysis... 200 6.7.2 Uni-President Enterprises Corp. Major Products and Services... 201 6.7.3 Uni-President Enterprises Corp. Key Competitors... 202 6.7.4 Uni-President Enterprises Corp. SWOT Analysis... 202 6.7.5 Uni-President Enterprises Corp. SWOT Analysis - Overview... 202 6.7.6 Uni-President Enterprises Corp. Strengths... 202 6.7.7 Uni-President Enterprises Corp. Weaknesses... 203 6.7.8 Uni-President Enterprises Corp. Opportunities... 204 6.7.9 Uni-President Enterprises Corp. Threats... 205 6.7.10 Uni-President Enterprises Corp. History... 206 6.7.11 Uni-President Enterprises Corp. Key Employees... 208 6.7.12 Uni-President Enterprises Corp. Locations and Subsidiaries... 210 6.8 Meiji Holdings Co., Ltd.... 214 6.8.1 Meiji Holdings Co., Ltd. Business Analysis... 214 6.8.2 Meiji Holdings Co., Ltd. Major Products and Services... 215 6.8.3 Meiji Holdings Co., Ltd. Key Competitors... 217 6.8.4 Meiji Holdings Co., Ltd. SWOT Analysis... 217 6.8.5 Meiji Holdings Co., Ltd. SWOT Analysis - Overview... 217 6.8.6 Meiji Holdings Co., Ltd. Strengths... 217 6 6

6.8.7 Meiji Holdings Co., Ltd. Weaknesses... 219 6.8.8 Meiji Holdings Co., Ltd. Opportunities... 220 6.8.9 Meiji Holdings Co., Ltd. Threats... 222 6.8.10 Meiji Holdings Co., Ltd. History... 223 6.8.11 Meiji Holdings Co., Ltd. Key Employees... 226 6.8.12 Meiji Holdings Co., Ltd. Locations and Subsidiaries... 227 6.9 Jeronimo Martins SGPS SA... 229 6.9.1 Jeronimo Martins SGPS SA Business Analysis... 229 6.9.2 Jeronimo Martins SGPS SA Major Products and Services... 230 6.9.3 Jeronimo Martins SGPS SA Key Competitors... 231 6.9.4 Jeronimo Martins SGPS SA SWOT Analysis... 231 6.9.5 Jeronimo Martins SGPS SA SWOT Analysis - Overview... 231 6.9.6 Jeronimo Martins SGPS SA Strengths... 231 6.9.7 Jeronimo Martins SGPS SA Weaknesses... 232 6.9.8 Jeronimo Martins SGPS SA Opportunities... 233 6.9.9 Jeronimo Martins SGPS SA Threats... 234 6.9.10 Jeronimo Martins SGPS SA History... 235 6.9.11 Jeronimo Martins SGPS SA Key Employees... 237 6.9.12 Jeronimo Martins SGPS SA Locations and Subsidiaries... 238 6.10 Meiji Co., Ltd... 240 6.10.1 Meiji Co., Ltd Business Analysis... 240 6.10.2 Meiji Co., Ltd Major Products and Services... 241 6.10.3 Meiji Co., Ltd Key Competitors... 242 6.10.4 Meiji Co., Ltd SWOT Analysis... 242 6.10.5 Meiji Co., Ltd SWOT Analysis - Overview... 242 6.10.6 Meiji Co., Ltd Strengths... 242 6.10.7 Meiji Co., Ltd Weaknesses... 243 6.10.8 Meiji Co., Ltd Opportunities... 244 6.10.9 Meiji Co., Ltd Threats... 245 6.10.10 Meiji Co., Ltd History... 246 6.10.11 Meiji Co., Ltd Key Employees... 248 6.10.12 Meiji Co., Ltd Locations and Subsidiaries... 249 7. News and Key Events in the Global Ice Cream Market... 252 7.1 Category News... 252 7.1.1 Carvel launches new fresh mint flavor... 252 7 7

