South Korea – The Future of Foodservice to 2021

2017-07-31
Price :
Published : Jul-2017
No. of Pages : 144

South Korea – The Future of Foodservice to 2021

Summary

Korea is a wealthy nation with the world’s 11th largest economy. Due to recent political and economic uncertainty due to high-profile scandals, GDP growth in the Korean economy fell in late 2016. Despite this, as domestic and international uncertainty dissipates, growth is projected to rise to 2.8% in 2018, buoyed by rising consumer confidence and exports. Overall, the economy remains healthy and will accommodate inflation and household debt over 2017.

Overall revenue in the South Korean profit foodservice sector grew at a CAGR of 3.5% between 2014 and 2016; growth in overall sector revenue is forecast to 2021 at a CAGR of 3.6%. Growth in all channels between 2014 and 2016 was driven to a greater extent by growth in transaction numbers than growth in outlet numbers. Low outlet growth across many channels is reflective of the maturity of the South Korean economy and demographic trends impacting the sector.

QSR channel is the third-largest in the Korean profit foodservice sector, representing 18% of total sector revenue with an overall value of KRW 12,975.8 billion in 2016. Growth in the channel is being driven by growth in transactions due to increasing time scarcity amongst consumers, who see this channel as a convenience option. The channel has a high penetration of chain operators. Both locally grown and international operators have significant shares in the QSR channel. In addition to convenience-based factors, a significant proportion of consumers visiting the channel cited brand familiarity and routine as key drivers for their choice of outlet.

In 2016, the FSR channel was the largest channel in the Korean profit sector by revenue. The channel witnessed a 3.0% CAGR in total revenue between 2014 and 2016 and is expected to growth at a 2.9% CAGR between 2016-2021. Key FSR players in South Korea include global and local businesses. The five largest FSR brands are VIPS (CJ Group), Outback Steakhouse (Bloomin’ Brands), T.G.I. Fridays (Sentinel Capital Partners & TriArtisan Capital Partners), Pizza Hut (Yum! Brands, Inc.), and Seven Springs (Samyang).

Coffee and tea shop channel is relatively small, accounting for only 4.2% of total sector revenue. Between 2014 and 2016 the coffee and tea shop channel saw the second highest rate of channel revenue growth behind only QSR. However the channel saw among the slowest outlet growth, reflective of a market that is becoming increasingly overcrowded and oversaturated.

The report “South Korea – The Future of Foodservice to 2021” provides extensive insight and analysis of the South Korean Foodservice market over the next five years (2016-2021) and acts as a vital point of reference for operators or suppliers.

In particular, this report provides the following –
– Overview of South Korea’s macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on the South Korean 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 Coffee & Tea Shops) within the South Korean 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 Bulgarian population.
– Key Players: Overview of market leaders within the three 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.

Companies mentioned in this report: McDonald’s, MPK Group, Mr. Pizza, Jessica’s Kitchen, Manoffin, Pelicana, LOTTE, Lotteria, Genesis BBQ, VIPS, Bibigo, Cheijemyunso, China Factory, Seasonstable, T.G.I. Fridays, Pizza Hut, KFC, Taco Bell, Samyang F&B, Seven Springs, Starbucks, Ediya Coffee, Caffe Bene, Hollys Coffee, Angel-us-coffee.

Scope

– The increased use of mobile technology has allowed operators to maximize efficiency and value, as well as offering consumers ‘smart experiences’. This is particularly prominent within the QSR market, with operators seeking to target time-poor but tech savvy urbanites.
– Low birth rates, combined with longer life expectancies, have boosted the importance of the country’s elderly population.
– A ‘Westernization’ of the foodservice market has seen operators increasingly feature steaks, grills and American style pizzas as part of their menus. This trend has been primarily driven by younger generations, with these products being associated with aspirational American ‘lifestyles’.

Reasons to buy

– Specific forecasts of the foodservice market over the next five years (2016-2021) 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 shops) 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 the South Korean foodservice market.

Filed in: Food & Beverage, Food Service
Publisher : GlobalData
More Reports
Title Price Buy Now

Country Profile: Savory Snacks in South Korea

Country Profile: Savory Snacks in South Korea Summary The South Korean savory snacks sector is led by the processed snacks category in both value and volume terms, while potato chips category is expected to register the fastest value growth during 2017-2022. Hypermarkets & supermarkets is the leading channel for the distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material in the sector, followed by paper & board. PepsiCo, Lotte Co., Ltd. and Orion Confectionery Co, Ltd. are the leading market players in the South Korean savory snacks sector. GlobalData's Country Profile report on the savory snacks sector in South Korea provides insights on high growth categories to target, trends in the usage of package materials, category level dist......
$875

Country Profile: Savory Snacks in Russia

Country Profile: Savory Snacks in Russia Summary The Russian savory snacks sector is led by the potato chips category in both value and volume terms. The category is also expected to register the fastest growth in both value and volume terms during 2017-2022. Hypermarkets & supermarkets is the leading channel for the distribution of savory snacks products in the country. Flexible packaging is the most commonly used pack material in the sector, followed by rigid plastics. PepsiCo, Intersnack Group GmbH & Co. KG, and Kdv Grupp, Ooo are the leading market players in the Russian savory snacks sector. GlobalData's Country Profile report on the savory snacks sector in Russia provides insights on high growth categories to target, trends in the usage of package materials, category level d......
$875

