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The South Korea food service market is expected to grow at a CAGR of about 4.4% in the forecast period of 2023-2028. Infrastructural advancement and the growing demand for fast food due to hectic lifestyles are expected to drive the market during the estimated time period.
Along with expanding demand for fast food and casual dining, increasing consumer awareness of quick service restaurants (QSRs) is one of the main factors fuelling the foodservice market's expansion. As a result, quick-service restaurants in the chained food service sector saw a steady rise due to consumers' rising preference to choose fast food and other ready-to-eat food items.
Chained Food service businesses are starting to employ self-service kiosks, meeting primary goals by increasing cost-effectiveness and service speed. Furthermore, the growing trend of urban Millennials and Generation Z, generally the youngest segment of the population, socialising in cafes is boosting the chained Foodservice market's expansion. Rapid infrastructural development, including the construction of new expressways and airports, is also opening the gates for several chain retailers to open stores, thereby propelling the growth of food service industry.
The Ministry of Land, Infrastructure and Transport of South Korea has proposed building the Saemangeum International Airport (MOLIT). The new commercial airport will be built at Sawmangeum, North Jeolla Province, and its construction is scheduled to start in 2022 with a 2026 project completion. Additionally, soon, South Korea aims to construct the nation's first "floating airport " in the port city of Busan in the country's south. These infrastructural expansions in Korea further aid the development of the food service market.
Foodservice refers to the cooking and serving of prepared foods. Restaurants, cafes, bakeries, bars, and catering facilities, among others, are examples of food service facilities. A vast number of products and services fall under the umbrella of food service, including businesses that ship food and items that are associated with it, such as kitchenware, silverware, and other things.
By type, the food service market can be segmented into:
By Structure, the food service market can be divided into:
Based on sector, the market can be segmented into:
Due to the growing western influence that gave rise to the fast-food culture in South Korea, the market for international fast-food restaurants has seen significant expansion in recent years. It is projected that this growth will continue during the mentioned forecast period.
A youthful futuristic population, rising disposable incomes, internet access, and modern and changing lifestyles are driving the rise of the South Korea’s foodservice market. Also, the market share of mobile payments has grown. It is anticipated to grow more in the near future due to increased customer confidence, primarily due to the expanding safety measures implemented by businesses and the government for additional security of online payments. The most frequently used e-wallets by South Korean people are Kakao pay, Samsung Pay, Naver pay, PayCo, and LG pay among others.
The emergence of home delivery services, together with the rise in the number of food dishes and menu options, has dramatically accelerated the growth of the food service industry in South Korea. Online sales significantly increased while businesses were temporarily closed during COVID-19. However, things started to level out once they reopened. For Korean consumers, buying locally produced goods during a crisis is crucial. Even though it costs more, consumers prefer to buy local Korean goods. Going local is also preferred because it shows that consumers place a high value on the product's sustainability and regulated origin and shows their support for local Korean businesses.
Educational institutions, hospitals, and offices are increasing their investments in providing on-site meals to students, patients, and staff. Many private businesses provide employees with meals for lunch and dinner, with the remainder of the bill covered by the business. These market trends are now more prominent than ever because employee welfare is considered one of the most important factors determining any company's goodwill. Furthermore, in order to have a variety of foods, families, corporate meetings, and other gatherings typically prefer going to full-service restaurants. Full-service restaurants that provide alcohol are growing as much as those that serve meals. Alcohol consumption is common during corporate meetings and events in South Korea. Thus, there is a growing demand for such dining places. Therefore, socialisation plays a pivotal role in driving the South Korea food service market.
The report gives a detailed analysis of the following key players in the South Korea food service market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides a detailed and accurate market assessment based on Porter's five forces model and SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Type||
|Breakup by Structure||
|Breakup by Sector||
*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
3.3 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 Food Service Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Food Service Historical Market (2018-2022)
8.3 South Korea Food Service Market Forecast (2023-2028)
8.4 South Korea Food Service Market by Type
8.4.1 Full-service Restaurants
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.2 Quick-service Restaurants
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.4.3 Street Stalls and Kiosks
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.4 Cafes and Bars
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5 South Korea Food Service Market by Structure
8.5.1 Independent Consumer Foodservice
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5.2 Chained Consumer Foodservice
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6 South Korea Food Service Market by Sector
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 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 Starbucks Corporation
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Yum! Brands, Inc.,
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 McDonald'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 Balwoo Gongyang
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
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
11 Key Trends and Developments in the Market
List of Figures and Tables
1. South Korea Food Service Market: Key Industry Highlights, 2018 and 2028
2. South Korea Food Service Historical Market: Breakup by Type (USD Million), 2018-2022
3. South Korea Food Service Market Forecast: Breakup by Type (USD Million), 2023-2028
4. South Korea Food Service Historical Market: Breakup by Structure (USD Million), 2018-2022
5. South Korea Food Service Market Forecast: Breakup by Structure (USD Million), 2023-2028
6. South Korea Food Service Historical Market: Breakup by Sector (USD Million), 2018-2022
7. South Korea Food Service Market Forecast: Breakup by Sector (USD Million), 2023-2028
8. South Korea Food Service Market Structure
The market is projected to grow at a CAGR of 4.4% between 2023 and 2028.
Increasing demand of fast food and casual dining, growing online sales, rising disposable income, and excellent internet penetration are the major drivers.
Infrastructural development and the growing provision of on-site meals at educational institutions, hospitals, and offices are the key trends in the food service market.
The dominant type of food service in the industry are full-service restaurants followed by quick service restaurants.
The major players in the industry are Starbucks Corporation, Yum! Brands, Inc., McDonald's Corporation, Balwoo Gongyang, Yongsusan, and Burger King Corporation, among others.
For various reasons, including work, school, business, leisure, medical treatment, sports, religion, and others, people who leave their homes rely on the food service sector for their meals, which propels market expansion.
The food service and catering sectors have a positive impact on society as well as the economy. Profit-making ventures support regional and national economies. Taxes paid by businesses enable the government to support community services.
The South Korea food service market is driven by the growing infrastructural and transportation development, along with increased demand for fast food. The market is expected to witness growth at a CAGR of 4.4% during the forecast period of 2022–2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the South Korean food service industry can be segmented into full-service restaurants, quick-service restaurants (QSRs), street stalls and kiosks, cafes and bars, among others. On the basis of structure, the market is divided into independent food service and chained food service. The key players in the above market are Starbucks Corporation, Yum! Brands, Inc., McDonald's Corporation, Balwoo Gongyang, Yongsusan, and Burger King Corporation, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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