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.
- 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.