7.1.2 General Mills Reports Fiscal 2014 Second-Quarter Results... 252 7.1.3 ConAgra Foods Introduces 23 New Bertolli and P.F. Chang's Meals and Desserts... 254 7.1.4 'Tis The Season To Celebrate With Baskin-Robbins' Holiday Ice Cream Cakes And New Flavor Of The Month, Peppermint Bark In The Dark... 256 7.1.5 Nestlé launches environmental friendly ice cream freezers... 257 7.1.6 Sonic launches new holiday mint desserts... 258 7.1.7 Tesco recalls 4 Chocolate & Nut Ice Cream Cones over contamination concerns... 258 7.1.8 D Gari Gelatin Selects HighJump Software Supply Chain Management Solutions... 259 7.1.9 Denali Flavors, Developers Of Moose Tracks Ice Cream, To Unveil Two New Decadent Flavors At The International Dairy Show Next Week... 260 7.1.10 Nestlé completes CHF26m expansion at Egypt plant... 261 8. Deal Activities in the Global Ice Cream Market... 262 8.1 Category Deals... 262 8.1.1 Saputo to acquire fluid milk activities of Scotsburn Co-Operative Services... 262 8.1.2 Philadelphia Macaroni acquires US pasta factory of Unilever... 263 8.1.3 Emmi to acquire Mexideli 2000 Holding... 264 8.1.4 GOYO Foods announces private placement of 200 shares... 265 8.1.5 RFM Corporation to acquire Royal pasta brand in the Philippines from Unilever... 266 8.1.6 Talleys Group to acquire additional 14.99% stake in Open Country Dairy from Olam International267 8.1.7 Stanic Grupa to acquire fruit juice business of Agrokor... 269 8.1.8 Talleys Group to acquire 14.99% stake in Open Country Dairy from Olam... 270 8.1.9 ABR Holdings to acquire remaining 49% stake in E.Y.F. (S)... 272 8.1.10 McDonald s raises US$482 million in public offering of 2.875% senior unsecured notes due 2025273 9. Appendix... 275 9.1 About Canadean... 275 9.2 Disclaimer... 275 8 8

List of Tables Table 1: Category Definitions - Ice Cream Market... 13 Table 2: Distribution Channel Definitions - Ice Cream Market... 14 Table 3: Volume Units for Ice Cream Market... 15 Table 4: South Korea Exchange Rate LCU (Local Currency Unit) USD (Annual Average), 2007 2012... 16 Table 5: South Korea Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 17 Table 6: South Korea Ice Cream Market Value (USD m) and Growth (Y-o-Y), 2007 17... 17 Table 7: South Korea Ice Cream Market Value (LCU m) by Category, 2007 12... 19 Table 8: South Korea Ice Cream Market Value (LCU m) by Category, 2012 17... 19 Table 9: South Korea Ice Cream Market Value (USD m) by Category, 2007 12... 19 Table 10: South Korea Ice Cream Market Value (USD m) by Category, 2012 17... 20 Table 11: South Korea Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Category, by Value (LCU m)... 21 Table 12: South Korea Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 22 Table 13: South Korea Per-capita Ice Cream Consumption (Kg/head & Y-o-Y growth), 2007 17... 23 Table 14: South Korea Ice Cream Market Volume (Kg m) by Category, 2007 12... 24 Table 15: South Korea Ice Cream Market Volume (Kg m) by Category, 2012 17... 24 Table 16: South Korea Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Category, by volume (Kg m)... 26 Table 17: South Korea Artisanal Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 27 Table 18: South Korea Artisanal Ice Cream Market Value (USD m) and Growth (Y-o-Y), 2007 17... 27 Table 19: South Korea Artisanal Ice Cream Average Consumer Price (LCU) and Growth (Y-o-Y), 2007 17... 29 Table 20: South Korea Artisanal Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 30 Table 21: South Korea Artisanal Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Value (LCU m), by Segments... 31 Table 22: South Korea Artisanal Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Volume (Kg m), by Segments... 32 Table 23: South Korea Artisanal Ice Cream Market Value by Brands (LCU m), 2009 12... 33 Table 24: South Korea Artisanal Ice Cream Market Value by Brands (USD m), 2009 12... 33 Table 25: South Korea Artisanal Ice Cream Market Value by Distribution Channel (LCU m), 2009 12... 34 Table 26: South Korea Artisanal Ice Cream Market Value by Distribution Channel (USD m), 2009 12... 35 Table 27: South Korea Impulse Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 37 Table 28: South Korea Impulse Ice Cream Market Value (USD m) and Growth (Y-o-Y), 2007 17... 37 Table 29: South Korea Impulse Ice Cream Average Consumer Price (LCU) and Growth (Y-o-Y), 2007 17... 39 Table 30: South Korea Impulse Ice Cream Market Value (LCU m) by Segments, 2007 12... 40 Table 31: South Korea Impulse Ice Cream Market Value (LCU m) by Segments, 2012 17... 40 Table 32: South Korea Impulse Ice Cream Market Value (USD m) by Segments, 2007 12... 40 Table 33: South Korea Impulse Ice Cream Market Value (USD m) by Segments, 2012 17... 41 Table 34: South Korea Impulse Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 42 Table 35: South Korea Impulse Ice Cream Market Volume (Kg m) by Segments, 2007 12... 43 Table 36: South Korea Impulse Ice Cream Market Volume (Kg m) by Segments, 2012 17... 43 Table 37: South Korea Impulse Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Value (LCU m), by Segments... 45 Table 38: South Korea Impulse Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Volume (Kg m), by Segments... 46 Table 39: South Korea Dairy-Based (Impulse Ice Cream) Market by Value (LCU m), 2007 17... 47 Table 40: South Korea Dairy-Based (Impulse Ice Cream) Market by Value (USD m), 2007 17... 47 Table 41: South Korea Dairy-Based (Impulse Ice Cream) Market by Volume (Kg m), 2007 17... 48 Table 42: South Korea Water-Based (Impulse Ice Cream) Market by Value (LCU m), 2007 17... 49 Table 43: South Korea Water-Based (Impulse Ice Cream) Market by Value (USD m), 2007 17... 49 Table 44: South Korea Water-Based (Impulse Ice Cream) Market by Volume (Kg m), 2007 17... 50 Table 45: South Korea Impulse Ice Cream Market Value by Brands (LCU m), 2009 12... 51 Table 46: South Korea Impulse Ice Cream Market Value by Brands (USD m), 2009 12... 51 9 9

