Note: This report includes forecasting data that is based on baseline historical data.
Executive summary
With a population of approximately 51.3 million and the Gross Domestic Product (GDP) in South Korea is worth US$1.8 trillion in 2022, according to official data from the World Bank. The GDP value of South Korea represents 1.96% of the world economy / GDP.
Compared with the consumer spending US$75,622.3 million in 2019, consumer spending declined to US$66,479.0 million in 2020, and to US$65,474.8 million in 2021. In 2022, it gradually recovered to US$72,209.2 million but not recovered to the 2019 level.
Consumer spending on the limited-service restaurants continued to increase from 2018 to 2022, at a compound annual growth rate (CAGR) of 7.8%. Same is true with the chained limited-service restaurants at a CAGR of 8.2% and independent limited-service restaurants at a CAGR of 3.9% from 2018 to 2022 except in 2020 it slightly went down in 2020, but rebounded in 2021 and 2022.
Sales of café/bars plummeted in 2020 at US$11,595.5 million and 2021 at US$10,171.5 million and 2022 at US$12,241.3 million compared with US$14,772.8 million in 2019.
Sales of self-service cafeteria increased from 2018 to 2022, at CAGR of 12.0%, reaching US$123.6 million in 2022. Chained self-service cafeterias increased from 2018 to 2022, at a CAGR of 39.5%, reaching US$94.4 million while independent self-service cafeterias decreased from 2018 to 2022, at a CAGR of −14.2%, falling to US$29.2 million in 2022 from US$53.8 million in 2018.
The channel remained highly fragmented being dominated by chained street stalls/kiosks, which decreased to US$552.9 million in 2022 compared with US$656.6 million in 2019. Independent street stalls/kiosks only represented US$36.7 million in 2022 down from US$56.6 million in 2019.
Market overview and consumption trends
With a population of approximately 51.3 million and the Gross Domestic Product (GDP) in South Korea is worth US$1.8 trillion in 2022, according to official data from the World Bank. The GDP value of South Korea represents 1.96% of the world economy/GDP.
Consumer foodservice
In 2022, social distancing restrictions, including the limitation on the number of people gathering together, night curfews, and mandatory vaccination status to enter indoor facilities, were lifted. As a result, consumer foodservice in South Korea saw a high increase in current value terms in 2022. (Euromonitor 2023).
With the combined effect of inflation and increased demand for dining out, consumer foodservice saw a double-digit increase in current value sales in 2022 compared with 2021, while transaction volumes only saw a slow rise due to the price increase. Both independent and chained consumer foodservice saw increases in terms of the number of outlets, transactions and value sales in 2022 (Euromonitor 2023).
Compared with the consumer spending US$75,622.3 million in 2019, consumer spending declined to US$66,479.0 million in 2020, and to US$65,474.8 million in 2021. In 2022, it gradually recovered to US$72,209.2 million but not recovered to the 2019 level.
In 2022, the chained consumer spending US$34,969.8 million surpassed the 2019 level: US$30,990.5 million, 2020 level: US$30.746.7 million and 2021 level: US$31969.2 million.
However independent consumer spending US$37,239.4 million in 2022 was lower than 2019 level: US$44,631.8 million but higher than that in 2020 and 2021.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Consumer Foodservice by Type | 72,068.9 | 75,622.3 | 66,479.0 | 65,474.8 | 72,209.2 | 0.0 |
| Chained Consumer Foodservice | 29,021.8 | 30,990.5 | 30,746.7 | 31,969.2 | 34,969.8 | 4.8 |
| Independent Consumer Foodservice | 43,047.1 | 44,631.8 | 35,732.3 | 33,505.6 | 37,239.4 | −3.6 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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Consumer spending is forecast to increase at a CAGR of 6.6% between 2023 and 2027. Among which chained consumer foodservice will grow 6.8% and independent consumer foodservice will grow 6.4% between 2023 and 2027.
| Category | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2023-2027 |
|---|---|---|---|---|---|---|
| Consumer Foodservice by Type | 79,711.7 | 85,661.0 | 91,216.4 | 96,980.5 | 102,921.1 | 6.6 |
| Chained Consumer Foodservice | 38,136.1 | 41,050.9 | 43,660.9 | 46,823.3 | 49,697.6 | 6.8 |
| Independent Consumer Foodservice | 41,575.6 | 44,610.1 | 47,555.5 | 50,157.2 | 53,223.5 | 6.4 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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Company shares
Top three companies are Starbucks Corp, representing 2.4% market share, SPC Group representing 2.2% market share, CJ Foodville Corp, representing 1.6% market share. BHC Co Ltd enjoyed the fastest CAGR growth of 24.5% from 2018 to 2022.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Starbucks Corp | 1.6 | 1.9 | 2.0 | 2.5 | 2.4 | 10.7 |
| SPC Group | 2.4 | 2.3 | 2.6 | 2.7 | 2.2 | −2.2 |
| CJ Foodville Corp | 1.6 | 1.4 | 1.6 | 1.7 | 1.6 | 0.0 |
| Genesis Co Ltd | 0.7 | 1.0 | 1.2 | 1.4 | 1.4 | 18.9 |
| Inspire Brands Inc | 1.2 | 1.4 | 1.3 | N/C | ||
| McDonald's Corp | 1.1 | 1.0 | 1.2 | 1.3 | 1.3 | 4.3 |
| BHC Co Ltd | 0.5 | 0.7 | 1.0 | 1.3 | 1.2 | 24.5 |
| K&G System Co Ltd | 0.7 | 0.8 | 1.1 | 1.2 | 1.1 | 12.0 |
| Lotte Group | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | −2.4 |
| Born Korea Co Ltd | 0.6 | 0.7 | 0.8 | 0.9 | 0.8 | 7.5 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate N/C: Not Calculated |
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Full-service restaurants
Compared with pre-pandemic year 2019, consumer spending on the chained full-service restaurants declined to US$7,696.8 million in 2020 and US$7,838.5 million in 2021 respectively, but reboundeded to US$8,760.4 million in 2022. Independent full-service restaurants declined to US$29,270.6 million in 2020, US$28,230.1 million in 2021 and US$30,787.5 million in 2022 respectively. Same situation falls on Asian full-service restaurants (chained and independent).
