South Korea Food Service Market Growth, Share, Size, Trends, Challenges and Future Scope 2032
South Korea Food Service Market Size- By Type, By Structure, By Sector- Regional Outlook, Competitive Strategies and Segment Forecast to 2032
| Published: Apr-2023 | Report ID: FOOD2333 | Pages: 1 - 103 | Formats*: |
| Category : Food & Beverages | |||
South Korea Food Service Market Introduction and Overview
According to SPER Market Research, the South Korea Food Service Market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.
The report includes an in-depth analysis of the South Korea Food Service Market, including market size and trends, Machine Type mix, distribution channels, and supplier analysis. The establishments, institutions, and corporations that prepare meals away from the home are categorised as being in the foodservice or catering industry. It comprises dining establishments, grocers, cafeterias in hospitals and schools, as well as many other styles. The food service business in South Korea is a thriving and diverse one that has experienced rapid expansion in recent years. The nation is renowned for its diverse culinary culture, which includes everything from traditional Korean food to global fusion cuisine. In the South Korean food service market, there is a high demand for quality and convenience as well as a readiness to pay a premium for these goods and services.
- April 2023: The "Better Burger" is a new 100% plant-based burger by Shinsegae Food. The burger will use substitute meat, cheese, and buns made from plant-based proteins like soybeans and cashew nuts in place of animal goods like milk and eggs.
- February 2023: The K-pop cooperation between McDonald's Korea and NewJeans brought about a unique crispy chicken sandwich meal.
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Market Opportunities and Challenges
- Opportunities: Convenience continues to play a significant role in dictating the eating habits of South Koreans who lead busy lives. As a result of these and many more conditions, a number of food delivery services have appeared in the nation as consumers increasingly request meals to be delivered to their homes or places of employment online. This development gave online meal delivery services fantastic opportunity to differentiate their ordering experiences for customers by implementing diverse tactics, such providing discounts.
- Challenges: Despite the growth opportunities, the food service sector in South Korea confronts a number of difficulties. These include a lack of qualified workers, fierce competition, shifting customer tastes, rising prices, and worries about food safety. Restaurants struggle to function at full capacity and offer high-quality service when the kitchen is understaffed. It is challenging for new firms to enter the market and for current businesses to stand out due to fierce competition and shifting consumer preferences. Additionally, restaurants are under pressure to increase prices or cut their profit margins due to increased costs for labour, rent, and ingredients. Finally, concerns about food safety have reduced consumer confidence in the food service sector and made it more challenging for restaurants to draw patrons.
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Market Competitive Landscape
Due to their volume domination and availability of regional cuisine, independent restaurants dominate the South Korean foodservice industry. As global firms hold a substantial market share in terms of value and want to acquire a competitive edge by building more restaurants, local restaurants are attempting to grow their presence by opening chain restaurants. Additionally, an increasing number of foodservice suppliers are aggressively creating new goods and establishing cutting-edge services, like online food ordering and customizable meal options, in an effort to draw in a larger number of customers. Some of the prominent key players in the South Korea Food Service market are Balwoo Gongyang, Burger King Corporation, Mc Donald’s Corporation, Starbucks Corporation, Yongsusan, Yum Brands Inc., Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Type, By Structure, By Sector |
| Regions covered | Hamgyeong, Pyeongan, Hwanghae, Gyeonggi Jeolla. |
| Companies Covered | Balwoo Gongyang, Burger King Corporation, Mc Donald’s Corporation, Starbucks Corporation, Yongsusan, Yum Brands Inc. |
COVID-19 Impact on South Korea Food Service Market
The restaurant service sector in South Korea was significantly impacted by the COVID-19 outbreak. Restaurant and cafe foot traffic decreased as a result of the government's severe social segregation policies. To comply with the rules, some firms were forced to temporarily close or modify their operations. Many firms as a result experienced financial losses and fought to survive. Additionally, the epidemic prompted a lot of customers to stay at home, which increased the need for food delivery services. This has given some businesses a chance to survive, but it has also boosted competition in the delivery industry and raised pressure on conventional dine-in restaurants. The pandemic has also altered consumer behaviour, with many choosing contactless transactions and takeaway over in-person purchases.
