South Korea Foodservice Market Size and Trends by Profit and Cost Sector Channels, Players and Forecast to 2027

South Korea Foodservice Market Overview

The South Korea foodservice profit sector recorded sales of KRW131.1 trillion ($101.5 billion) in 2022 and is expected to attain a CAGR of over 6% during 2022-2027. This growth can be attributed to the comeback made by the South Korean tourism sector despite pandemic challenges. The South Korean government implemented measures to encourage easy travel through digitalization, by offering financial aid for small and medium enterprises in the form of vouchers. The South Korean government announced that 2023 and 2024 would be “Visit Korea years” as it sought to attract tourists.

South Korea Foodservice Profit Sector Outlook 2022-2027, (KRW Trillion)

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The South Korea foodservice market research report offers an in-depth analysis of the key issues impacting the market and presents growth opportunities for the sector participants. The report evaluates the South Korea foodservice market in terms of profit sector channels and cost sector channels for the next five years (2022-27). This report will act as a vital point of reference for business-critical decision-making among the foodservice operators or suppliers in South Korea.

South Korea Foodservice Market Trends

• Health and Wellness: The consumers in South Korea are increasingly demanding food and drink items that positively impact their health and wellbeing. This is attributed to rising health-consciouness among consumers owing to COVID-19 Pandemic.
• Enjoyability and uniqueness: Consumers in South Korea will prioritize unique products and services that offer them an enjoyable experience, with rising exposure to global cuisines and cultures.

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South Korea Foodservice Market Segmentation by Profit Sector Channels

FSR was the largest profit sector channel in 2022 by value sales.

The key profit sector channels in the South Korea foodservice market are FSR; QSR; accommodation; leisure; pub, club & bar; and retail. The FSR was the leading profit sector channel in 2022, followed by QSR and coffee & tea shop. Many South Korean consumers are interested in trying out different types of cuisine and are looking for a premium dining experience. In March 2022, Gucci Osteria da Massimo Bottura, an authentic Italian restaurant, was opened in South Korea to cater to such consumers.

Frequent consumers of the FSR channel are influenced by how the offerings align with their time and money constraints, provide enjoyability or uniqueness, and how they impact their health. Fish & seafood was the most popular cuisine type in 2022, accounting for more than 11% of FSR value sales, followed by steakhouses & grills.

South Korea Foodservice Market Analysis by Profit Sector Channels, 2022 (%)

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South Korea Foodservice Market Segmentation by Cost Sector Channels

The key cost sector channels in the South Korea foodservice market are military & civil defense, healthcare, education, welfare & services, and complimentary services. In 2022, military & civil defense was the largest cost sector, followed by healthcare, and education.

South Korea Foodservice Market Analysis by Cost Sector Channels, 2022 (%)

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South Korea Foodservice Market – Competitive Landscape

McDonald’s was the largest FSR operator in the country.

The key foodservice companies in South Korea are:

• McDonald’s
• BHC Chicken
• Restaurant Brands International
• Nolboo
• Bon IF
• Starbucks

South Korea Foodservice Market Analysis by Competitors

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South Korea Foodservice Market – Latest Developments

• In July 2023, McDonald’s announced an ambitious plan to have 500 McDonald’s locations operational in South Korea by 2030. Additionally, the operator introduced a unique menu exclusively for the South Korean market as part of the festivities marking its 35th anniversary in the country.
• In October 2022, Starbucks Hanok, a distinctive establishment in Daegu, South Korea, was inaugurated. This store is designed to emulate the traditional Korean Hanok houses, drawing inspiration from the city’s historic structures and architectural elements. Spanning approximately 7,000ft.

Segments Covered in the Report

South Korea Foodservice Market Outlook by Profit Sector Channel (Value KRW Billion, 2017-2027)

• McDonald’s
• BHC Chicken
• Restaurant Brands International
• Nolboo
• Bon IF
• Starbucks

South Korea Foodservice Market Outlook by Cost Sector Channels (Value, KRW Billion, 2017-2027)

• Military & Civil Defense
• Healthcare
• Education
• Welfare & Services
• Complimentary Services

Scope

The report includes:

• Overview of South Korea’s macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on the South Korea foodservice market, including GDP per capita, consumer price index, population growth, and annual household income distribution.
• Growth dynamics: In-depth data and forecasts of key channels (QSR, FSR, coffee & tea shop, and pub, club & bar) within the South Korea foodservice market, including the value of the market, number of transactions, number of outlets and average transaction price.
• Customer segmentation: Identify the most important demographic groups, buying habits, and motivations that drive out-of-home meal occasions among segments of the South Korea population.
• Key players: Overview of market leaders within the four major channels, including business descriptions and number of outlets.

Reasons to Buy

• Get specific forecasts of the foodservice market over the next five years will give readers the ability to make informed business decisions through identifying emerging/declining markets.
• Understand the consumer segmentation that details the desires of known consumers among all major foodservice channels (QSR, FSR, coffee & tea shop, and pub, club & bar).