The rising influence of South Korean culture is attracting a large number of tourists, to experience authentic Korean cuisine and culture. Some of the popular Korean cuisines in western countries include Kimchi, Bibimbop, Tteokbokki, Ramin, Bulgogi, and Jjigae (Korean Stew), among others. According to the Korean Tourism Organization, on an average bases, South Korea is visited by 638.7 thousand tourists every year. In January 2024, about 881 thousand tourists visited South Korea. The country witnessed a record high of 1.70 million tourists in July 2016. A large number of tourists prefer dining out, which aids the South Korea food service market expansion.
In addition, the food service market is driven by increasing demand for fast food, coupled with heightened consumer awareness of quick service restaurants. This trend has led to a steady increase in quick-service restaurants within the chained food service sector as consumers opt for convenient and ready-to-eat food options. Chained food service businesses are adopting self-service kiosks to enhance cost-effectiveness and service speed. Additionally, the rising preference of urban Millennials and Generation Z for socializing in cafes is contributing to the growth of the chained foodservice market. Furthermore, rapid infrastructural development, such as the construction of expressways and airports, is facilitating the opening of new stores for chain retailers, thereby driving the expansion of the food service industry.
Further, street stalls and kiosks are widely popular among the population as they offer cost-effective and quick meal options. Korean consumers prioritize purchasing freshly prepared foods that meet strictest food safety and hygiene standards. This preference for high-quality products encourage businesses to continuously upgrade their services and innovate their food menus.
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Market Breakup by Type, Structure, and Sector:
- The market is segmented based on type into full-service restaurants, quick-service restaurants, street stalls and kiosks, and cafes and bars, among others.
- Based on structure, the market can be divided into independent consumer foodservice and chained consumer foodservice.
- By sector, the market is bifurcated into commercial and non-commercial.
Key Findings of the Report:
- The market benefits form higher living standards and the increasing disposable incomes of the population.
- The increasing preference for premium dining experience is a significant factor propelling the growth of the food service market is South Korea.
- There is a notable surge in expansion of cafes and bars in the country, meeting the evolving consumer demands.
Key Offerings of the Report:
- The EMR report gives an overview of the South Korea food service market for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, structure, and sector of the food service market.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the South Korea food service market are Starbucks Corporation, Yum! Brands, Inc., McDonald's Corporation, Balwoo Gongyang, Yongsusan, and Burger King Corporation, 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
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:
|
Breakup by Type |
- Full-service Restaurants
- Quick-service Restaurants
- Street Stalls and Kiosks
- Cafes and Bars
- Others
|
Breakup by Structure |
- Independent Consumer Foodservice
- Chained Consumer Foodservice
|
Breakup by Sector |
- Commercial
- Non-Commercial
|
Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
Companies Covered |
- Starbucks Corporation
- Yum! Brands, Inc.,
- McDonald's Corporation
- Balwoo Gongyang
- Yongsusan
- Burger King Corporation
- Others
|
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