Table 47: South Korea Impulse Ice Cream Market Value by Distribution Channel (LCU m), 2009 12... 53 Table 48: South Korea Impulse Ice Cream Market Value by Distribution Channel (USD m), 2009 12... 54 Table 49: South Korea Take-Home Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 56 Table 50: South Korea Take-Home Ice Cream Market Value (USD m) and Growth (Y-o-Y), 2007 17... 56 Table 51: South Korea Take-Home Ice Cream Average Consumer Price (LCU) and Growth (Y-o-Y), 2007 17... 58 Table 52: South Korea Take-Home Ice Cream Market Value (LCU m) by Segments, 2007 12... 59 Table 53: South Korea Take-Home Ice Cream Market Value (LCU m) by Segments, 2012 17... 59 Table 54: South Korea Take-Home Ice Cream Market Value (USD m) by Segments, 2007 12... 59 Table 55: South Korea Take-Home Ice Cream Market Value (USD m) by Segments, 2012 17... 60 Table 56: South Korea Take-Home Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 61 Table 57: South Korea Take-Home Ice Cream Market Volume (Kg m) by Segments, 2007 12... 62 Table 58: South Korea Take-Home Ice Cream Market Volume (Kg m) by Segments, 2012 17... 62 Table 59: South Korea Take-Home Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Value (LCU m), by Segments... 64 Table 60: South Korea Take-Home Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Volume (Kg m), by Segments... 65 Table 61: South Korea Dairy-Based (Take-Home Ice Cream) Market by Value (LCU m), 2007 17... 66 Table 62: South Korea Dairy-Based (Take-Home Ice Cream) Market by Value (USD m), 2007 17... 66 Table 63: South Korea Dairy-Based (Take-Home Ice Cream) Market by Volume (Kg m), 2007 17... 67 Table 64: South Korea Water-Based (Take-Home Ice Cream) Market by Value (LCU m), 2007 17... 68 Table 65: South Korea Water-Based (Take-Home Ice Cream) Market by Value (USD m), 2007 17... 68 Table 66: South Korea Water-Based (Take-Home Ice Cream) Market by Volume (Kg m), 2007 17... 69 Table 67: South Korea Take-Home Ice Cream Market Value by Brands (LCU m), 2009 12... 70 Table 68: South Korea Take-Home Ice Cream Market Value by Brands (USD m), 2009 12... 70 Table 69: South Korea Take-Home Ice Cream Market Value by Distribution Channel (LCU m), 2009 12... 72 Table 70: South Korea Take-Home Ice Cream Market Value by Distribution Channel (USD m), 2009 12... 73 Table 71: Nestle SA Fast Facts... 75 Table 72: Nestle SA Major Products and Services... 76 Table 73: Nestle SA History... 84 Table 74: Nestle SA Key Employees... 88 Table 75: Nestle SA Subsidiaries... 90 Table 76: Unilever PLC Fast Facts... 98 Table 77: Unilever PLC Major Products and Services... 99 Table 78: Unilever PLC History... 106 Table 79: Unilever PLC Key Employees... 109 Table 80: Unilever PLC Subsidiaries... 111 Table 81: Lotte Holdings Co. Ltd. Fast Facts... 116 Table 82: Lotte Holdings Co. Ltd. Major Products and Services... 117 Table 83: Lotte Holdings Co. Ltd. History... 125 Table 84: Lotte Holdings Co. Ltd. Key Employees... 128 Table 85: Lotte Holdings Co. Ltd. Other Locations... 128 Table 86: Lotte Holdings Co. Ltd. Subsidiaries... 132 Table 87: Suntory Holdings Limited Fast Facts... 145 Table 88: Suntory Holdings Limited Major Products and Services... 146 Table 89: Suntory Holdings Limited History... 152 Table 90: Suntory Holdings Limited Subsidiaries... 156 Table 91: Fonterra Co-operative Group Limited Fast Facts... 167 Table 92: Fonterra Co-operative Group Limited Major Products and Services... 168 Table 93: Fonterra Co-operative Group Limited History... 174 Table 94: Fonterra Co-operative Group Limited Subsidiaries... 178 Table 95: San Miguel Corporation Fast Facts... 183 Table 96: San Miguel Corporation Major Products and Services... 184 Table 97: San Miguel Corporation History... 190 Table 98: San Miguel Corporation Key Employees... 193 Table 99: San Miguel Corporation Subsidiaries... 196 Table 100: Uni-President Enterprises Corp. Fast Facts... 200 10 10