For European full-service restaurants (chained and independent), compared with 2019 level, all declined in 2020, 2021 and 2022 respectively. Same situation fell on pizza full-service restaurants (chained and independent) and other full-service restaurant.
One of the key changes for these full-service restaurants has been premiumisation. VIPs by CJ Foodville has opened premium dine-in restaurants to attract customers. VIPs now operates more than 70% of its stores as specialised stores offering premium services, targeting consumer polarisation In larger restaurants, robot servers could be seen, substituting waiters (Euromonitor 2023)..
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Full-Service Restaurants | 42,536.1 | 44,252.4 | 36,967.3 | 36,068.6 | 39,547.9 | −1.8 |
| Chained full-service restaurants | 8,076.7 | 8,421.7 | 7,696.8 | 7,838.5 | 8,760.4 | 2.1 |
| Independent full-service restaurants | 34,459.4 | 35,830.7 | 29,270.6 | 28,230.1 | 30,787.5 | −2.8 |
| Full-Service Restaurants by Type | 42,536.1 | 44,252.4 | 36,967.3 | 36,068.6 | 39,547.9 | −1.8 |
| Asian Full-Service Restaurants | 39,474.8 | 41,183.1 | 34,382.5 | 33,481.7 | 36,853.3 | −1.7 |
| Chained Asian Full-Service Restaurants | 7,010.8 | 7,438.8 | 6,880.9 | 7,054.6 | 8,008.2 | 3.4 |
| Independent Asian Full-Service Restaurants | 32,464.0 | 33,744.3 | 27,501.6 | 26,427.1 | 28,845.1 | −2.9 |
| European Full-Service Restaurants | 802.4 | 835.8 | 718.0 | 701.4 | 752.9 | −1.6 |
| Chained European Full-Service Restaurants | 291.3 | 297.1 | 256.4 | 251.4 | 240.9 | −4.6 |
| Independent European Full-Service Restaurants | 511.1 | 538.7 | 461.7 | 450.0 | 512.0 | 0.0 |
| North American Full-Service Restaurants | 1,419.5 | 1,374.2 | 1,144.8 | 1,212.3 | 1,297.8 | −2.2 |
| Chained North American Full-Service Restaurants | 612.5 | 535.9 | 433.6 | 431.3 | 423.9 | −8.8 |
| Independent North American Full-Service Restaurants | 807.0 | 838.2 | 711.2 | 781.1 | 873.9 | 2.0 |
| Pizza Full-Service Restaurants | 179.1 | 165.2 | 138.7 | 115.2 | 99.2 | −13.7 |
| Chained Pizza Full-Service Restaurants | 124.4 | 109.8 | 92.0 | 70.2 | 59.3 | −16.9 |
| Independent Pizza Full-Service Restaurants | 54.7 | 55.5 | 46.7 | 45.0 | 39.9 | −7.6 |
| Other Full-Service Restaurants | 660.3 | 694.0 | 583.2 | 558.0 | 544.7 | −4.7 |
| Chained Other Full-Service Restaurants | 37.7 | 40.1 | 33.9 | 31.0 | 28.1 | −7.1 |
| Independent Other Full-Service Restaurants | 622.6 | 653.9 | 549.3 | 526.9 | 516.7 | −4.6 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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It is forecast that the foodservice sales will grow at a CAGR of 8.3% between 2022 and 2027 as the Covid-19 dies down and customer choose to enjoy the full service restaurants more often. Chained full-service restaurants will grow at a CAGR of 10.4% and Independent full-service restaurants will grow at CAGR of 7.6% from 2022 to 2027.
| Category | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|
| Full-Service Restaurants | 44,227.8 | 47,899.2 | 51,339.6 | 54,956.7 | 58,795.2 | 8.3 |
| Chained full-service restaurants | 9,912.4 | 11,091.5 | 11,944.5 | 13,273.0 | 14,391.5 | 10.4 |
| Independent full-service restaurants | 34,315.4 | 36,807.7 | 39,395.1 | 41,683.6 | 44,403.7 | 7.6 |
| Full-Service Restaurants by Type | 44,227.8 | 47,899.2 | 51,339.6 | 54,956.7 | 58,795.2 | 8.3 |
| Asian Full-Service Restaurants | 41,344.2 | 44,882.9 | 48,216.4 | 51,743.3 | 55,496.3 | 8.5 |
| Chained Asian Full-Service Restaurants | 9,112.3 | 10,264.7 | 11,094.6 | 12,408.0 | 13,507.8 | 11.0 |
| Independent Asian Full-Service Restaurants | 32,232.0 | 34,618.2 | 37,121.8 | 39,335.3 | 41,988.5 | 7.8 |
| European Full-Service Restaurants | 819.4 | 864.6 | 908.4 | 952.8 | 1,000.9 | 5.9 |
| Chained European Full-Service Restaurants | 257.8 | 267.8 | 276.3 | 284.9 | 295.0 | 4.1 |
| Independent European Full-Service Restaurants | 561.6 | 596.8 | 632.1 | 667.9 | 705.9 | 6.6 |
| North American Full-Service Restaurants | 1,412.6 | 1,490.4 | 1,549.7 | 1,596.9 | 1,634.7 | 4.7 |
| Chained North American Full-Service Restaurants | 456.8 | 477.2 | 495.6 | 506.7 | 517.1 | 4.1 |
| Independent North American Full-Service Restaurants | 955.7 | 1,013.2 | 1,054.1 | 1,090.2 | 1,117.7 | 5.0 |
| Pizza Full-Service Restaurants | 92.6 | 85.4 | 78.6 | 72.4 | 66.8 | −7.6 |
| Chained Pizza Full-Service Restaurants | 55.0 | 50.2 | 45.8 | 41.9 | 38.2 | −8.4 |
| Independent Pizza Full-Service Restaurants | 37.7 | 35.3 | 32.8 | 30.6 | 28.6 | −6.4 |
| Other Full-Service Restaurants | 558.9 | 575.8 | 586.5 | 591.3 | 596.5 | 1.8 |
| Chained Other Full-Service Restaurants | 30.5 | 31.6 | 32.2 | 31.6 | 33.4 | 3.5 |
| Independent Other Full-Service Restaurants | 528.4 | 544.2 | 554.3 | 559.7 | 563.1 | 1.7 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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Company shares
Top three companies are Bloomin' Brands Inc, representing 0.8% market share, the Born Korea Co Ltd representing 0.7% market share, Won & Won Co Ltd representing 0.4% market share. Bloomin' Brands Inc, Won & Won Co Ltd and Myeong Ryun Dang Co Ltd all enjoyed the fastest CAGR growth of 18.9% from 2018 to 2022.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Bloomin' Brands Inc | 0.4 | 0.4 | 0.6 | 0.8 | 0.8 | 18.9 |
| Born Korea Co Ltd | 0.5 | 0.6 | 0.8 | 0.8 | 0.7 | 8.8 |
| Won & Won Co Ltd | 0.2 | 0.2 | 0.4 | 0.4 | 0.4 | 18.9 |
| Bonif Co Ltd | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | −6.9 |
| QooQoo Franchise Group | 0.5 | 0.6 | 0.4 | 0.4 | 0.3 | −12.0 |
| Daehakro Gimgane Co Ltd | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.0 |
| Myeong Ryun Dang Co Ltd | 0.1 | 0.8 | 0.7 | 0.4 | 0.2 | 18.9 |
| Sun at Food Co Ltd | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.0 |
| Hanam F&B Co Ltd | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.0 |
| E-Land Group | 0.4 | 0.3 | 0.2 | 0.1 | N/C | |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate N/C: Not Calculated |
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Limited-service restaurants
Consumer spending on the limited-service restaurants continued to increase from 2018 to 2022, at a CAGR of 7.8%, reaching US$19,706.9 million. Same is true with the chained limited-service restaurants at a CAGR of 8.2% and independent limited-service restaurants at a CAGR of 3.9% from 2018 to 2022 except in 2020 it slightly went down in 2020, but rebounded in 2021 and 2022.
