IMARC Group, a leading market research company, has recently releases report titled “South Korea Foodservice Market Report by Foodservice Type (Cafes and Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants), Outlet (Chained Outlets, Independent Outlets), Location (Leisure, Lodging, Retail, Standalone, Travel), and Region 2024-2032.” South Korea foodservice market size is projected to exhibit a growth rate (CAGR) of 18.80% during 2024-2032.
Factors Affecting the Growth of the South Korea Foodservice Industry:
- Changing Consumer Preferences and Dining Habits:
South Korea is experiencing significant growth driven by the transformation in consumer preferences and dining habits. The rapid pace of modern life has led to an increased demand for convenient and diverse food options. Consumers are seeking quick, accessible, and varied dining experiences. This shift in behavior has fueled the growth of the foodservice market, with restaurants, cafes, and food delivery services adapting to cater to these evolving tastes. As a result, there is a growing emphasis on providing traditional Korean dishes and international cuisines, reflecting the changing culinary landscape driven by changing consumer preferences.
- Tech-Savvy Culture and Online Ordering:
South Korea’s tech-savvy culture and high internet penetration have revolutionized the foodservice industry. The widespread use of smartphones and online platforms has made it easier for consumers to order food online. Online food delivery and ordering apps have gained immense popularity, offering convenience and a wide variety of dining choices. This digital transformation has streamlined the ordering process and has also contributed to the growth of the foodservice market as consumers increasingly turn to online platforms to satisfy their culinary cravings.
- Tourism and Culinary Exploration:
South Korea’s thriving tourism industry has introduced the country to a rich tapestry of culinary experiences and international cuisines. Tourists from around the world seek out local foodservice establishments to sample authentic Korean dishes and explore global flavors. This influx of tourists has significantly contributed to the expansion of the foodservice market. In response, restaurants and eateries have adapted by offering a diverse range of dishes to cater to both local and international palates. The rising influence of tourism on culinary exploration has played a pivotal role in driving the growth of South Korea’s foodservice market, making it a vibrant and dynamic sector within the country’s economy.
Leading Companies Operating in the South Korea Foodservice Industry:
- CJ Foodville Corporation
- Inspire Brands Inc.
- HanGook McDonald’s Co. Ltd.
- Mom’s Touch & Co.
- Starbucks Coffee Korea Co., Ltd. (Starbucks Corporation)
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/south-korea-foodservice-market/requestsample
South Korea Foodservice Market Report Segmentation:
By Foodservice Type:
- Cafes and Bars
- Bars and Pubs
- Cafes
- Juice/Smoothie/Desserts Bars
- Specialist Coffee and Tea Shops
- Cloud Kitchen
- Full Service Restaurants
- Asian
- European
- Latin American
- Middle Eastern
- North American
- Others
- Quick Service Restaurants
- Bakeries
- Burger
- Ice Cream
- Meat-based Cuisines
- Pizza
- Others
Based on the foodservice type, the market has been divided into cafes and bars (bars and pubs, cafes, juice/smoothie/desserts bars, specialist coffee and tea shops), cloud kitchen, full service restaurants (Asian, European, Latin American, Middle Eastern, North American, and others), and quick service restaurants (bakeries, burger, ice cream, meat-based cuisines, pizza, and others).
By Outlet:
- Chained Outlets
- Independent Outlets
On the basis of the outlet, the market has been categorized into chained outlets and independent outlets.
By Location:
- Leisure
- Lodging
- Retail
- Standalone
- Travel
The market has been segmented into leisure, lodging, retail, standalone, and travel.
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Region-wise, the market has been segregated into Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.
South Korea Foodservice Market Trends:
The South Korea foodservice market is primarily influenced the rising demand for convenience and dining-out options due to the changing country demographics, including an aging population and increasing number of working professionals. Apart from this, South Korea’s vibrant culinary culture and enthusiasm for diverse cuisines have fueled the growth of various foodservice establishments, including restaurants, cafes, and food trucks. Furthermore, ongoing technological advancements, such as mobile apps for food delivery and online reservations, have revolutionized the way consumers access and interact with foodservice providers, enhancing convenience and efficiency and contributing to market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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