Table 101: Uni-President Enterprises Corp. Major Products and Services... 201 Table 102: Uni-President Enterprises Corp. History... 206 Table 103: Uni-President Enterprises Corp. Other Locations... 210 Table 104: Uni-President Enterprises Corp. Subsidiaries... 212 Table 105: Meiji Holdings Co., Ltd. Fast Facts... 214 Table 106: Meiji Holdings Co., Ltd. Major Products and Services... 215 Table 107: Meiji Holdings Co., Ltd. History... 223 Table 108: Meiji Holdings Co., Ltd. Key Employees... 226 Table 109: Meiji Holdings Co., Ltd. Other Locations... 227 Table 110: Meiji Holdings Co., Ltd. Subsidiaries... 228 Table 111: Jeronimo Martins SGPS SA Fast Facts... 229 Table 112: Jeronimo Martins SGPS SA Major Products and Services... 230 Table 113: Jeronimo Martins SGPS SA History... 235 Table 114: Jeronimo Martins SGPS SA Key Employees... 237 Table 115: Jeronimo Martins SGPS SA Subsidiaries... 238 Table 116: Meiji Co., Ltd Fast Facts... 240 Table 117: Meiji Co., Ltd Major Products and Services... 241 Table 118: Meiji Co., Ltd History... 246 Table 119: Meiji Co., Ltd Key Employees... 248 Table 120: Meiji Co., Ltd Other Locations... 249 Table 121: Meiji Co., Ltd Subsidiaries... 251 11 11

