South Korea Foodservice Market Size and Trends by Profit and Cost Sector Channels, Consumers, Locations, Key Players and Forecast, 2021-2026

South Korea Foodservice Market Size and Trends by Profit and Cost Sector Channels, Consumers, Locations, Key Players and Forecast, 2021-2026

Summary

“South Korea Foodservice Market Size and Trends by Profit and Cost Sector Channels, Consumers, Locations, Key Players and Forecast, 2021-2026” published by GlobalData provides extensive insight and analysis of the South Korean Foodservice market over the next five years (2021-2026) and acts as a vital point of reference for operators or suppliers.

The report includes -

• Overview of South Korea’s macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on South Korea's 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 South Korea’s 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 Korean population.
• Key players: Overview of market leaders within the four major channels including business descriptions and number of outlets.

• South Korea recorded a GDP growth of 6.3% in 2021. The country recovered steadily from the COVID-19 pandemic with a strong and effective response to the pandemic and supportive fiscal and monetary policies along with the recovery in private consumption. However, investment in construction and exports declined. Furthermore, auto production and exports dropped due to chip shortages and supply chain issues. According to GlobalData, the South Korean economy is forecast to record a GDP growth of 4.9% in 2022.The overall value of South Korea’s foodservice profit sector declined at a negative CAGR of 5.6% during 2016-21, reaching KRW88.4 trillion ($77.3 billion) in 2021. This decline was due to a substantial decrease in the number of transactions in 2021.
• Take-aways and deliveries played a crucial role in the foodservice sector due to convenience, and digital and technological advancements.
• Independent operators dominate the profit sector. However, chain operators fared better than independent operators during the pandemic in the QSR and coffee & tea shop channels owing to their quick adaptation to changing consumer demands.
• South Korea’s profit sector is forecast to record growth at a CAGR of 12.9% during 2021-26.

• The QSR channel generated revenue of KRW11.7 trillion ($10.3 billion) in 2021, making up a 13.3% share of South Korea’s foodservice profit sector.
• FSR was the largest channel in South Korea’s foodservice profit sector in 2021, generating sales of KRW53.2 trillion ($46.5 billion).
• FSR recorded a negative CAGR of 5.1% during 2016-21. In 2021, the channel’s sales were hindered by the enforcement of lockdowns and restrictions.
• The coffee & tea shop channel accounted for 5.9% of the profit sector’s sales in 2021. The channel was valued at KRW5.2 trillion ($4.5 billion) in 2021.
• The pub, club & bar channel accounted for 9% of the profit sector’s sales in 2021. The channel was valued at KRW8 trillion (7 billion) in 2021 and registered a negative CAGR of 7.0% during 2016-21. The channel is projected to grow at a CAGR of 14.4% during 2021-26, primarily led by rising transaction count and average transaction value.

• Specific forecasts of the foodservice market over the next five years (2021-2026) will give readers the ability to make informed business decisions through identifying emerging/declining markets.
• Consumer segmentation detailing the desires of known consumers among all major foodservice channels (QSR, FSR, Coffee & Tea Shop, and Pub, Club & Bar) will allow readers understand the wants and needs of their target demographics.