South Korean Foodservice: The Future of Foodservice in South Korea to 2016

2012-07-11
Published : Jul-2012

This report provides readers with unparalleled levels of detail and insight into the development of the foodservice sector within South Korea.

  • This report provides readers with in-depth data on the valuation and development of both the profit and cost sectors in the South Korean foodservice market.
  • This report provides details on the number of outlets, transactions, average price, foodservice sales, sales per outlet, and transactions per outlet per week, across nearly 50 sub-channels.
  • This report provides highly granular future forecasts and historic market data to aid market and strategic planning.
  • This report will help you to assess the impact of economic recession and recovery on foodservice market growth.

Key Market Issues

  • The South Korean economy rebounded fast after the 2009 global economic crisis. The GDP growth rate in 2009 over 2008 dropped to 0.2%, from 2.3% in 2008 over 2007. However, the economy rebounded fast and grew by 6.1% in 2010 and 4.2% in 2011 respectively. This encouraged foodservice operators to expand and invest more in various new regions of the country.
  • In 2010, South Korea witnessed a 31% growth in the international tourist inflow into the country. The country offers varied avenues for tourists to explore, including medical tourism, spiritual tourism, leisure tourism, and business tourism. The increasing number of tourists boosts the foodservice sales in the country.
  • In 2010, the median age in South Korea was 39 years and the above 65 years age group comprised 17.6% of the total population. Recently, vegan and organic food have become popular amongst the aging population, thereby influencing the menu trends in many restaurants and eating establishments.
  • There is no law in the South Korean foodservice industry that requires operators to disclose the calorie count of items in their menus. However, consumers and health agencies are emphasizing the need for compulsory nutrition labeling in the country.
  • Fast food restaurants are being seen to introduce café formats in their regular outlets. McCafé is a service window in a regular McDonald’s outlet which provides café-style light snacks.

Report Details:

Published: July 2012
No. of Pages: 213

Price: Single User License – US$3200              Corporate User License – US$9600

Key Highlights

  • The foodservice industry finds itself in a much better position as disposable income increased considerably over the review period. The increase was from KRW898,070 billion in 2008 to KRW1,076,609.7 billion in 2011, at a CAGR of 6.2%. Additionally, rapid economic development has led to drastic changes in the lifestyle of consumers, who are now more willing to spend more money on eating out.
  • South Koreans are adopting healthy food habits mainly due to an increasing ageing population and growing health awareness. As people are becoming more aware about obesity and other health issues, the demand for healthier food products has risen.
  • In order to keep check on the incessant wastage of food at restaurants, a new technology named “swipe card technology” has been created, according to which a consumer has to pay for the amount of food that they may have wasted.
  • The number of mobile subscribers has shown a significant increase, from 40.2 million users in 2006 to 52.3 million users in 2011. This increase has been mainly because of the widespread use of smart-phones in the country. Smart-phones provide an easy mode of choosing restaurants, bars, clubs, and other dining locations.
  • South Koreans are highly conscious of their health and are therefore very careful about their food, with a considerable population having resorted to vegetarian food completely.
Filed in: Food & Beverage, Food Service
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