List of Figures Figure 1: South Korea Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 18 Figure 2: South Korea Ice Cream Market Value (LCU m) by Category, 2007 17... 20 Figure 3: South Korea Ice Cream Market Dynamics, by Category, by Market Value, 2007 17... 21 Figure 4: South Korea Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 22 Figure 5: South Korea Per-Capita Ice Cream Consumption (Kg/head & Y-o-Y growth), 2007 17... 23 Figure 6: South Korea Ice Cream Market Volume (Kg m) by Category, 2007 17... 25 Figure 7: South Korea Ice Cream Market Dynamics, by Category, by Market Volume 2007 17... 26 Figure 8: South Korea Artisanal Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 28 Figure 9: South Korea Artisanal Ice Cream Average Consumer Price (LCU) and Growth (Y-o-Y), 2007 17... 29 Figure 10: South Korea Artisanal Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 30 Figure 11: South Korea Artisanal Ice Cream Market Growth Dynamics by Value, 2007 17... 31 Figure 12: South Korea Artisanal Ice Cream Market Growth Dynamics by Volume, 2007 17... 32 Figure 13: South Korea Artisanal Ice Cream Market Value by Distribution Channel (LCU m), 2009 12... 36 Figure 14: South Korea Impulse Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 38 Figure 15: South Korea Impulse Ice Cream Average Consumer Price (LCU) and Growth (Y-o-Y), 2007 17... 39 Figure 16: South Korea Impulse Ice Cream Market Value (LCU m) by Segments, 2007 17... 41 Figure 17: South Korea Impulse Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 42 Figure 18: South Korea Impulse Ice Cream Market Volume (Kg m) by Segments, 2007 17... 44 Figure 19: South Korea Impulse Ice Cream Market Growth Dynamics by Value, 2007 17... 45 Figure 20: South Korea Impulse Ice Cream Market Growth Dynamics by Volume, 2007 17... 46 Figure 21: South Korea Dairy-Based (Impulse Ice Cream) Market by Value (LCU m), 2007 17... 47 Figure 22: South Korea Dairy-Based (Impulse Ice Cream) Market by Volume (Kg m), 2007 17... 48 Figure 23: South Korea Water-Based (Impulse Ice Cream) Market by Value (LCU m), 2007 17... 49 Figure 24: South Korea Water-Based (Impulse Ice Cream) Market by Volume (Kg m), 2007 17... 50 Figure 25: South Korea Impulse Ice Cream Market Value by Brands (LCU m), 2009 12... 52 Figure 26: South Korea Impulse Ice Cream Market Value by Distribution Channel (LCU m), 2009 12... 55 Figure 27: South Korea Take-Home Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17... 57 Figure 28: South Korea Take-Home Ice Cream Average Consumer Price (LCU) and Growth (Y-o-Y), 2007 17... 58 Figure 29: South Korea Take-Home Ice Cream Market Value (LCU m) by Segments, 2007 17... 60 Figure 30: South Korea Take-Home Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17... 61 Figure 31: South Korea Take-Home Ice Cream Market Volume (Kg m) by Segments, 2007 17... 63 Figure 32: South Korea Take-Home Ice Cream Market Growth Dynamics by Value, 2007 17... 64 Figure 33: South Korea Take-Home Ice Cream Market Growth Dynamics by Volume, 2007 17... 65 Figure 34: South Korea Dairy-Based (Take-Home Ice Cream) Market by Value (LCU m), 2007 17... 66 Figure 35: South Korea Dairy-Based (Take-Home Ice Cream) Market by Volume (Kg m), 2007 17... 67 Figure 36: South Korea Water-Based (Take-Home Ice Cream) Market by Value (LCU m), 2007 17... 68 Figure 37: South Korea Water-Based (Take-Home Ice Cream) Market by Volume (Kg m), 2007 17... 69 Figure 38: South Korea Take-Home Ice Cream Market Value by Brands (LCU m), 2009 12... 71 Figure 39: South Korea Take-Home Ice Cream Market Value by Distribution Channel (LCU m), 2009 12... 74 12 12

