South Korea Fast Food Market Share, Growth, Size, Forecast: By Product Type: Spicy Rice Cakes, Chicken Cup, Fish Cakes, Kimbap, Blood Sausage, Donuts, Korean Pancakes, Others; By End User: Full-Service Restaurants, Quick Service Restaurants, Caterings, Others; By Provinces; Market Dynamics; Competitive Landscape; 2024-2032

South Korea Fast Food Market Outlook

The South Korea fast food market is expected to grow at a CAGR of 4.6% between 2024 and 2032. 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

Key Trends in the South Korea Fast Food Market

The Growing Trend of Coffee Culture to Meet the Increasing Demand

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.

Long Working Hours and High Disposable Income Aiding the Fast Food Market Growth

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 Growing Prevalence of Online Transactions and Home Delivery Since the COVID-19 Pandemic

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.

Opportunities and Challenges in The South Korea Fast Food Market

Western influence and Surge of Exotic and Western Fast Food Chains in South Korea

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. 

The Growing Advent of Single-Households in South Korea is Bolstering Fast Food Market in 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.

The Negative Impacts of Consuming Fast Food Could Impede the Fast Food Market Growth

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

Market Analysis

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. 

• Mom’s Touch Global

• Lotteria Corporation

• Mc Donald’s Corporation

• KFC Corporation

• Isaac Toast Co., Ltd.

• Burger King Corporation

• Shake Shack Inc.

• Others

Market Share by Type

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.

Market Share by End User

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.

Market Share by Provinces

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

Competitive Landscape

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.

Key Highlights of the Report

*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.