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

Gluten-free Products Market by Type (Bakery products, Snacks & RTE products, Condiments & dressings, Pizzas & pastas), Distribution channel (Conventional stores, Specialty stores and Drugstores & Pharmacies), Form & Region – Global Forecast to 2025

“The gluten-free products market is projected to grow at a CAGR of 8.1% in terms of value.The key drivers include increased diagnosis of celiac disease and other food allergies, which, in turn, is boosting the market growth for gluten-free products.” The global gluten-free products market size is estimated at USD 5.6 billion in 2020 and projected to grow at a CAGR of 8.1% to reach USD 8.3 billion by 2025. The global gluten-free products market is driven by the increased diagnosis of celiac disease and other food allergies. Also, health benefits and adoption of special diertary lifestyles and free-from foods from a majority population across the globe is expected to further drive the growth. Relatively high cost of gluten-free products as compared to the conventional gluten-containin......
$4950

Modified Starch Market by Raw Material (Corn, Cassava, Potato, and Wheat), Application (Food & Beverages (Bakery & Confectionery, Processed Foods, Beverages, and Other Food Applications), Industrial, and Feed), Form, and Region – Global Forecast to 2025

“The modified starch market is projected to grow at a CAGR of 2.7% during the forecast period.” According to MarketsandMarkets, the global modified starch market size is estimated to be valued at USD 13.1 billion in 2020 and projected to reach USD 14.9 billion by 2025, recording a CAGR of 2.7%.The market is driven primarily by factors such as increasing consumption of processed food and convenience food. Asia Pacific is projected to be the fastest-growing regional market. Asian countries, especially China, have emerged as leading destinations, as major companies are investing in these countries. One of the major restraints in the growth of the modified starch market is the rising costs of raw materials and stringent regulations. “By application, the food & beverages segment......
$4950

Microencapsulation Market by Technology (Spray, Emulsion, Dripping), Core Material (Pharma & Healthcare Drugs, PCM, Food Additives, Fragrances), Application (Pharma, Household, Agrochemicals, Textiles), Shell Material, and Region – Global Forecast to 2025

“The micro encapsulation market is projected to grow at a CAGR of 12.9%.” The global micro encapsulation market was valued at USD 8.5 billion in 2020 and is projected to reach USD 15.5 billion by 2025, at a CAGR of 12.9% from 2020 to 2025. The market is driven by factors such as the increasing demand for fortified food products for the taste masking and enhanced shelf-life properties, the increasing demand for the controlled-release agrochemicals, growing construction and construction materials,and wide spread applications in household & personal care. The high costs associated with the micro encapsulated process,the regulations on the maximum quantity of micro encapsulated ingredients that can be added to food &beverages, and the limited availability of natural sources of h......
$4950

Dough Products (Bakery and Cereals) Market in Japan – Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact)

Dough Products (Bakery and Cereals) Market in Japan - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) Summary Dough Products (Bakery and Cereals) Market in Japan - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) is a broad level market review of Dough Products market in Japan. Dough Products - includes all pre-prepared pastry, pizza bases, pie and pastry shells and frozen dough products Dough Products market in Japan registered a positive compound annual growth rate (CAGR) of 1.58% during the period 2014 to 2019 with a sales value of JPY 35,771.50 Million in 2019, an increase of 1.88% over 2018. The market achieved its strongest performance in 2019, when it grew by 1.88% over its previous year and its......
$500

Energy Bars (Bakery and Cereals) Market in Peru – Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact)

Energy Bars (Bakery and Cereals) Market in Peru - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) Summary Energy Bars (Bakery and Cereals) Market in Peru - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) is a broad level market review of Energy Bars market in Peru. Energy Bars - Includes Protein bars and cereal-based bars which have been nutritionally fortified to give an energy boost. Example Lucozade Sport Energy Bar. Energy Bars market in Peru registered a positive compound annual growth rate (CAGR) of 8.40% during the period 2014 to 2019 with a sales value of PEN 185.56 Million in 2019, an increase of 7.13% over 2018. The market achieved its strongest performance in 2015, when it grew by 9.87% ove......
$500