1. Introduction 1.1 What is this Report About? This report is the result of Canadean s extensive market research covering the Ice Cream Market in South Korea. It provides detailed segmentation of historic and future Ice Cream Market, covering key categories and segments. As such the report is an essential tool for companies active across the Ice Cream industry and for new players considering entry into South Korea s Ice Cream market. 1.2 Definitions All the data is collected in volume terms. Ice Cream Market refers to domestic Market only and includes imports. Please note that rounding errors may occur. 1.2.1 This report provides 2012 actual sales; while forecasts are provided for 2013 2017. 1.2.2 Category Definitions Table 1: Category Definitions - Ice Cream Market Category Segment Definition Artisanal Ice Cream Impulse Ice Cream Take-Home Ice Cream Dairy-Based (Impulse Ice Cream) Water-Based (Impulse Ice Cream) Dairy-Based (Take- Home Ice Cream) Water-Based (Take- Home Ice Cream) Artisanal Ice Cream - Ice cream manufactured by small local producers for sale on the premises. Includes impulse and take-home sales, but not on-thepremises consumption. Dairy- or vegetable oil-based ice cream products purchased for immediate consumption. Includes single-serve ice cream tubs, packaged cones (e.g. Cornetto), ice cream sandwiches, and chocolate-coated ice creams (e.g Magnum). Includes low fat dairy and oil-based products (other than frozen yogurt). Water-based frozen desserts purchased for immediate consumption. Includes single serve sorbet/sherbert tubs and ice lollies e.g. Calippo Dairy- or vegetable oil-based ice cream intended for consumption in the home, as opposed to an impulse purchase for immediate consumption. Includes multiple-serving ice cream tubs (e.g. Ben & Jerry's, Carte d'or, Häagen-Dazs) and, ice-cream cakes (e.g. Vienetta). Includes low-fat dairy- and oil-based products (other than frozen yogurt). Water-based frozen desserts intended for consumption in the home, as opposed to an impulse purchase for immediate consumption. Includes single serve sorbet/sherbert tubs and ice lollies e.g. Calippo 13 13

1.2.3 Distribution Channel Definitions Table 2: Distribution Channel Definitions - Ice Cream Market Distribution Channel Cash & carries & warehouse clubs (Cash & Carry) Discount, variety store & general merchandise retailers (Dollar Stores) Convenience stores & gas stations (Convenience stores) Definition Cash & carries sell from a wholesale warehouse to customers (small retailers, professional users) who pay on the spot and transport goods away themselves. Warehouse clubs are no-frills stores that sell discounted goods to members who pay an annual fee. Delivered wholesale sales are not included. In our data only sales from these stores direct to the public (for example through work place deals allowing otherwise regular consumers to shop there) are covered. Example: Makro, Metro, Costco, Sams Club Dollar Stores, Variety Stores & General Merchandise Retailers - A variety store or pricepoint retailer (including Dollar stores) is a retail store that sells inexpensive items, often with a single price for all items in the store, or a general low price policy. Typical merchandise includes cleaning supplies, toys, household goods and gardening equipment, basic foods and beverages. A general store, general merchandise store, or small town store carries a (broad) general line of merchandise, often in a medium (and sometimes small) store format, serving the needs of either the surrounding town or rural area. They differ from convenience stores or corner shops in that it will be the main shop for the community rather than a convenient supplement and typically carries a broader product line. Example: 9 to 9 Dollar Shop. Convenience Stores - Includes all sales through stores of an area generally less than 300 sq m, that specialize in a limited range of food & grocery products designed primarily for consumers with top-up shopping needs. Also includes sales in retail outlets attached to gas stations, where fuel is the main revenue driver, kiosks, and newsstands. This also includes small independent retailers, particularly those present in countries such as China and India. Department stores (Department stores) Hypermarkets & supermarkets (Hyper/ Super Markets) Vending machines (Vending machines) Drug stores & Pharmacies (Pharmacies) Food & drinks specialists (Food & drinks specialists) eretailers (eretailers) Department Stores - Includes all sales through multi-category retailers, focusing primarily on non-grocery categories with distinct departments specializing in defined product areas. Examples include Bloomingdale's, Macy's, John Lewis and El Corte Ingles. Hypermarkets& Supermarkets (incl. discounters) - Hypermarkets/mass merchandisers include all sales through retailers with floor area over 2,500 sq m that carry full lines of both grocery and general merchandise (e.g. Walmart). Supermarkets include all sales through retailers with a floor area of 300 sq m -2,500 sq m that offer a wide, departmentalized range of groceries, and may carry some general merchandise lines (e.g. Sainsbury's, Kroger). It also includes hard grocery discounters such as Walmart. Vending machines - Includes paid-for sales from all vending machines not located within a store (e.g. public places, workplaces, pubs & Bars). Drug stores & Pharmacies - Stores licensed to dispense prescription (Rx) and over-thecounter (OTC) healthcare products and where these sales account for the majority of revenues. Also known as Drug store and Health store. This channel does not include supermarkets with pharmacy counters. Example: Hetro and Apollo pharmacies in India. Food & drinks specialists - Includes bakers, butchers, delicatessens, drinks specialists, fishmongers, greengrocers, Food & drinks only stores, and single category stores (e.g. stores selling only cheese, or only olives, or only honey, or only Confectionery products) Example : Amul Dairy shops In India. eretailers - Includes all sales that take place over the internet, irrespective of whether the vendor is a pure-play internet company or the online offering of a physical retailer. Example: Amazon, SPAR and FutureBazaar.com in India. 14 14