Chained chicken limited-service restaurants recorded the biggest growth at a CAGR of 10.0% from 2018 to 2022, reaching US$6,751.3 million in 2022.
Convenience stores limited-service restaurants saw an increase in revenue in 2022, for several reasons. First and foremost, the requirement for social distancing was lifted in early 2022, which led more people to dine in convenience stores. Meanwhile, as 2022 came to an end, high inflation hit Korean society hard, leading people to dine more in convenience stores limited-service restaurants, as this was cheaper than many other consumer foodservice channels (Euromonitor 2023).
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Limited-Service Restaurants | 14,620.0 | 15,873.4 | 17,205.4 | 18,528.8 | 19,706.9 | 7.8 |
| Chained Limited-Service Restaurants | 13,022.5 | 14,207.0 | 15,557.4 | 16,819.4 | 17,845.4 | 8.2 |
| Independent Limited-Service Restaurants | 1,597.5 | 1,666.4 | 1,648.0 | 1,709.4 | 1,861.5 | 3.9 |
| Limited-Service Restaurants by Type | 14,620.0 | 15,873.4 | 17,205.4 | 18,528.8 | 19,706.9 | 7.8 |
| Bakery Products Limited-Service Restaurants | 3,022.4 | 3,449.8 | 3,487.7 | 3,715.1 | 3,871.5 | 6.4 |
| Chained Bakery Products Limited-Service Restaurants | 3,022.4 | 3,449.8 | 3,487.7 | 3,715.1 | 3,871.5 | 6.4 |
| Burger Limited-Service Restaurants | 2,227.1 | 2,323.0 | 2,392.7 | 2,646.6 | 3,061.6 | 8.3 |
| Chained Burger Limited-Service Restaurants | 2,227.1 | 2,323.0 | 2,392.7 | 2,646.6 | 3,061.6 | 8.3 |
| Chicken Limited-Service Restaurants | 4,961.1 | 5,493.8 | 6,292.4 | 6,746.1 | 7,027.4 | 9.1 |
| Chained Chicken Limited-Service Restaurants | 4,609.6 | 5,143.4 | 6,021.2 | 6,471.9 | 6,751.3 | 10.0 |
| Independent Chicken Limited-Service Restaurants | 351.5 | 350.4 | 271.2 | 274.2 | 276.1 | −5.9 |
| Convenience Stores Limited-Service Restaurants | 1,201.7 | 1,243.1 | 1,323.1 | 1,377.3 | 1,482.4 | 5.4 |
| Chained Convenience Stores Limited-Service Restaurants | 1,201.7 | 1,243.1 | 1,323.1 | 1,377.3 | 1,482.4 | 5.4 |
| Ice Cream Limited-Service Restaurants | 649.6 | 660.4 | 767.0 | 850.4 | 869.5 | 7.6 |
| Chained Ice Cream Limited-Service Restaurants | 645.9 | 656.7 | 763.8 | 847.2 | 866.3 | 7.6 |
| Independent Ice Cream Limited-Service Restaurants | 3.7 | 3.8 | 3.2 | 3.1 | 3.2 | −3.6 |
| Pizza Limited-Service Restaurants | 1,339.3 | 1,371.0 | 1,507.4 | 1,605.7 | 1,673.3 | 5.7 |
| Chained Pizza Limited-Service Restaurants | 1,010.0 | 1,045.8 | 1,199.5 | 1,370.5 | 1,397.0 | 8.4 |
| Independent Pizza Limited-Service Restaurants | 329.4 | 325.2 | 308.0 | 235.2 | 276.3 | −4.3 |
| Other Limited-Service Restaurants | 1,218.9 | 1,332.4 | 1,435.0 | 1,587.6 | 1,721.1 | 9.0 |
| Chained Other Limited-Service Restaurants | 305.9 | 345.2 | 369.4 | 390.8 | 415.3 | 7.9 |
| Independent Other Limited-Service restaurants | 913.0 | 987.1 | 1,065.6 | 1,196.9 | 1,305.8 | 9.4 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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Over the forecast period, limited-service restaurants are projected to increase at a CAGR of 4.9% from 2022 to 2027, reaching US$24,994.5 million in 2027. All the subcategories grow between a CAGR of 2.9% (chained pizza-limited servie restaurants) and 13.8% (independent pizza-limited servie restaurants) from 2022 to 2027.
