South Korea Fast Food Market to Grow at a CAGR of 4.6% During 2024-2032, Aided by the Increase in Busy Lifestyles and the Growing Number of Single Households

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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Market Breakup by Product Type, End User, and Provinces:

• The market on the basis of product type can be divided into spicy rice cakes, chicken cup, fish cakes, kimbap, blood sausage, donuts, Korean pancakes, and others.

• Based on end user, the market can be bifurcated into full-service restaurants, quick service restaurants, caterings, and others.

• The South Korean market, based on provinces, can be divided into North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, North Gyeongsang, South Gyeongsang, North Jeolla, South Jeolla, and Jeju Special Self-Governing Province.

Key Findings of the Report:

• The fast food market in South Korea has transformed into a dynamic and essential component of the nation's culinary scene, reflecting the fast-paced lifestyles embraced by its populace. A key catalyst fuelling the prevalence of fast food in the country stems from the swift urbanisation and the accelerating pace of daily life, resulting in an escalating need for convenient on-the-go dining options.

• In addition to these factors, fast food serves as a pragmatic and time-efficient option for individuals leading hectic lifestyles, affording them the convenience of a quick meal without the extended wait times characteristic of traditional dining establishments. This aspect stands as a noteworthy contributor to the substantial growth observed in the South Korean fast food market.

• Moreover, the market has enthusiastically embraced technological progress, as numerous fast food chains have integrated online ordering systems and delivery services. This strategic adoption of technology helps elevate convenience levels for consumers.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea fast food market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product type, end user, and provinces, of the South Korean fast food market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

Key Highlights of the Report

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