Press Release
Press Release
According to a new report by EMR titled, ‘South Korea Cloud Kitchen Market Report and Forecast 2024-2032’, the market attained a value of about USD 6.29 billion in 2023. The market is estimated to grow at a CAGR of 12.4% in the forecast period of 2024-2032 to reach a value of nearly USD 18.02 billion by 2032.
In contrast to conventional brick-and-mortar businesses, the concept of a cloud kitchen, also known as “ghost kitchens” or “virtual kitchens,” enables food entrepreneurs to produce meals for delivery and takeout while minimising operating costs. Leading manufacturers of smart kitchen appliances, such as Samsung Electronics Co. Ltd., Whirlpool Corporation (NYSE: WHR), and LG Corporation, among others, have made significant contributions to increasing the operational effectiveness of cloud kitchens.
The deployment of advanced technologies in cloud kitchens has simplified culinary procedures and offered automated solutions that save preparation time and increase overall production. In 2022, disposable personal income in South Korea accounted for USD 1953.1, which was USD 1889.2 in 2021. The growth in disposable income and the growing working population aid in the demand for takeaway food, which drives the South Korea cloud kitchen market growth.
The adoption of automation in cloud kitchens to reduce cooking time and combat labour shortages further supports the market growth. In November 2023, the fast-food franchise operator of Lotte Group (KRX: 004990), Lotte GRS, announced the introduction of an artificial intelligence (AI)-powered robot automation robot, Alpha Grill, that can grill burger patties or dispenses sauce. Through this, the company aims to increase the efficiency of the burger-making process and solve labour shortages in the food franchise sector, which are mainly related to simple culinary chores.
The Alpha Grill for burger preparation saves 3 minutes and 10 seconds by reducing the total cooking time for patties from 5 minutes to 1 minute and 50 seconds. As a result, it is expected to improve the working environment and shorten service types while enhancing store turnover time.
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Figure: Average of Working Population (Age 15-64 years) in South Korea (in Million), 2018-23
The major players in the South Korea cloud kitchen market are Ghost Kitchen, Simple Project Company Co., Ltd (WeCook), and Monthly Kitchen Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Nature |
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