| Category | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|
| Limited-Service Restaurants | 20,905.6 | 21,918.1 | 22,915.6 | 24,033.4 | 24,994.5 | 4.9 |
| Chained Limited-Service Restaurants | 18,866.5 | 19,693.9 | 20,534.8 | 21,474.9 | 22,255.8 | 4.5 |
| Independent Limited-Service Restaurants | 2,039.2 | 2,224.2 | 2,380.8 | 2,558.5 | 2,738.7 | 8.0 |
| Limited-Service Restaurants by Type | 20,905.6 | 21,918.1 | 22,915.6 | 24,033.4 | 24,994.5 | 4.9 |
| Bakery Products Limited-Service Restaurants | 4,141.2 | 4,359.7 | 4,560.6 | 4,731.4 | 4,906.2 | 4.9 |
| Chained Bakery Products Limited-Service Restaurants | 4,141.2 | 4,359.7 | 4,560.6 | 4,731.4 | 4,906.2 | 4.9 |
| Burger Limited-Service Restaurants | 3,169.3 | 3,285.1 | 3,406.0 | 3,536.0 | 3,673.8 | 3.7 |
| Chained Burger Limited-Service Restaurants | 3,169.3 | 3,285.1 | 3,406.0 | 3,536.0 | 3,673.8 | 3.7 |
| Chicken Limited-Service Restaurants | 7,274.8 | 7,488.3 | 7,762.1 | 8,159.1 | 8,389.2 | 3.6 |
| Chained Chicken Limited-Service Restaurants | 6,989.7 | 7,196.4 | 7,465.2 | 7,851.0 | 8,068.7 | 3.6 |
| Independent Chicken Limited-Service Restaurants | 285.1 | 291.8 | 296.9 | 308.0 | 320.5 | 3.0 |
| Convenience Stores Limited-Service Restaurants | 1,712.9 | 1,855.5 | 1,992.6 | 2,127.8 | 2,261.1 | 8.8 |
| Chained Convenience Stores Limited-Service Restaurants | 1,712.9 | 1,855.5 | 1,992.6 | 2,127.8 | 2,261.1 | 8.8 |
| Ice Cream Limited-Service Restaurants | 929.9 | 987.0 | 1,042.9 | 1,098.0 | 1,161.6 | 6.0 |
| Chained Ice Cream Limited-Service Restaurants | 926.4 | 983.2 | 1,038.8 | 1,093.6 | 1,156.7 | 6.0 |
| Independent Ice Cream Limited-Service Restaurants | 3.5 | 3.8 | 4.2 | 4.4 | 4.9 | 8.9 |
| Pizza Limited-Service Restaurants | 1,791.0 | 1,882.5 | 1,966.5 | 2,051.2 | 2,136.5 | 5.0 |
| Chained Pizza Limited-Service Restaurants | 1,475.3 | 1,525.2 | 1,554.9 | 1,582.4 | 1,608.4 | 2.9 |
| Independent Pizza Limited-Service Restaurants | 315.8 | 357.3 | 411.6 | 468.8 | 528.2 | 13.8 |
| Other Limited-Service Restaurants | 1,886.6 | 2,060.0 | 2,184.8 | 2,330.0 | 2,466.1 | 7.5 |
| Chained Other Limited-Service Restaurants | 451.7 | 488.8 | 516.7 | 552.7 | 581.0 | 6.9 |
| Independent Other Limited-Service restaurants | 1,434.9 | 1,571.3 | 1,668.1 | 1,777.3 | 1,885.1 | 7.6 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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Company shares
Top three companies are SPC Group, representing 7.9% market share, the Genesis Co Ltd, representing 4.9% market share, McDonald's Corp, representing 4.6% market share. BHC Co Ltd enjoyed the fastest CAGR growth of 14.1% from 2018 to 2022.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| SPC Group | 12.0 | 11.0 | 10.0 | 9.4 | 7.9 | −9.9 |
| Genesis Co Ltd | 3.5 | 4.5 | 4.7 | 5.0 | 4.9 | 8.8 |
| McDonald's Corp | 5.1 | 4.7 | 4.6 | 4.6 | 4.6 | −2.5 |
| BHC Co Ltd | 2.6 | 3.2 | 3.8 | 4.7 | 4.4 | 14.1 |
| K&G System Co Ltd | 3.5 | 3.7 | 4.2 | 4.2 | 4.0 | 3.4 |
| Inspire Brands Inc | 3.9 | 4.2 | 3.9 | N/C | ||
| Lotte Group | 4.7 | 4.4 | 3.5 | 3.5 | 3.2 | −9.2 |
| GS Holdings Corp | 3.0 | 2.9 | 2.7 | 2.6 | 2.7 | −2.6 |
| CJ Foodville Corp | 3.2 | 2.9 | 2.8 | 2.8 | 2.7 | −4.2 |
| Mom's Touch & Co | 2.5 | 2.4 | N/C | |||
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate N/C: Not Calculated |
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Cafés and bars
More people in South Korea started to look for cheaper food and drinks, which led to increased spending in convenience stores limited-service restaurants and low-priced cafés, amongst others ( Euromonitor 2023).
