The South Korea fast food market is expected to grow at a CAGR of 4.6% between 2023 and 2028. Busy lifestyles and the growing number of single households in South Korea are majorly driving the fast food market.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
The Korean coffee market is proliferating because of its various flavours and ambience. Customers now look for a pleasing environment and aesthetics, along with savoury snacks and desserts. Also, strict cleanliness and hygiene standards post-lockdown dine-in restaurants and cafes have been gaining a lot of traction in South Korea. There are more than 70,000 coffee stores in the country because of the emerging coffee culture among the Korean population. On average, adult Koreans consumed approximately 300 cups of coffee in the year 2021. The steady growth of coffee chains and cafes increases the consumption of bakery and confectionery items, thereby supporting the fast food industry.
Koreans have a very punctual and hierarchy-based work environment where employees are expected to work longer hours. Due to this fact, a lot of people resort to fast food to relieve their hunger and reduce stress. Moreover, people don’t get much time to prepare three meals every day because of their busy lifestyle, which further propels the fast food market in South Korea. Additional factors such as rising disposable incomes and high standards of living aid the market's growth. High disposable income has led to increased spending on fast food in terms of its variety, quality, as well as quantity.
The COVID-19 pandemic made transactions via online platforms and doorstep delivery much more prevalent in the country. Therefore, a lot of food service providers now offer discounts and coupons to attract customers. Almost all the small and large cafes and restaurants now provide food delivery, which has boosted the food delivery segment in the industry. Furthermore, the availability of a diverse menu at affordable prices and set meals attracts customers by providing them with customization options.
One of the Asian nations that have seen extraordinarily quick economic development, modernisation and Westernization over the past several decades in South Korea. Globalization has hastened the spread of Western-style fast food restaurants like McDonald's and KFC since the 1980s, especially following the 1988 Seoul Olympics. Local food sellers, Western fast food chains and restaurants, and sit-down eateries coexisting create diverse eating-out food experiences where various food suppliers cater to the needs of people of distinct demographics. The so-called "Western" diet has expanded rapidly even in cultures that have strong links to their culinary heritage, like South Korea.
A large number of the Korean population now follows the "Honjok" lifestyle , which means staying single. In 2020, 31.7% of people who are in their 20s and 30s preferred single-person households and living an independent life. This has also promoted the trend of "Honbap," which means eating alone. The younger generation is much more inclined toward this lifestyle to push back against family traditions and stereotypes and reshape society. It also leads people to opt for convenience foods. Hence, uplifting the fast-food market in South Korea.
The COVID-19 pandemic made transactions via online platforms and doorstep delivery much more prevalent in the country. Therefore, a lot of food service providers now offer discounts and coupons to attract customers. Almost all the small and large cafes and restaurants now provide food delivery, which has boosted the food delivery segment in the industry.
Consuming fast food frequently is hazardous to health. It increases the chances of developing insulin resistance, which leads to diabetes and weight gain issues. Many sweet fast foods contain a high amount of sugar, which increases empty calorie consumption, and trans-fat disrupts the level of LDL and HDL cholesterol in the body. Also, high sodium intake raises blood pressure and impacts the functioning of the cardiovascular system. People who eat fast food are more prone to getting dental caries and skin problems. Moreover, the chance of developing depression is 51% higher among people who consume fast food.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Based on type, the market can be segmented into spicy rice cakes, chicken cup, fish cakes, kimbap, blood sausage, donuts, and Korean pancakes, among others. Based on enduser, the South Korea fast food market can be bifurcated into full-service restaurants, quick service restaurants, and caterings, among others. Based on provinces, the fast food market of South Korea can be divided into North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, North Gyeongsang, South Gyeongsang, North Jeolla, and South Jeolla, Jeju Special Self-Governing Province.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea fast food market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
The rising prevalence of e-commerce and social media usage has been providing significant impetus to industry growth across the segments. Fast foods such as spicy rice cakes, chicken cup, fish cakes, kimbap, blood sausage, donuts, and Korean pancakes are some of the most well-liked and highly consumed fast foods in South Korea. Apart from palatability, these food items are quite affordable and widely available in both packaged and freshly prepared forms. The "Honjok" and "Honbap" lifestyles have greatly contributed towards the fast food market growth in South Korea, as people who live in a single household usually prefer eating ready-to-eat, ready-to-cook, and fast food in their day-to-day lives. These lifestyle trends significantly propel the fast food market growth in South Korea.