Table 2: Distribution Channel Definitions - Ice Cream Market Distribution Channel Health & Beauty Stores Definition Retailers that generate the majority of their revenue through a specific product type. In the personal care market, this includes specialist stores other than drugstores. Example: Boots in UK, Himalaya In India. Other general retailers (Others) Others - Includes other generalist retail channels not included in the categories above (e.g. market traders, charity stores, student union stores, direct sales, and Duty Free shops). 1.2.4 Volume Units and Aggregations Table 3: Volume Units for Ice Cream Market Market Category Units Ice Cream Artisanal Ice Cream Kg m Impulse Ice Cream Kg m Take - Home Ice Cream Kg m 1.2.5 CAGR Definition and Calculation Compound Annual Growth Rate (CAGR) is the year-over-year growth rate of a value over a specified period of time. For this report, CAGR for historic time period is Calculated from 2007-2012, as CAGR = (( 2012 Value / 2007 Value ) ^ ( 1 / (2012-2007)) ) - 1 CAGR for forecast time period is Calculated from 2012-2017, as CAGR = (( 2017 Value / 2012 Value ) ^ ( 1 / (2017-2012)) ) - 1 For Brand Analysis and Distribution Channel Analysis, CAGR is Calculated from 2009-2012, as CAGR = (( 2012 Value / 2009 Value ) ^ ( 1 / (2012-2009)) ) - 1 15 15

1.2.6 Graphical representation of Brands Top 10 brands are considered for each category in the market subject to availability of such data. Brand analysis charts are displayed only for categories where data is available for more than two brands. 1.2.7 Exchange Rates All research is conducted in local currency in nominal prices. US dollar conversions for all historic data and for the latest year of actual data (2012 in this report) are made using an annual average exchange rate. For details please refer to table below. As we do not forecast exchange rates, the forecast data (from 2013 to 2017) is converted using a fixed 2012 exchange rate. As a result, annual growth rates for historic data will differ between local currencies and US dollar conversions, whereas they will be the same for forecasts. Table 4: South Korea Exchange Rate LCU (Local Currency Unit) USD (Annual Average), 2007 2012 Currency 2007 2008 2009 2010 2011 2012 LCU USD XXXX XXXX XXXX XXXX XXXX XXXX 1.2.8 Methodology Summary In order to create the data for all the reports in this series and ensure its robustness, a comprehensive and empirically robust research methodology has been adopted. This combines both a large-scale program of industry research with the results of extensive primary industry interviewing and calling. Furthermore, all definitions are standardized across products and countries to ensure comparability. The two main research methods, secondary research and primary research (the program of interviewing industry contacts), are brought together and because both sets of research processes have been designed in conjunction with each other they can be combined and consolidated into the final, integrated data sets. The secondary research process involves covering publicly available sources, trade associations, specialist databases, company annual reports, and industry publications. While primary research involves a major program of interviewing leading industry executives for each category covered in each country all with local country experts; typically brand, product and marketing managers for major brands within each country. These processes help analysts in capturing both qualitative and quantitative information about the market. The final stage of the process is the triangulation of inputs obtained from all the research methods with the analyst s own understanding of the market in order to finalize the data. Once the data is finalized, it goes through various top level quality checks prior to publishing. 16 16

