South Korea Foodservice Market Assessment, Channel Dynamics, Customer Segmentation, Key Players and Forecast to 2025

“South Korea Foodservice Market Assessment, Channel Dynamics, Customer Segmentation, Key Players and Forecast to 2025” published by the publisher provides extensive insight and analysis of the South Korean Foodservice market over the next five years (2020-2025) and acts as a vital point of reference for operators or suppliers.

South Korea foodservice profit sector contracted by a CAGR of 1.8% from 2015-2020. The closure of restaurants, bars, cafés, and other outlets owing to the lockdown imposed in the country to prevent the spread of COVID-19 adversely impacted the growth of the channel in 2020. However, many operators tried to adapt to the ‘new normal’ by enhancing their delivery capabilities and increasing their online presence amid the pandemic. As a result, the foodservice industry is anticipated to rebound over the forecast period.

The report includes - - 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, Coffee & Tea Shop, and Pub, Club & Bar) 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 South Korean population.- Key players: Overview of market leaders within the four major channels including business descriptions and number of outlets.

Scope

• FSR is the largest channel in the South Korean foodservice profit sector by revenue, representing 59.1% of total sector revenue in 2020. The QSR is the second most prominent channel, with a market share of 12.6%. FSR’s large market share can be attributed to its unique ambience for special occasions and high popularity across millennials.
• The FSR channel led in terms of number of outlets in the country, however recorded a decline of 0.8%, primarily due to COVID-19 created economic and financial crisis. Meanwhile, the total number of outlets in the QSR and coffee & tea shop channel grew by a CAGR of 1.8% and 0.8% during this period.
• Delivery and take-away transactions surged in 2020 owing to the restrictions on the operation of restaurants and cafes and the implementation of social distancing norms amid the pandemic. As a result, QSR channel highlighted highest proportion of takeaway transactions in 2020

Reasons to Buy

• Specific forecasts of the foodservice market over the next five years (2020-2025) 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, Coffee & Tea shop, and Pub, Club & Bar) will allow readers understand the wants and needs of their target demographics.