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

Lactase Market by Source (Yeast, Fungi, Bacteria), Form (Liquid, Dry), Application (Food & Beverage, Pharmaceutical Products & Dietary Supplements), Region (North America, Europe, APAC, South America, RoW) – Global Forecast to 2025

“The lactase market is projected to grow at a CAGR of 6.5% during the forecast period.” According to MarketsandMarkets, the lactase market is estimated to be valued at USD 217 million in 2020and is projected to reach USD 298million by 2025, recording a CAGR of 6.5%, in terms of value. Factors such as rising cases of lactose-intolerance and growing demand from lactose-free dairy product manufacturers and increasing innovation and new product development in the application are projected to drive the growth of the lactase industry during the forecast period. However, the growth of the lactase market is inhibited by factors, such as shifting preferences toward dairy-free alternatives and high processing cost and lack of technical expertise for lactase extraction. “By source, the ye......
$5650

Feed Enzymes Market by Type (Phytase, Carbohydrase, and Protease), Livestock (Poultry, Swine, Ruminants, and Aquatic Animals), Source (Microorganism, Plant, and Animal), Form (Dry and Liquid), and Region – Global Forecast to 2025

“Growing government regulations pertaining to animal safety and increasing demand for safer dairy and meat products are set to drive the feed enzymes market.” The global feed enzymes market size is estimated to be USD 1.3 billion in 2020 and is projected to reach USD 1.9 billion by 2025, at a CAGR of 8.1% during the forecast period. The market has a promising growth potential due to several factors, including the stringent safety regulations on livestock safety across the globe, increasing demand for meat and dairy products among consumers, and rising population with an increasing disposable income in emerging economies. The application of enzymes as a feed additive has been prevalent for the past 20 years. During this period, the feed enzyme industry came into existence and had ......
$5650

Food Emulsifiers Market by Type (Mono & di-glycerides and their derivatives, Lecithin, Sorbitan esters, Polyglycerol esters, and Stearoyl lactylates), Source, Function, Application, and Region – Global Forecast to 2025

“The food emulsifiers market is projected to grow at a CAGR of 4.7%.” The food emulsifiers market is estimated to be valued at USD 3.2 billion in 2020 and is projected to reach USD 4.0 billion by 2025, at a CAGR of 4.7% from 2020 to 2025. The market is driven by a rise in the consumption of convenience foods and premium foods globally. The advent of the concept of clean-label ingredients and the health problems associated with the consumption of products containing food emulsifiers are the major challenges in the market. Limited extraction and the additional costs associated with the emulsifiers extracted from natural resources is restraining the market growth. “The mono- & di-glycerides and their derivatives segment is estimated to lead the market, with the largest shar......
$4950

Vitamin D Market by Analog (Vitamin D2, Vitamin D3), Form (Dry, Liquid), Application (Functional Food & Beverage, Pharma, Feed, and Personal Care), End User (Children, Adult, and Pregnant Women), IU Strength and Region – Global Forecast to 2025

“The vitamin D market is projected to grow at a CAGR of 7.0% in terms of value.The key drivers include increasing adoption of vitamin D foods and dietary supplements to prevent joint and bone health related problems” The vitamin D market is estimated at USD 1.1 billion in 2020 and projected to grow at a CAGR of 7.0%, to reach USD 1.6 billion by 2025. The vitamin D market is driven by the growth in awareness of vitamin D deficiency, a rise in incidences of osteoporosis in women, and an increase in cases of malnutrition in children. The rising number of government initiatives and awareness campaigns is expected to create new growth opportunities for the growth of the vitamin D market. The scarcity of ingredients, coupled with the high cost, are the major restraints of the market. T......
$4950

Dairy Alternatives Market by Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Application (Milk, Cheese, Yogurt, Ice Creams, Creamers), Distribution Channel (Supermarkets, Health Stores, Pharmacies), Formulation and Region – Global Forecast to 2025

