Please Wait.....
Report
South Korea Foodservice Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 100 Pages I Mordor Intelligence
The South Korean foodservice market is projected to register a CAGR of 4.63% during the forecast period 2022-2027.
The COVID-19 pandemic had a devastating impact on South Korea's foodservice market as the number of people eating out decreased, causing sharp declines in sales. While the country witnessed an increase of over 90% in online food product transactions during the COVID-19 pandemic, it continued to face trade-related challenges. According to a statement by the country's Ministry of Trade, Industry, and Energy (MOTIE), the online sales of food products rose by 92.5% in February 2020 when COVID-19 infections were at their peak in South Korea. The pandemic also resulted in the acceleration of food technology in the market studied. The adding on of robotics in foodservice operations has expanded significantly.
Over the long term, the increasing Western influence is expected to prompt South Korean consumers to opt for fusion foods and exotic blends of cuisines. Restaurants and cafes have quickly captured this trend and have modified their offerings to suit consumers' evolving palates. The restaurant sector in the country includes a wide variety of operators, ranging from American-style fast food chains to more traditional family-owned, single-outlet restaurants.
Quick service chain operators are well-represented in the channel. In the QSR channel, both domestic and international operators hold a significant market share. A large proportion of channel visitors indicated brand familiarity and habit as critical drivers for their choice of store, in addition to convenience-based factors. South Korea has one of the most vibrant coffee scenes in the world, with its capital, Seoul, boasting over 18,000 cafes. Thus, the cafes and bars segment is projected to witness significant growth during the forecast period.
South Korea Foodservice Market Trends
Growing Demand for Online Delivery Services of Meals
Convenience remains an important factor driving the eating habits of South Koreans with busy lifestyles. Hence, foodservice operators and other food manufacturers are developing more convenient and healthier food delivery options via online delivery. Moreover, the COVID-19 pandemic-induced restrictions accelerated the demand for online food delivery. Such evolving factors led to the emergence of several food delivery applications in the country, as consumers registered burgeoning demand for online delivery of meals at their respective workplaces or homes. This trend created great opportunities for online food delivery applications to provide a differentiated order experience to consumers by adopting various strategies, such as offering discounts. The food delivery app market in South Korea is majorly dominated by Woowa Brothers, followed by Delivery Hero. The food delivery apps are expanding their services as a part of their marketing strategy to penetrate the digital food market and capitalize on their position.
Surge in Demand for Fast Food Among Consumers
The fast food restaurant segment was recorded as one of the fastest-growing segments in the South Korean foodservice market. The increased demand in the fast food restaurant segment is highly associated with convenience. As Koreans are working longer hours, they are increasingly valuing the convenience of fast food while also incorporating healthy eating habits. The fast food outlets in South Korea and other quick foodservice restaurants that offer a diverse range of menus at lower prices registered faster sales growth than other consumer foodservice outlets. The South Korean foodservice market is growing due to fast food operators actively launching set-meal menus at competitive prices and constantly offering diverse promotional discounts throughout the year. The expansion of international chains in the country is influencing more young consumers, inclined toward Western trends, to visit the outlets. There are many fast food restaurants in the country, especially from the United States, such as McDonald's, Burger King, KFC, and Pizza Hut, among others.
South Korea Foodservice Market Competitor Analysis
The South Korean foodservice market is highly competitive, with the dominance of independent restaurants by volume, as they offer local cuisine. Local restaurants are trying to expand their presence by opening chain restaurants, wherein global players also hold a significant market share by value in order to gain a competitive advantage by increasing the number of restaurants. Furthermore, in order to attract a higher number of consumers, an increasing number of foodservice providers are actively developing new products and launching innovative services, like online food ordering and customizing meal options. McDonald's Corporation, SPC Group, Starbucks Corporation, and Lotte Group are some prominent players in the market studied.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Full-service Restaurants
5.1.2 Shelf-service Restaurants
5.1.3 Fast Food Restaurants
5.1.4 Street Stalls and Kiosks
5.1.5 Cafes and Bars
5.1.6 100% Home Delivery Restaurants
5.2 By Structure
5.2.1 Independent Consumer Foodservice
5.2.2 Chained Consumer Foodservice
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Yum! Brands Inc.
6.4.2 Starbucks Corporation
6.4.3 McDonald's Corporation
6.4.4 Domino's Pizza Inc.
6.4.5 Restaurant Brands International Inc.
6.4.6 Balwoo Gongyang
6.4.7 CJ Group
6.4.8 Bloomin' Brands
6.4.9 SPC Group
6.4.10 Genesis BBQ Group
6.4.11 Lotte Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security