Press Release
Press Release
The growing prevalence of e-commerce and the widespread adoption of social media have become key drivers propelling the South Korea fast food market. Fast foods, including favourites like spicy rice cakes, chicken cups, fish cakes, kimbap, blood sausage, donuts, and Korean pancakes, have emerged as highly popular and extensively consumed choices in South Korea. The influence of digital platforms and online commerce is providing substantial momentum to the overall growth trajectory of the fast food sector in the country.
In addition to their palatability, these food items boast affordability and widespread availability in both packaged and freshly prepared forms. The prevalence of the "Honjok" and "Honbap" lifestyles has played a pivotal role in driving the growth of the fast food market in South Korea. Particularly, individuals residing in single households exhibit a preference for ready-to-eat, ready-to-cook, and fast food as part of their daily routines. These lifestyle trends serve as a substantial catalyst, significantly propelling the ongoing expansion of the fast food market in South Korea.
In July 2023, McDonald's Corp. (NYSE: MCD), the leading global fast food restaurant operator, announced to expand its footprint in South Korea by 25%, a strategic move aimed at addressing heightened competition within the domestic burger industry. Simultaneously, the company remains committed to exploring sales potential of its products and businesses to a strategic partner in the country. The South Korean unit, HanGook McDonald's Co., has set an ambitious goal of operating 500 restaurants in the country by the year 2030. Such expansion strategies underscore the ongoing efforts by food companies to navigate and thrive in the dynamic landscape of the South Korean market.
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The major players in the South Korea fast food market include Mom’s Touch Global, Lotteria Corporation, Mc Donald’s Corporation, KFC Corporation, Isaac Toast Co., Ltd., Burger King Corporation, and Shake Shack Inc., 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 End User |
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Breakup by Provinces |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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