Still Wine (Wines) Market in Brazil – Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact)

Still Wine (Wines) Market in Brazil - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) Summary Still Wine (Wines) Market in Brazil - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) is a broad level market review of Still Wine market in Brazil. Still Wine - During fermentation the yeasts consume the sugar and turn it into alcohol, a byproduct of this process is carbon dioxide. If the carbon dioxide is allowed to escape the wine is referred to as still. Includes all white, red and rosé still wines. Still Wine market in Brazil registered a positive compound annual growth rate (CAGR) of 4.93% during the period 2014 to 2019 with a sales value of BRL 18,298.29 Million in 2019, an increase of 6.93% over 2018......
$500

Sparkling Wine (Wines) Market in the United Arab Emirates – Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact)

Sparkling Wine (Wines) Market in the United Arab Emirates - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) Summary Sparkling Wine (Wines) Market in United Arab Emirates - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) is a broad level market review of Sparkling Wine market in United Arab Emirates. Sparkling Wine - A wine made effervescent by carbon dioxide gas, introduced artificially or produced naturally by secondary fermentation includes champagne and cava. Sparkling Wine market in United Arab Emirates registered a positive compound annual growth rate (CAGR) of 10.42% during the period 2014 to 2019 with a sales value of AED 662.73 Million in 2019, an increase of 12.66% over 2018. The market achie......
$500

Cookies (Sweet Biscuits) (Bakery and Cereals) Market in Brazil – Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact)

Cookies (Sweet Biscuits) (Bakery and Cereals) Market in Brazil - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) Summary Cookies (Sweet Biscuits) (Bakery and Cereals) Market in Brazil - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) is a broad level market review of Cookies (Sweet Biscuits) market in Brazil. Cookies (Sweet Biscuits) - all sweet biscuits, including American style cookies (sweetened dough). Includes chocolate covered cookies/biscuits, filled biscuits (e.g. Oreos), and wafers. Cookies (Sweet Biscuits) market in Brazil registered a positive compound annual growth rate (CAGR) of 3.44% during the period 2014 to 2019 with a sales value of BRL 22,859.23 Million in 2019, an increase of 3.72% ......
$500

Cookies (Sweet Biscuits) (Bakery and Cereals) Market in Italy – Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact)

Cookies (Sweet Biscuits) (Bakery and Cereals) Market in Italy - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) Summary Cookies (Sweet Biscuits) (Bakery and Cereals) Market in Italy - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) is a broad level market review of Cookies (Sweet Biscuits) market in Italy. Cookies (Sweet Biscuits) - all sweet biscuits, including American style cookies (sweetened dough). Includes chocolate covered cookies/biscuits, filled biscuits (e.g. Oreos), and wafers. Cookies (Sweet Biscuits) market in Italy registered a positive compound annual growth rate (CAGR) of 2.68% during the period 2014 to 2019 with a sales value of EUR 2,051.98 Million in 2019, an increase of 3.02% over ......
$500

Morning Goods (Bakery and Cereals) Market in the United Kingdom – Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact)

Morning Goods (Bakery and Cereals) Market in the United Kingdom - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) Summary Morning Goods (Bakery and Cereals) Market in United Kingdom - Outlook to 2024; Market Size, Growth and Forecast Analytics (updated with COVID-19 Impact) is a broad level market review of Morning Goods market in United Kingdom. Morning Goods - Breakfast bakery products such as pain au raisins, croissants, bagels, muffins, crumpets etc. Includes morning pastry type products cooked in Toasters (i.e. Pop Tarts). Excludes Malt Loaf Morning Goods market in United Kingdom registered a positive compound annual growth rate (CAGR) of 3.33% during the period 2014 to 2019 with a sales value of GBP 1,113.11 Million in 2019, an increase ......
$500
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