South Korea - The Future of Foodservice to 2029

South Korea - The Future of Foodservice to 2029

Summary

This report provides an in-depth evaluation of the South Korean foodservice market, including analysis of the key issues impacting on the industry. This report includes: - Consumer insight and analysis to provide a clear view of prevailing need states, trends and demands of consumers, including segmentation analysis and channel preference, all fully supported by comprehensive market data and occasions and locations analytics. - In-depth analysis of channel performance, both profit and cost sector, detailing the winning formats, with supporting analysis to provide comprehensive understanding of the reasons behind success and failure. - For each of four key profit sector channels - QSR, FSR, coffee & tea shops and pubs, clubs & bars, a deep dive into the ‘who’, ‘why’, ‘what’, ‘where’ and ‘what next’. - Analysis of major market player performance, and how each player is meeting the needs of consumers and dealing with changing market demands, with supporting case studies on key menu, service and format innovations.

The foodservice profit sector generated revenue of KRW148.7 trillion ($110.6 billion) value in 2024, recording a modest CAGR of 1.3% during 2019-24. Owing to a weak consumer sentiment, the number of transactions and outlet count registered a drop during the period.

FSR was the largest channel in South Korea in 2024, accounting for a 55.8% share of total sales, followed by QSR with 12%. Supported by incoming tourists, the pub, club & bar channel recorded the highest CAGR at 3.8% during 2019-24.

During 2024-29, the profit sector in South Korea will register a value CAGR of 3.9%. The number of transactions will register a CAGR of 1.9%, and the number of outlets will post a CAGR of 0.6%. The FSR channel is expected to register the highest value CAGR during 2024-29, at 4.2%.

Scope

Macro context:


Understanding the wider economic and social trends within a country; key to providing background when looking into a specific industry.

Profit sector channels:

A number of foodservice channels have been grouped together to form the “profit sector”; these include accommodation, leisure, restaurants, retail, travel, workplace, and pub, club & bar. This section will first go through overall trends in the sector, then “deep dive” into each of the four key channels. These channels are QSR, FSR, coffee & tea shop, and pub, club & bar. The report structure for each of these channels is explained below.

Cost sector channels:

A number of foodservice channels have been grouped together to form the “cost sector”; these include education, healthcare, military & civil defense, and welfare & services. This sector typically represents the state’s foodservice operators. This section of the report will go through overall trends in the sector. Profit sector sub-sections - QSR, FSR, coffee & tea shop, and pub, club & bar:

For each of these key profit sector channels, this report will “deep dive” into the performance of the channel. This will follow a summary of the channel, which will encapsulate everything within the section. The report section will then cover historic and forecast growth/decline; key players within the channel; consumer segment analysis; and a “who”, “why”, “what”, and “where” analysis (including, for some channels, case studies to bring key discussion points to life). It will finish with a look into the key drivers of future performance.

Cost sector:

For the overall cost sector channel, this report will provide an overview of the performance of the channel. The report section will cover historic and forecast growth/decline and will finish with a look into the data and channel share breakdown.

Reasons to Buy

  • Specific forecasts of the foodservice market over the next five years (2024-29) 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, and coffee & tea shop) will allow readers understand the wants and needs of their target demographics.


  • Report Guide
  • Executive Summary
  • Executive Summary: Consumer Trends
  • Macroeconomic Context
    • Macroeconomic Overview
    • Trends Landscape and Consumer Shopping Behavior
    • Profit Sector - Consumer Behavior
  • Profit Sector
    • Profit Sector Metrics
      • Table Increased spending by international tourists supported the profit sector
    • Profit Sector: Value and Share by Channel
    • Profit Sector: Value Performance by Channel
    • Profit Sector: Outlet Dynamics by Channel
    • Profit Sector: Transactions Dynamics by Channel
    • Profit Sector: Operator Buying Volumes and Performance by Channel
    • Profit Sector: Historic & Future Channel Performance Dynamics
    • Profit Sector: Restaurant: Outlet-Type & Owner-Type Growth Dynamics
      • Table Restaurant outlet types: value growth (CAGR 2024-29)
      • Table Restaurant owner types: value growth (CAGR 2024-29)
  • Profit Sector: Quick-Service Restaurant (QSR)
    • QSR: Enablers and Inhibitors of Growth
    • QSR: Metrics: Growth Dynamics
      • Table The channel will register a CAGR of 4.1% during 2024-29
    • QSR: Key Players
    • QSR: Challenger Profile: Shake Shack Korea
    • QSR: Who?
    • QSR: Why?
    • QSR: What? Food and Drink Split
    • QSR: What? Menu Intelligence Analysis
    • QSR: What? Menu Intelligence Analysis - Restaurant Cuisine Type
    • QSR: What? Menu Intelligence Analysis - Dish and Ingredient Penetration
    • QSR: What? Menu Intelligence Analysis - Pricing Analysis
    • QSR: Where? Location
    • QSR: What Next?
  • Profit Sector: Full-Service Restaurant (FSR)
    • FSR: Enablers and Inhibitors of Growth
    • FSR: Metrics: Growth Dynamics
      • Table Chains outpaced independent operators with a higher CAGR of 3.6% during 2019-24
    • FSR: Key Players
    • FSR: Challenger Profile: Nolboo
    • FSR: Who?
    • FSR: Why?
    • FSR: What? Food and Drink Split
    • FSR: What? Menu Intelligence Analysis
    • FSR: What? Menu Intelligence Analysis - Restaurant Cuisine Type
    • FSR: What? Menu Intelligence Analysis - Dish and Ingredient Penetration
    • FSR: What? Menu Intelligence Analysis - Pricing Analysis
    • FSR: Where? Location
    • FSR: What Next?
  • Profit Sector: Coffee & Tea Shop
    • Coffee & Tea Shop: Enablers and Inhibitors of Growth
    • Coffee & Tea Shop: Metrics: Growth Dynamics
      • Table Chain operators held a leading value share of 69%
    • Coffee & Tea Shop: Key Players
    • Coffee & Tea Shop: Challenger Profile: Caffe Bene
    • Coffee & Tea Shop: Who?
    • Coffee & Tea Shop: Why?
    • Coffee & Tea Shop: What? Food and Drink Split
    • Coffee & Tea Shop: What? Menu Intelligence Analysis - Pricing Analysis
    • Coffee & Tea Shop: What? Mega Coffee: Case Study
    • Coffee & Tea Shop: Where? Location
    • Coffee & Tea Shop: What Next?
  • Profit Sector: Pub, Club & Bar
    • Pub, Club & Bar: Enablers and Inhibitors of Growth
    • Pub, Club & Bar: Metrics: Growth Dynamics
      • Table The channel will record a lower CAGR in the forecast period compared to the review period
    • Pub, Club & Bar: Key Players
    • Pub, Club & Bar: Who?
    • Pub, Club & Bar: Why?
    • Pub, Club & Bar: What? Food and Drink Split
    • Pub, Club & Bar: What? Menu Intelligence Analysis - Pricing Analysis
    • Pub, Club & Bar: Where? Location
    • Pub, Club & Bar: What Next?
  • Cost Sector
    • Cost Operator Trends: Historic and Future Performance
    • Cost Operators: Data and Channel Share Breakdown
      • Table Military & civil defense was the largest channel in South Korea’s cost sector
  • Appendix
    • Channel Definitions
    • Other Definitions
    • Key Components - Market Intelligence

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