Sales of café / bars plummeted in 2020 at US$11,595.5 million, 2021 at US$10,171.5 million and 2022 at US$12,241.3 million compared with US$14,772.8 million in 2019. The CAGR growth for cafés / bars was −3.7% between 2018 and 2022, in which chained cafes/bars was 1.2% and independent cafes/bars was −10.0%.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Cafés / bars | 14,235.8 | 14,772.8 | 11,595.5 | 10,171.5 | 12,241.3 | −3.7 |
| Chained cafés / bars | 7,343.5 | 7,733.3 | 6,858.4 | 6,672.9 | 7,716.7 | 1.2 |
| Independent cafés / bars | 6,892.3 | 7,039.5 | 4,737.2 | 3,498.7 | 4,524.6 | −10.0 |
| Bars / pubs | 9,568.8 | 9,760.2 | 6,794.2 | 4,872.1 | 6,499.4 | −9.2 |
| Chained bars / pubs | 3,291.5 | 3,357.3 | 2,613.7 | 1,900.3 | 2,557.5 | −6.1 |
| Independent bars / pubs | 6,277.4 | 6,402.9 | 4,180.4 | 2,971.8 | 3,941.9 | −11.0 |
| Cafés | 495.9 | 515.7 | 456.4 | 407.7 | 452.3 | −2.3 |
| Independent cafés | 495.9 | 515.7 | 456.4 | 407.7 | 452.3 | −2.3 |
| Juice / smoothie bars | 32.9 | 28.4 | 20.9 | 13.0 | 9.9 | −25.9 |
| Chained juice / smoothie bars | 32.9 | 28.4 | 20.9 | 13.0 | 9.9 | −25.9 |
| Specialist coffee and tea shops | 4,138.2 | 4,468.6 | 4,324.1 | 4,878.7 | 5,279.7 | 6.3 |
| Chained specialist coffee and tea shops | 4,019.2 | 4,347.7 | 4,223.7 | 4,759.5 | 5,149.4 | 6.4 |
| Independent specialist coffee and tea shops | 119.0 | 120.9 | 100.4 | 119.2 | 130.4 | 2.3 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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Over the forecast period, cafés / bars are projected to increase at a 8.4%, reaching US$18.3 billion in 2027. Although the recovery of cafés / bars is expected to be slower than other consumer foodservice channels, sales of the most categories and subcategories are expected to return to pre-COVID levels in 2023.
| Category | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|
| cafés / bars | 13,801.5 | 15,046.5 | 16,154.1 | 17,172.8 | 18,286.8 | 8.4 |
| Chained cafés / bars | 8,652.7 | 9,534.2 | 10,433.2 | 11,313.1 | 12,255.7 | 9.7 |
| Independent cafés / bars | 5,148.8 | 5,512.4 | 5,720.8 | 5,859.7 | 6,031.1 | 5.9 |
| Bars / pubs | 7,526.2 | 8,108.0 | 8,527.0 | 8,850.7 | 9,182.1 | 7.2 |
| Chained bars / pubs | 3,004.4 | 3,261.9 | 3,513.1 | 3,727.2 | 3,911.5 | 8.9 |
| Independent bars / pubs | 4,521.7 | 4,846.2 | 5,013.9 | 5,123.4 | 5,270.6 | 6.0 |
| Cafés | 492.1 | 524.6 | 556.8 | 584.4 | 612.8 | 6.3 |
| Independent cafés | 492.1 | 524.6 | 556.8 | 584.4 | 612.8 | 6.3 |
| Juice / smoothie bars | 8.9 | 8.5 | 8.5 | 8.5 | 8.5 | −3.0 |
| Chained juice / smoothie bars | 8.9 | 8.5 | 8.5 | 8.5 | 8.5 | −3.0 |
| Specialist coffee and tea shops | 5,774.4 | 6,405.4 | 7,061.7 | 7,729.3 | 8,483.4 | 9.9 |
| Chained specialist coffee and tea shops | 5,639.4 | 6,263.8 | 6,911.6 | 7,577.4 | 8,335.6 | 10.1 |
| Independent specialist coffee and tea shops | 135.0 | 141.6 | 150.1 | 151.9 | 147.7 | 2.5 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
||||||
Company shares
Top three companies are Starbucks Corp, representing 14.1% market share, CJ Foodville Corp, representing 5.0% market share, Ann House Co Ltd, representing 4.8% market share. Ann House Co Ltd enjoyed the fastest CAGR growth of 76.0% from 2018 to 2022 followed by JM Coffee Co Ltd at a CAGR of 69.9% and SNC Sein Co Ltd at a CAGR of 44.3%.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Starbucks Corp | 8.3 | 9.7 | 11.6 | 16.2 | 14.1 | 14.2 |
| CJ Foodville Corp | 3.1 | 3.4 | 4.5 | 5.6 | 5.0 | 12.7 |
| Ann House Co Ltd | 0.5 | 1.1 | 2.2 | 4.0 | 4.8 | 76.0 |
| Ediya Co Ltd | 2.8 | 3.0 | 3.6 | 4.1 | 3.4 | 5.0 |
| Born Korea Co Ltd, The | 1.6 | 1.8 | 2.2 | 2.8 | 2.6 | 12.9 |
| JM Coffee Co Ltd | 0.3 | 0.5 | 1.3 | 2.4 | 2.5 | 69.9 |
| SNC Sein Co Ltd | 0.3 | 0.4 | 0.6 | 1.3 | 1.3 | 44.3 |
| Inspire Brands Inc | 1.2 | 1.6 | 1.2 | N/C | ||
| Pascucci Torrefazione SpA | 1.0 | 1.0 | 1.0 | 1.2 | 1.0 | 0.0 |
| Jollibee Foods Corp | 0.9 | 1.0 | 1.2 | 1.0 | N/C | |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate N/C: Not Calculated |
||||||
Self-service café
The shared kitchen-type food court also gained further popularity in 2022. Unlike traditional food courts or self-service cafeterias, Monthly Kitchen, or Monki, provided more digitalised experiences to consumers (Euromonitor 2023).
Sales of self-service cafeteria increased from 2018 to 2022, at CAGR of 12.0%, reaching US$123.6 million in 2022. Chained self-service cafeterias increased from 2018 to 2022, at a CAGR of 39.5%, reaching US$94.4 million while independent self-service cafeterias decreased from 2018 to 2022, at a CAGR of −14.2%, falling down to US$29.2 million in 2022 from US$53.8 million in 2018.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Self-Service Cafeterias | 78.6 | 95.6 | 101.0 | 119.7 | 123.6 | 12.0 |
| Chained self-service cafeterias | 24.9 | 45.8 | 67.8 | 87.8 | 94.4 | 39.5 |
| Independent self-service cafeterias | 53.8 | 49.8 | 33.2 | 31.9 | 29.2 | −14.2 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
||||||
Over the forecast period, self-service cafeteria is expected to see a 11.3% CAGR between 2022 and 2027, reaching US$211.5 million in 2027. Chained self-service cafeterias increased from 2022 to 2027, at a CAGR of 14.1%, reaching US$182.2 million while independent self-service cafeterias decreased from 2023 to 2027, at a CAGR of 0.1%, falling down to US$29.4 million in 2027 from US$35.2 million in 2023.
