South Korea - The Future of Foodservice to 2024

South Korea - The Future of Foodservice to 2024

Published: December 2020
Publisher: GlobalData
Product ref: 320023
Pages: 132
Format: PDF
Delivery: By product vendor

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Summary

"South Korea - The Future of Foodservice to 2024” published by GlobalData provides extensive insight and analysis of the South Korean Foodservice market over the next five years (2019-2024) and acts as a vital point of reference for operators or suppliers. The report includes:

The South Korean foodservice profit sector grew in value by a CAGR of 4.2% over the period, 2014-2019, to reach KRW130,257.9 billion (US$116.5 billion). The quick service restaurant channel led the growth chart with a CAGR of 6.3% in the period. Full-service restaurants and pubs, clubs, and bars also witnessed a notable growth over the same period. Jointly accounting for a value share of 82.4% in 2019, these are the top three foodservice channels in the country. Technological capabilities have been transforming the restaurant industry in the country, across channels. Operators have been increasingly employing robotic waiters in order to enhance the convenience factor.

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 and 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 Korean population.

Key players: Overview of market leaders within the four major channels including business descriptions and number of outlets.

Scope

• Weaker exports, mainly owing to global trade tensions, pulled down the economic growth rate of the country significantly in 2019. In order the curtail the economic slowdown, the government increased its fiscal spending. Significant spending by the government on public infrastructure played a key role in improvement of growth, during the fourth quarter. The worsening situation of the South Korean economy adversely impacted the consumer confidence of youngsters in the country.
• The FSR channel dominates the foodservice industry with a value share of 60.5% in 2019. At KRW78,782.4 billion, the sales value of the channel is far higher than all other channels
• Over the review period, the quick service restaurant channel topped the growth chart with a CAGR of 6.3% during 2014-2019. Food deliveries played a key role in the growth of the QSR channel. With the introduction of delivery applications and unmanned kiosks & ordering devices, technology has been playing a key role in driving the growth of the channel.

Reasons to Buy

• Specific forecasts of the foodservice market over the next five years (2019-2024) 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 Pubs, Clubs and Bars) will allow readers understand the wants and needs of their target demographics.

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Related research categories

By sector: Catering (in Foodservice/Catering)

By market: South Korea (in Asia)


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