The fast food industry of South Korea is expanding due to the growing consumption via various mediums such as full-service restaurants, quick-service restaurants (QSRs), and catering, among others. Themed events, social media marketing, speedy service, and options for optimisation are the main features driving the demand for quick-service restaurants in South Korea. Marketing and brand promotion via social media propels sales in all segments of the market.
The growth of the fast food market is significantly aided by the growing cafe culture and "Mukbang". Mukbang motivates people to consume food and breaks the extreme dieting trend among youth. School-going and college students are the major consumers of fast food due to their busy schedules and affordability. Moreover, the emergence of healthy fast food is also gaining traction, which is bolstering the market growth in South Korea.
The most well-known location for the popular Korean dish bibimbap is Jeonju. Both Jinju and Jeonju are highly recognised for their bibimbap variations. High-quality ingredients from the northern Jeolla area combined with Sunchang gochujang, exceptional cooking methods, and skilful food preparation give bibimbap its distinctive flavour. The palatability of the same food differs from region to region. On the basis of provinces, the market is divided into some major regions, such as North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, North Gyeongsang, South Gyeongsang, North Jeolla, and South Jeolla, and Jeju Special Self-Governing Province.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Lotteria Corporation- The management and operation of Loterria fast food restaurants is done by Lotteria Co.,Ltd. The business serves fried chicken, beverages, sweets, and hamburgers, among other fast foods made in the Korean style. The headquarters of Lotteria Co., Ltd. are in Seoul, South Korea. The firm was established in 1979 and is a subsidiary of the Lotte Group.
Isaac Toast Co., Ltd.- The South Korean-based Isaac Toast is a chain of toast (toasted sandwiches). Over 700 retail locations of the chain are currently operating in South Korea. It has furthered its global reach by opening branches in places including Macau, Taiwan, Malaysia, and Singapore. It bears Isaac's name, a reference to the Hebrew patriarch of Genesis. When compared to McDonald's, KFC, and Burger King by a Korean study, Isaac Toast came in first for customer satisfaction and fifth for brand awareness.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product Type||
|Breakup by End User||
|Breakup by Provinces||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Fast Food Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Fast Food Historical Market (2018-2022)
8.3 South Korea Fast Food Market Forecast (2023-2028)
8.4 South Korea Fast Food Market by Product Type
8.4.1 Spicy Rice Cakes
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.4.2 Chicken Cup
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.4.3 Fish Cakes
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.4.5 Blood Sausage
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.4.7 Korean Pancakes
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.5 South Korea Fast Food Market by End User
8.5.1 Full-Service Restaurants
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.5.2 Quick Service Restaurants
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.6 South Korea Fast Food Market by Provinces
8.6.1 North Chungcheong
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.6.2 South Chungcheong
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.6.5 North Gyeongsang
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.6.6 South Gyeongsang
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.6.7 North Jeolla
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
8.6.8 South Jeolla
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2022)
126.96.36.199 Forecast Trend (2023-2028)
8.6.9 Jeju Special Self-Governing Province
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2022)
220.127.116.11 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Mom’s Touch Global
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Lotteria Corporation
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 Mc Donald’s Corporation
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 KFC Corporation
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Isaac Toast Co., Ltd.
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.6 Burger King Corporation
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.7 Shake Shack Inc.
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
11 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Fast Food Market: Key Industry Highlights, 2017 and 2021
2. South Korea Fast Food Historical Market: Breakup by Product Type (USD Million), 2018-2022
3. South Korea Fast Food Market Forecast: Breakup by Product Type (USD Million), 2023-2028
4. South Korea Fast Food Historical Market: Breakup by End User (USD Million), 2018-2022
5. South Korea Fast Food Market Forecast: Breakup by End User (USD Million), 2023-2028
6. South Korea Fast Food Historical Market: Breakup by Provinces (USD Million), 2018-2022
7. South Korea Fast Food Market Forecast: Breakup by Provinces (USD Million), 2023-2028
8. South Korea Fast Food Market Structure
The market is projected to grow at a CAGR of 4.6% between 2023 and 2028.
The surge of western fast food chains, the increasing trend of "honjok" and "honbap" lifestyles, the growing number of restaurants, increased use of social media and e-commerce are the major industry drivers.
The rising disposable income, the emergence of coffee culture, busy lifestyles, the prevalence of online transactions and doorstep delivery are the key trends of South Korea fast food industry.
The dominant type of fast food in the industry are spicy rice cakes, chicken cup, fish cakes, kimbap, blood sausage, donuts, and Korean pancakes, among others.
The major players in the South Korea fast food industry are 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.
Single User License
Five User License
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.