2. South Korea Ice Cream Market Analysis, 2007 17 2.1 Ice Cream Value Analysis, 2007 17 2.1.1 Overall Ice Cream Market Value, 2007 17 Table 5: South Korea Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17 Category 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Market Value Y-o-Y growth Table 6: South Korea Ice Cream Market Value (USD m) and Growth (Y-o-Y), 2007 17 Category 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Market Value Y-o-Y growth 17 17

Figure 1: South Korea Ice Cream Market Value (LCU m) and Growth (Y-o-Y), 2007 17 18 18

2.1.2 Ice Cream Market Value by Category, 2007 17 Table 7: South Korea Ice Cream Market Value (LCU m) by Category, 2007 12 Category 2007 2008 2009 2010 2011 2012 Artisanal Ice Cream CAGR 2007 12 Impulse Ice Cream Take-Home Ice Cream Overall Table 8: South Korea Ice Cream Market Value (LCU m) by Category, 2012 17 Category 2012 2013 2014 2015 2016 2017 Artisanal Ice Cream CAGR 2012 17 Impulse Ice Cream Take-Home Ice Cream Overall Table 9: South Korea Ice Cream Market Value (USD m) by Category, 2007 12 Category 2007 2008 2009 2010 2011 2012 Artisanal Ice Cream CAGR 2007 12 Impulse Ice Cream Take-Home Ice Cream Overall 19 19

Table 10: South Korea Ice Cream Market Value (USD m) by Category, 2012 17 Category 2012 2013 2014 2015 2016 2017 Artisanal Ice Cream CAGR 2012 17 Impulse Ice Cream Take-Home Ice Cream Overall Figure 2: South Korea Ice Cream Market Value (LCU m) by Category, 2007 17 20 20

2.1.3 Market Growth Dynamics by Value Ice Cream, 2007 17 Table 11: South Korea Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Category, by Value (LCU m) Category CAGR 2012 17 CAGR 2007 12 Artisanal Ice Cream Impulse Ice Cream Take-Home Ice Cream Overall Market Size 2007 Market Size 2012 Market Size 2017 Figure 3: South Korea Ice Cream Market Dynamics, by Category, by Market Value, 2007 17 21 21

2.2 Ice Cream Volume Analysis, 2007 17 2.2.1 Overall Ice Cream Market Volume, 2007 17 Table 12: South Korea Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17 Category 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Market Volume Y-o-Y growth Figure 4: South Korea Ice Cream Market Volume (Kg m) and Growth (Y-o-Y), 2007 17 22 22

2.2.2 Per-Capita Consumption - Ice Cream, 2007 17 Table 13: South Korea Per-capita Ice Cream Consumption (Kg/head & Y-o-Y growth), 2007 17 Category 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Per-Capita Consumption Y-o-Y growth Figure 5: South Korea Per-Capita Ice Cream Consumption (Kg/head & Y-o-Y growth), 2007 17 23 23

2.2.3 Ice Cream Market Volume by Category, 2007 17 Table 14: South Korea Ice Cream Market Volume (Kg m) by Category, 2007 12 Category 2007 2008 2009 2010 2011 2012 Artisanal Ice Cream CAGR 2007 12 Impulse Ice Cream Take-Home Ice Cream Overall Table 15: South Korea Ice Cream Market Volume (Kg m) by Category, 2012 17 Category 2012 2013 2014 2015 2016 2017 Artisanal Ice Cream CAGR 2012 17 Impulse Ice Cream Take-Home Ice Cream Overall 24 24

Figure 6: South Korea Ice Cream Market Volume (Kg m) by Category, 2007 17 25 25

2.2.4 Market Growth Dynamics by Volume Ice Cream, 2007 17 Table 16: South Korea Ice Cream Market Dynamics: past and future growth rates (2007 12 & 2012 17) and market size (2007, 2012 & 2017), by Category, by volume (Kg m) Category CAGR 2012 17 CAGR 2007 12 Artisanal Ice Cream Impulse Ice Cream Take-Home Ice Cream Overall Market Size 2007 Market Size 2012 Market Size 2017 Figure 7: South Korea Ice Cream Market Dynamics, by Category, by Market Volume 2007 17 26 26