| Category | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|
| Self-Service Cafeterias | 164.6 | 177.3 | 186.4 | 191.6 | 211.5 | 11.3 |
| Chained self-service cafeterias | 129.4 | 143.4 | 154.2 | 161.4 | 182.2 | 14.1 |
| Independent self-service cafeterias | 35.2 | 33.9 | 32.2 | 30.2 | 29.4 | 0.1 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
||||||
Company shares
Top leading self-service cafeteria is Inter IKEA Systems BV, representing 76.4% market share, the Others, representing 23.6% market share. Inter IKEA Systems BV grew at a CAGR of 24.7% while the Others had a negative growth of a CAGR: −23.4% from 2018 to 2022.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Inter IKEA Systems BV | 31.6 | 47.9 | 67.1 | 73.3 | 76.4 | 24.7 |
| Others | 68.4 | 52.1 | 32.9 | 26.7 | 23.6 | −23.4 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate N/C: Not Calculated |
||||||
Street stalls / kiosks
With increased labour costs and a lack of people working at restaurants, more IT services were also adapted to the consumer foodservice industry in 2022. In addition to kiosks, which were already widely used in Korea, more tablets were seen in restaurants for ordering food (Euromonitor 2023).
The channel remained highly fragmented being dominated by chained street stalls / kiosks, which decreased to US$552.9 million in 2022 compared with US$656.6 million in 2019. Independent street stalls / kiosks only represented US$36.7 million in 2022 down from US$56.6 million in 2019. CAGR growths for both chained and independent were negative, representing −4.4% and −12.3% respectively.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Street stalls / kiosks | 722.7 | 713.2 | 683.4 | 683.8 | 589.5 | −5.0 |
| Chained street stalls / kiosks | 660.7 | 656.6 | 632.1 | 639.0 | 552.9 | −4.4 |
| Independent street stalls / kiosks | 62.0 | 56.6 | 51.3 | 44.8 | 36.7 | −12.3 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
||||||
Over the forecast period, street stalls / kiosks are projected to see a steady CAGR increase of 0.3% from 2022 to 2027, reaching US$599.1 million in 2027.
| Category | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|
| Street stalls / kiosks | 581.0 | 588.4 | 588.6 | 593.2 | 599.1 | 0.3 |
| Chained street stalls / kiosks | 546.9 | 559.1 | 564.3 | 570.2 | 580.5 | 1.0 |
| Independent street stalls / kiosks | 34.2 | 29.3 | 24.3 | 23.0 | 18.6 | −12.7 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
||||||
Company shares
Top three companies are Gong Cha Korea Co Ltd, representing 27.1% market share, Isaac Co Ltd, representing 23.8% market share, Myung Rang Inc, representing 12.1% market share. Goldenhind Co Ltd enjoyed the fastest CAGR growth of 57.3% from 2018 to 2022.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Gong Cha Korea Co Ltd | 18.0 | 30.6 | 26.1 | 27.5 | 27.1 | 10.8 |
| Isaac Co Ltd | 14.1 | 14.2 | 16.4 | 21.9 | 23.8 | 14.0 |
| Myung Rang Inc | 14.5 | 13.3 | 13.1 | 13.2 | 12.1 | −4.4 |
| Goldenhind Co Ltd | 1.7 | 6.4 | 10.4 | 10.0 | 10.4 | 57.3 |
| Juicy Co Ltd | 11.5 | 9.2 | 7.0 | 5.9 | 4.8 | −19.6 |
| Rich Neighbor Co Ltd | 8.2 | 7.6 | 5.7 | 5.2 | 4.6 | −13.5 |
| Sukbong Toast Co Ltd | 2.1 | 1.2 | 1.0 | 0.7 | 0.5 | −30.1 |
| Others | 29.9 | 17.6 | 20.3 | 15.5 | 16.7 | −13.6 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
||||||
Online vs offline ordering
With the increased popularity of third party delivery, more independent restaurants started to offer takeaway or delivery, leading to an increase in sales (Euromonitor 2023).
The online consumer service became very popular after the pandemic started. It increased from 12.4% in 2019 to 25.9% in 2020, 30.4% in 2021 and 26.9% in 2022 respectively. The CAGR grew 30.1% between 2018 and 2022 while the offline saw a negative growth −5.2%.
The online café / bars increased from 2.5% in 2019 to 15.0% in 2020, 18.0% in 2021 and 19.3% in 2022 respectively. The CAGR grew 109.6% between 2018 and 2022 while the offline saw a negative growth −5.0%.
The online full-service restaurants increased from 9.5% in 2019 to 23.7% in 2020, 26.8% in 2021 and 21.6% in 2022 respectively. The CAGR grew 32.5% between 2018 and 2022 while the offline saw a negative growth −4.2%.
The online limited service increased from 30.4% in 2019 to 38.6% in 2020, 45.0% in 2021 and 43.0% in 2022 respectively. The CAGR grew 14.5% between 2018 and 2022 while the offline saw a negative growth −6.6%.
The online street stalls / kiosks increased from 2.0% in 2019 to 10.4% in 2020, 16.5% in 2021 and 11.8% in 2022 respectively. The CAGR grew 85.3% between 2018 and 2022 while the offline saw a negative growth −2.8%.
