Categories: Wire Stories

South Korea Foodservice Market Report 2022 to 2027 – Growing Demand for Online Delivery Services of Meals – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “South Korea Foodservice Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.

The South Korean foodservice market is projected to register a CAGR of 4.63% during the forecast period 2022-2027.

Companies Mentioned

Yum! Brands Inc.
Starbucks Corporation
McDonald’s Corporation
Domino’s Pizza Inc.
Restaurant Brands International Inc.
Balwoo Gongyang
CJ Group
Bloomin’ Brands
SPC Group
Genesis BBQ Group
Lotte Group

Key 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.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Drivers

4.2 Market Restraints

4.3 Porter’s Five Forces Analysis

5 MARKET SEGMENTATION

5.1 By Type

5.2 By Structure

6 COMPETITIVE LANDSCAPE