Country Profile: Savory Snacks in Indonesia

Country Profile: Savory Snacks in Indonesia Summary The savory snacks sector in Indonesia is led by the ‘nuts & seeds' category in value terms while processed snacks is the largest category in volume terms. However, the potato chips category is expected to register the fastest value and volume growth during 2017-2022. Convenience stores is the leading channel for distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material in the sector, followed by rigid plastics. Garuda Food, PepsiCo, and Pt. Dua Kelinci are the leading market players in Indonesian savory snacks sector. GlobalData's Country Profile report on the savory snacks sector in Indonesia provides insights on high growth categories to target, trends in the usage of package mate......
$875

Country Profile: Savory Snacks in South Africa

Country Profile: Savory Snacks in South Africa Summary The South African savory snacks sector is led by the potato chips category in value terms, while processed snacks held the largest volume share in 2017. The ‘nuts and seeds' category is expected to register the fastest value and volume growth, during 2017-2022. Hypermarkets & supermarkets is the leading channel for the distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material in the sector, while rigid metal is expected to register the fastest growth during 2017-2022. PepsiCo, AVI and Pioneer Foods are the leading market players in the South African savory snacks sector. GlobalData's Country Profile report on the savory snacks sector in South Africa provides insights on high grow......
$875

Country Profile: Savory Snacks in Argentina

Country Profile: Savory Snacks in Argentina Summary The Argentine savory snacks sector is led by the potato chips category in both value and volume terms. Potato chips category is also expected to register the fastest growth in both value and volume terms during 2017-2022. Convenience stores is the leading channel for the distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material in the sector, followed by paper & board. PepsiCo, The 5 Hispanic and Blancanuez Sa are the leading market players in the Argentine savory snacks sector. GlobalData's Country Profile report on the savory snacks in Argentina provides insights on high growth categories to target, trends in the usage of package materials, category level distribution channel data ......
$875

Country Profile: Savory Snacks in Ireland

Country Profile: Savory Snacks in Ireland Summary The savory snacks sector in Ireland is led by the potato chips category in both value and volume terms. The category is also expected to register the fastest value growth and the ethnic/traditional snacks is expected to register the fastest volume growth during 2017-2022. Hypermarkets & supermarkets is the leading channel for distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material in the sector, followed by paper & board. Intersnack Group GmbH & Co. KG, PepsiCo, and O`Donnells Crisps are the leading market players in Irish savory sancks sector. GlobalData's Country Profile report on the savory snacks sector in Ireland provides insights on high growth categories to target, trends in t......
$875

Country Profile: Savory Snacks in Australia

Country Profile: Savory Snacks in Australia Summary The Australian savory snacks sector is led by the potato chips category in both value and volume terms, while the pretzels category is expected to register the fastest value growth during 2017-2022. Hypermarkets & supermarkets is the leading channel for the distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material in the sector, followed by paper & board. PepsiCo, Snack Brands Australia, and The Kellogg Company are the leading market players in the Australian savory snacks sector. GlobalData's Country Profile report on the savory snacks in Australia provides insights on high growth categories to target, trends in the usage of package materials, category level distribution channel dat......
$875

Country Profile: Savory Snacks in Italy

Country Profile: Savory Snacks in Italy Summary The savory snacks sector in Italy is led by the ‘potato chips' category in both value and volume terms in 2017. It is also expected to register the fastest growth in value terms during 2017-2022. Hypermarkets & supermarkets accounted for the leading share in the distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material, followed by rigid plastics and paper & board. Unichips Italia Spa, Amica Chips S.P.A, and Pata- Castiglione Delle Stiviere (Mn) are the leading market players in the Italian savory snacks sector. GlobalData's Country Profile report on the savory snacks sector in Italy provides insights on high growth categories to target, trends in the usage of package materials, categor......
$875

Country Profile: Savory Snacks in Spain

Country Profile: Savory Snacks in Spain Summary The Spanish savory snacks sector is led by the potato chips category in both value and volume terms. The category is also expected to register the fastest value and volume growth during 2017-2022.Hypermarkets & supermarkets is the leading channel for distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material in the sector, followed by paper & board. Lay's, Borges and Cheetos are the leading brands in the Spanish savory snacks sector. GlobalData's Country Profile report on the savory snacks sector in Spain provides insights on high growth categories to target, trends in the usage of package materials, category level distribution channel data and market share of brands. What else is cont......
$875

Country Profile: Savory Snacks in Brazil

Country Profile: Savory Snacks in Brazil Summary The savory snacks sector in Brazil is led by the processed snacks category in both value and volume terms. The nuts and seeds category is expected to register the fastest growth in value terms during 2017-2022. Hypermarkets & supermarkets accounted for the leading share in the distribution of savory snacks in the country. Flexible packaging is the most commonly used pack material, followed by rigid plastics. Cheetos, Yoki, and Fandangos are the leading brands in the Brazilian savory snacks sector. GlobalData's Country Profile report on the savory snacks in Brazil provides insights on high growth categories to target, trends in the usage of package materials, category level distribution channel data and market share of brands. Wha......
$875
We use cookies to deliver the best possible experience on our website.
By continuing to use this site, or closing this box, you consent to our use of cookies. To learn more, visit our Privacy Policy