| Category | Type | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|---|
| Consumer Foodservice by Type | Online | 9.4 | 12.4 | 25.9 | 30.4 | 26.9 | 30.1 |
| Offline | 90.6 | 87.6 | 74.1 | 69.6 | 73.1 | −5.2 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| cafés / bars | Online | 1.0 | 2.5 | 15.0 | 18.0 | 19.3 | 109.6 |
| Offline | 99.0 | 97.5 | 85.0 | 82.0 | 80.7 | −5.0 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Full-Service Restaurants | Online | 7.0 | 9.5 | 23.7 | 26.8 | 21.6 | 32.5 |
| Offline | 93.0 | 90.5 | 76.3 | 73.2 | 78.4 | −4.2 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Limited-Service Restaurants | Online | 25.0 | 30.4 | 38.6 | 45.0 | 43.0 | 14.5 |
| Offline | 75.0 | 69.6 | 61.4 | 55.0 | 57.0 | −6.6 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Self-Service Cafeterias | Online | ||||||
| Offline | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Street stalls / kiosks | Online | 1.0 | 2.0 | 10.4 | 16.5 | 11.8 | 85.3 |
| Offline | 99.0 | 98.0 | 89.6 | 83.5 | 88.2 | −2.8 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
|||||||
| Category | Type | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|---|
| Consumer Foodservice by Type | Online | 21.5 | 20.8 | 20.8 | 20.8 | 20.6 | −5.2 |
| Offline | 78.5 | 79.2 | 79.2 | 79.2 | 79.4 | 1.7 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| cafés / bars | Online | 19.6 | 20.0 | 20.3 | 20.4 | 20.7 | 1.4 |
| Offline | 80.4 | 80.0 | 79.7 | 79.6 | 79.3 | −0.3 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Full-Service Restaurants | Online | 14.5 | 14.3 | 14.7 | 14.9 | 14.7 | −7.4 |
| Offline | 85.5 | 85.7 | 85.3 | 85.1 | 85.3 | 1.7 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Limited-Service Restaurants | Online | 38.0 | 36.0 | 35.5 | 35.2 | 34.9 | −4.1 |
| Offline | 62.0 | 64.0 | 64.5 | 64.8 | 65.1 | 2.7 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Self-Service Cafeterias | Online | ||||||
| Offline | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Street stalls / kiosks | Online | 7.2 | 5.5 | 5.4 | 5.3 | 5.2 | −15.1 |
| Offline | 92.8 | 94.5 | 94.6 | 94.7 | 94.8 | 1.5 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
|||||||
Eat-in vs delivery and to-go sales
The consumer service home delivery became very popular after the pandemic started. It increased from 17.2% in 2019 to 25.1% in 2020, 29.6% in 2021 and 24.5% in 2022 respectively. Its CAGR grew 10.1% between 2018 and 2022 while the eat-in saw a negative CAGR growth at −4.8%. Hovever the takeaway grew at a CAGR of 6.1% and drive-though grew at a CAGR of 47.0% from 2018 to 2022.
The cafés / bars home delivery increased from 2.4% in 2019 to 8.7% in 2020, 16.2% in 12.0% 2021 and 9.3% in 2022 respectively. Its CAGR grew 45.1% between 2018 and 2022 while the eat-in saw a negative growth −6.4%. However takeaway grew at a CAGR of 11.1% and drive-though grew at a CAGR of 38.4% both from 2018 to 2022.
The full-service restaurants home delivery increased from 14.9% in 2019 to 21.5% in 2020, 25.1% in 2021 and 20.9% in 2022 respectively. Its CAGR grew 9.2% between 2018 and 2022 while the eat-in saw a negative growth −3.5%. However the takeaway grew at a CAGR of 7.5%.
The limited service restaurant home delivery increased from 38.2% in 2019 to 44.5% in 2020, 46.5% in 2021 and 41.7% in 2022 respectively. Its CAGR grew 2.8% between 2018 and 2022 while the eat-in saw a negative growth −4.2%. However takeaway grew at a CAGR of 0.4% and drive-though grew at a CAGR of 47.6% from 2018 to 2022.
The street stalls / kiosks home delivery increased from 2.2% in 2019 to 8.5% in 2020, 12.0% in 2021 and 7.3% in 2022 respectively. Its CAGR grew 64.4% between 2018 and 2022 while the eat-in saw a negative growth −8.1% and takeaway −0.6% respectively.
| Category | Type | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|---|
| Consumer Foodservice by Type | Eat-in | 69.5 | 69.1 | 56.0 | 48.2 | 57.0 | −4.8 |
| Takeaway | 13.5 | 13.4 | 18.1 | 20.7 | 17.1 | 6.1 | |
| Home delivery | 16.7 | 17.2 | 25.1 | 29.6 | 24.5 | 10.1 | |
| Drive-through | 0.3 | 0.3 | 0.9 | 1.5 | 1.4 | 47.0 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| cafés / bars | Eat-in | 78.9 | 78.6 | 61.3 | 44.3 | 60.5 | −6.4 |
| Takeaway | 18.4 | 18.3 | 27.5 | 35.7 | 28.0 | 11.1 | |
| Home delivery | 2.1 | 2.4 | 8.7 | 16.2 | 9.3 | 45.1 | |
| Drive-through | 0.6 | 0.7 | 2.5 | 3.8 | 2.2 | 38.4 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Full-Service Restaurants | Eat-in | 74.6 | 74.4 | 63.2 | 57.4 | 64.8 | −3.5 |
| Takeaway | 10.7 | 10.7 | 15.3 | 17.5 | 14.3 | 7.5 | |
| Home delivery | 14.7 | 14.9 | 21.5 | 25.1 | 20.9 | 9.2 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Limited-Service Restaurants | Eat-in | 47.8 | 47.5 | 38.5 | 33.7 | 40.3 | −4.2 |
| Takeaway | 14.0 | 13.4 | 15.3 | 16.6 | 14.2 | 0.4 | |
| Home delivery | 37.4 | 38.2 | 44.5 | 46.5 | 41.7 | 2.8 | |
| Drive-through | 0.8 | 0.9 | 1.7 | 3.2 | 3.8 | 47.6 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Self-Service Cafeterias | Eat-in | 90.2 | 90.3 | 89.1 | 88.0 | 89.0 | −0.3 |
| Takeaway | 9.8 | 9.7 | 10.9 | 12.0 | 11.0 | 2.9 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Street stalls / kiosks | Eat-in | 15.0 | 14.8 | 7.5 | 6.5 | 10.7 | −8.1 |
| Takeaway | 84.0 | 83.0 | 84.0 | 81.5 | 82.0 | −0.6 | |
| Home delivery | 1.0 | 2.2 | 8.5 | 12.0 | 7.3 | 64.4 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
|||||||
| Category | Type | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|---|
| Consumer Foodservice | Eat-in | 57.0 | 56.7 | 56.7 | 56.6 | 55.8 | −0.2 |
| Home delivery | 12.5 | 13.7 | 14.9 | 16.1 | 17.6 | 7.3 | |
| Takeaway | 30.6 | 29.6 | 28.4 | 27.4 | 26.6 | −3.1 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| cafés / bars | Eat-in | 72.6 | 72.5 | 72.3 | 72.5 | 72.5 | −0.1 |
| Home delivery | 7.2 | 7.9 | 8.7 | 9.1 | 9.4 | 8.3 | |
| Takeaway | 20.2 | 19.5 | 18.9 | 18.4 | 18.1 | −2.7 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Full-Service Restaurants | Eat-in | 66.9 | 65.8 | 65.6 | 65.5 | 65.2 | 0.6 |
| Home delivery | 29.2 | 30.3 | 30.5 | 30.7 | 31.0 | −1.2 | |
| Takeaway | 3.9 | 3.9 | 3.9 | 3.8 | 3.8 | 0.5 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Limited-Service Restaurants | Eat-in | 50.0 | 49.5 | 48.0 | 46.5 | 46.1 | −1.7 |
| Home delivery | 34.7 | 35.9 | 37.8 | 39.9 | 40.4 | 3.8 | |
| Takeaway | 15.2 | 14.6 | 14.2 | 13.7 | 13.5 | −3.8 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Self-Service Cafeterias | Eat-in | 93.1 | 93.0 | 92.9 | 92.7 | 91.4 | −0.4 |
| Takeaway | 6.9 | 7.0 | 7.1 | 7.3 | 8.6 | 5.1 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
| Street stalls / kiosks | Eat-in | 53.6 | 53.3 | 53.1 | 52.8 | 51.3 | −1.0 |
| Home delivery | 5.4 | 6.2 | 6.9 | 7.8 | 9.6 | 16.9 | |
| Takeaway | 41.0 | 40.5 | 39.9 | 39.4 | 39.1 | −1.2 | |
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 0.0 | |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
|||||||
Consumer foodservice by location
As travel restrictions were removed in early 2022, the number of inbound travellers increased in 2022 (Euromonitor 2023).
