South Korea - The Future of Foodservice to 2023

South Korea - The Future of Foodservice to 2023

Published: March 2019
Publisher: GlobalData
Product ref: 310453
Pages: 141
Format: PDF
Delivery: By product vendor

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Summary

"South Korea - The Future of Foodservice to 2023", published by GlobalData provides extensive insight and analysis of the Romanian Foodservice market over the next five years (2016-2021) and acts as a vital point of reference for operators or suppliers.

South Korean foodservice profit sector grew at a CAGR of 3.5% between 2016 and 2018 and is set to accelerate slightly to 3.6% over the next five years. Growth in all channels between 2016 and 2018 was driven to a greater extent by growth in transaction numbers than growth in outlet numbers. The OSR channel has a high penetration of chain operators when compared to other restaurant channels. Both locally grown and international operators have significant shares in the QSR channel. Moreover, eating out at FSR for family and social gathering is a norm for the majority of South Koreans. Younger consumers tend to eat at FSR for socializing with friends, whilst older consumers do so for family outings. Group dining yields higher transaction values maintaining revenue growth in the channel.

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 Shops, Pubs, Clubs and Bars) 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.
• Case Studies: Learn from examples of recent successes and failures within the South Korean foodservice market.

Scope

• Growth can be characterized by a general increase in the country’s economic performance, in the year 2018, which has led to increase in consumer spending for dining out of the South Koreans. Furthermore, demand for convenience by the rapidly growing busier Koreans and the changing lifestyles compelled by increasing workforce and little time to cook food at home along with a rising tendency to eat out more have contributed well to the foodservice’s profit sector growth in recent years.
• Digital shopping has encouraged consumers to shop smarter, and now this is expected everywhere they visit. McDonald's South Korea has led the market by introducing digital ordering systems to reduce waiting times and streamline consumers visits to outlets.
• Changing taste preferences and a focus on value, quality and innovative products also drove visits to the channel. FSR in South Korea will compete on a variety of quality and value based factors in order to survive.

Reasons to buy

• Specific forecasts of the foodservice market over the next five years (2018-2023) 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 shops, Pubs, Clubs and Bars) will allow readers understand the wants and needs of their target demographics.
• Relevant case studies will allow readers to learn from and apply lessons discovered by emerging and major players within South Korea's foodservice market.

Price: $4995.00

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Related research categories

By sector: Catering (in Foodservice/Catering)

By market: South Korea (in Asia)


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