Key Target Audience:
- Chefs and Cooks
- Consumers
- Event Planners
- Food Critics and Bloggers
- Food Packaging and Delivery Services
- Food Suppliers
- Foodservice Equipment Manufacturers
- Health and Nutrition Professionals
- Hospitality Industry
- Restaurateurs and Food Business Owners
- Others
Our in-depth analysis of the South Korea Food Service Market includes the following segments:
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| By Structure: |
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| By Sector: |
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Key Topics Covered in the Report:
- Size of South Korea Food Service Market (FY’2019-FY’2032)
- Overview of South Korea Food Service Market
- Segmentation of South Korea Food Service Market By Type (Full-Service Restaurants, Quick Service Restaurants, Street Stalls and Kiosks, Cafes and Bars, Others)
- Segmentation of South Korea Food Service Market By Structure (Independent Consumer Food Service, Chained Consumer Food Service)
- Segmentation of South Korea Food Service Market By Sector (Commercial, Non- Commercial)
- Statistical Snap of South Korea Food Service Market
- South Korea Food Service Market Growth Analysis
- Problems and Challenges in South Korea Food Service Market
- South Korea Food Service Market Competitive Landscape
- Impact of COVID-19 and Demonetization on South Korea Food Service Market
- Details on Recent Investment in South Korea Food Service Market
- Competitive Analysis of South Korea Food Service Market
- Major Players in the South Korea Food Service Market
- SWOT Analysis of South Korea Food Service Market
- South Korea Food Service Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data2.1.2 Primary data2.1.3 SPER’s internal database2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers4.1.2 Restraints4.1.3 Opportunities4.1.4 Challenges
4.2. COVID-19 Impacts of the South Korea Food Service Market
5. Market variables and outlook
5.1. SWOT analysis5.1.1 Strengths5.1.2 Weaknesses5.1.3 Opportunities5.1.4 Threats5.2. PESTEL analysis5.2.1 Political landscape5.2.2 Economic landscape5.2.3 Social landscape5.2.4 Technological landscape5.2.5 Environmental landscape5.2.6 Legal landscape5.3. PORTER’S five forces analysis5.3.1 Bargaining power of suppliers5.3.2 Bargaining power of Buyers5.3.3 Threat of Substitute5.3.4 Threat of new entrant5.3.5 Competitive rivalry5.4.Heat map analysis
6. Competitive Landscape
6.1 South Korea Food Service Manufacturing Base Distribution, Sales Area, Product Type6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Food Service Market
7. South Korea Food Service Market, By Type, 2019-2032 (USD Million)
7.1 Full Service Resturants7.2 Quick Service Resturants7.3 Street Stalls and Kiosks7.4 Cafes and Bars7.5 Others
8. South Korea Food Service Market, By Structure, 2019-2032 (USD Million)
8.1 Independent Consumer Food Service8.2 Chained Consumer Food Service
9. South Korea Food Service Market, By Sector, 2019-2032 (USD Million)
9.1 Commercial9.2 Non- Commercial
10. South Korea Food Service Market, By Region, 2019-2032 (USD Million)
10.1 South Korea Food Service Market Size and Market Share by Region (2019-2025)10.2 South Korea Food Service Market Size and Market Share by Region (2026-2032)10.3 Hamgyeong10.4 Pyeongan10.5 Hwanghae10.6 Gyeonggi10.7 Jeolla10.8 Rest of South Korea
11. Company Profiles
11.1 Balwoo Gongyang
11.1.1 Company details11.1.2 Financial outlook11.1.3 Product summary11.1.4 Recent developments
11.2 Burger King Corporation
11.2.1 Company details11.2.2 Financial outlook11.2.3 Product summary11.2.4 Recent developments
11.3 Mc Donald’s Corporation
11.3.1 Company details11.3.2 Financial outlook11.3.3 Product summary11.3.4 Recent developments
11.4 Starbucks Corporation
11.4.1 Company details11.4.2 Financial outlook11.4.3 Product summary11.4.4 Recent developments
11.5 Yongsusan
11.5.1 Company details11.5.2 Financial outlook11.5.3 Product summary11.5.4 Recent developments
11.6 Yum Brands Inc.
11.6.1 Company details11.6.2 Financial outlook11.6.3 Product summary11.6.4 Recent developments
12. List of Abbreviations
13. Reference Links
14. Conclusion
15. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
South Korea Food Service Market size is USD XX billion from 2022 to 2032.
South Korea Food Service Market Segment is covered By Type, By Structure, By Sector.
The Asia-Pacific region is anticipated to have the highest market share in the South Korea Food Service Market.
The key players in the market include Companies Covered Balwoo Gongyang, Burger King Corporation, Mc Donald’s Corporation, Starbucks Corporation, Yongsusan, Yum Brands Inc.
The country is known for its rich culinary culture, which ranges from traditional Korean cuisine to international fusion dishes. The food service market in South Korea is characterized by a strong demand for convenience and quality, as well as a willingness to pay for premium products and services.
South Korea Food Service Market is projected to reach USD XX billion by 2032, growing at a CAGR of XX% during the forecast period.
South Korea Food Service Market grew in market size from 2021. The Market is expected to reach USD XX billion by 2032, at a CAGR of XX% during the forecast period.
South Korea Food Service Market CAGR of XX% during the forecast period.
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