All CAGR growths were negative from 2018 to 2022. All categories decreased from 2019 to 2022. Consumer foodservice through standalone decreased to US$58,572.8 million in 2022, with a CAGR of −3.0% from 2018 to 2022. Consumer Foodservice through leisure decreased to US$2,455.1 million in 2022, with a CAGR of −8.8% from 2018 to 2022. Cosumer service through retail decreased to US$7,798.6 million in 2022, with a CAGR of −5.1% from 2018 to 2022. Consume foodservice through lodging decreased to US$1,010.9 million in 2022, with a CAGR of −8.9% from 2018 to 2022. Consumer food service through travel decreased to US$2,671.7 million in 2022, with a CAGR of −14.3% from 2018 to 2022.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 |
|---|---|---|---|---|---|---|
| Consumer Foodservice by Location | 85,309.5 | 84,517.4 | 73,366.5 | 74,531.4 | 72,209.2 | −4.1 |
| Consumer Foodservice Through Standalone | 65,735.4 | 64,803.5 | 59,793.7 | 61,115.8 | 58,272.8 | −3.0 |
| Consumer Foodservice Through Leisure | 3,549.7 | 3,653.1 | 2,421.1 | 2,235.9 | 2,455.1 | −8.8 |
| Consumer Foodservice Through Retail | 9,609.1 | 9,595.2 | 7,483.4 | 7,825.8 | 7,798.6 | −5.1 |
| Consumer Foodservice Through Lodging | 1,467.3 | 1,479.1 | 1,100.5 | 968.9 | 1,010.9 | −8.9 |
| Consumer Foodservice Through Travel | 4,948.0 | 4,986.5 | 2,567.8 | 2,385.0 | 2,671.7 | −14.3 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
||||||
All categories' CAGR growths are positive varying from 5.0% (through standalone) to 17.7% (through travel).
With the lifting of pandemic restrictions globally, more inbound travellers are projected in 2023, leading to a high increase in spending on food and drinks in travel locations. In 2023, travel is the foodservice location expected to see the strongest growth in both outlet numbers and current value sales, with double-digit increases expected by both measures (Euromonitor 2023). Consumer foodservice through travel locations is also expected to see dynamic growth for the rest of the forecast period and its CAGR will be 17.7% from 2022 to 2027.
In January 2023, the mandatory indoor mask-wearing policy was also lifted, except for public transportation, meaning that all indoor leisure activities could take place freely without masks. As a result, more eating and drinking within indoor leisure facilities is expected, which will lead to an increase in total spending in leisure locations (Euromonitor 2023).
| Category | 2023 | 2024 | 2025 | 2026 | 2027 | CAGR* % 2022-2027 |
|---|---|---|---|---|---|---|
| Consumer Foodservice by Location | 76,509.8 | 82,288.4 | 87,581.6 | 93,085.5 | 98,786.7 | 6.5 |
| Consumer Foodservice Through Standalone | 59,677.7 | 63,115.2 | 66,737.2 | 70,465.8 | 74,287.6 | 5.0 |
| Consumer Foodservice Through Leisure | 3,136.9 | 3,538.4 | 3,853.6 | 4,188.8 | 4,544.2 | 13.1 |
| Consumer Foodservice Through Retail | 8,645.6 | 9,710.0 | 10,509.8 | 11,356.4 | 12,249.6 | 9.5 |
| Consumer Foodservice Through Lodging | 1,224.2 | 1,398.9 | 1,488.9 | 1,582.5 | 1,679.4 | 10.7 |
| Consumer Foodservice Through Travel | 3,825.5 | 4,525.9 | 4,992.2 | 5,492.0 | 6,026.0 | 17.7 |
|
Source: Euromonitor 2023 CAGR: Compound Annual Growth Rate |
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For more information
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For additional information on Seoul Food and Hotel 2024, please contact:
Ben Berry, Deputy Director
Trade Show Strategy and Delivery
Agriculture and agri-food Canada
ben.berry@agr.gc.ca
Resources
- Euromonitor, 2023
- Euromonitor:
- Consumer Foodservice in South Korea, Country Report, February 2023
- Full-Service Restaurants in South Korea, Country Report, February 2023
- Limited-Service Restaurants in South Korea, Country Report, February 2023
- Cafés / Bars in South Korea, Country Report, February 2023
- Consumer Foodservice By Location in South Korea, Country Report, February 2023
- World Bank 2023
Sector Trend Analysis – Foodservice trends in South Korea
Global Analysis Report
Prepared by: Hongli Wang, Senior Market Analyst
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