“Increase in the cases of lactose intolerance and milk allergies drive the overall growth of the dairy alternatives market.” The global dairy alternatives market size is projected to grow from USD 21.4 billion in 2020 to USD 36.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The dairy alternatives market is driven by various factors such as growing consumer preference for a vegan diet and nutritional benefits offered by plant-based dairy alternatives. However, the volatile price of raw materials in various regions can hinder the growth of the market. “The soy segment, by source,is estimated to dominate the dairy alternatives market in 2020.” The soy segment held the largest share in 2020, in terms of value. Soya-based dairy a......
$4950

Lactose-Free Products Market by Type (Milk, Cheese, Yogurt, Ice-cream, Confectionery products), Form (Lactose-free, No added sugar/ Reduced sugar claims, Reduced lactose), Category (Organic, Inorganic), and Region – Global Forecast to 2025

 “The lactose-free products market is projected to grow at a CAGR of 8.7% during the forecast period.” According to MarketsandMarkets, the lactose-free products market is estimated to be valued at USD 12.1 billion in 2020and is projected to reach USD 18.4 billion by 2025, recording a CAGR of 8.7%, in terms of value. Factors such as the increasing awareness of lactose intolerance among consumers across regions and the growing demand for reduced added sugar or no added sugar products are projected to drive the growth of the lactose-free products industry during the forecast period. However, the growth of the lactose-free products market is inhibited by factors, such as high cost of lactose-free products and stiff competition from plant-based alternatives. “By type, the milk segm......
$5650

Poland Confectionery – Market Assessment and Forecasts to 2024

Poland Confectionery - Market Assessment and Forecasts to 2024 Summary The Polish confectionery sector was led by the chocolate category in both the value and volume terms in 2019. Moreover, the category is forecast to register fastest value and volume growth during 2019-2024. Hypermarkets & supermarkets was the leading channel for distribution of confectionery in the country. Flexible packaging was the commonly used pack material in the country. Older consumers (aged 55+ years) accounted for the highest consumption of confectionery products in the country. Mars, Incorporated, Mondelez International, Inc, and Nestle SA are the leading players in the Polish confectionery sector. This report on the confectionery sector in Poland provides insights on high growth markets to target, trends i......
$875

Ireland Confectionery – Market Assessment and Forecasts to 2024

Ireland Confectionery - Market Assessment and Forecasts to 2024 Summary The Irish confectionery sector was led by chocolate category in both value and volume terms, in 2019. However, the gum category is forecast to register fastest value & volume growth during 2019-2024. Hypermarkets & supermarkets accounted for the leading share in the distribution of confectionery products in the country. Flexible packaging was the most commonly used pack material. Consumption of confectionery products was higher among females than males in the country. Mondelez International, Inc, Mars, Incorporated and Nestle SA are the top three companies in the Irish confectionery sector. This report on the confectionery sector in Ireland provides insights on high growth markets to target, trends in the usage of p......
$875

Japan Confectionery – Market Assessment and Forecasts to 2024

Japan Confectionery - Market Assessment and Forecasts to 2024 Summary The Japanese confectionery sector was led by the chocolate category in value terms in 2019. Hypermarkets & supermarkets was the leading channel for distribution of confectionery in the country. Flexible packaging was the commonly used pack material in the country. Older consumers (aged 55+ years) accounted for the highest consumption of confectionery products in the country. Lotte Co., Ltd., Morinaga & Co., Ltd, and Meiji Holdings Co Ltd are the leading players in the industry. This report on the confectionery sector in Japan provides insights on high growth markets to target, trends in the usage of packaging materials, types and closures category level distribution data and companies market shares. What else is cont......
$875

Malaysia Confectionery – Market Assessment and Forecasts to 2024

Malaysia Confectionery - Market Assessment and Forecasts to 2024 Summary The Malaysian confectionery sector is led by the sugar confectionery category in value terms in 2019, while chocolate category is forecast to register the fastest value growth during 2019-2024. Hypermarkets & supermarkets is the leading channel in distribution of confectionery in the country. Mondelez International, Inc, Mars, Incorporated, and Nestle SA are the leading companies in the Malaysian confectionery sector. Flexible packaging is the most commonly used pack material in the sector. Kids & babies (aged 0-15 years) accounted for the highest consumption of confectionary products in the country. This report on the confectionery sector in Malaysia provides insights on high growth markets to target, trends in th......
$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