South Korea Food Service Market Research Report, 2028

South Korea has seen significant shifts in lifestyle patterns. As the economy has grown, lifestyles have become busier, with more people working longer hours. This has led to an increased reliance on dining out and convenience foods, driving the growth of the food service market. The country's economic development has led to an increase in disposable income among South Koreans. This has resulted in a greater willingness to spend on dining out, trying new restaurants, and experiencing a diverse range of cuisines. Urban areas, especially Seoul, are witnessing rapid urbanization. The concentration of people in cities has led to a higher demand for food service establishments to cater to the growing population. The global popularity of Korean culture, including K-pop, K-dramas, and movies, has led to increased interest in Korean cuisine. This cultural influence has driven the growth of Korean-themed restaurants and food service experiences both domestically and internationally. South Korea offers a broad range of dining experiences. From street food stalls and small family-owned restaurants to high-end, contemporary dining establishments, the food service landscape caters to various preferences and budgets. This integration enhances the efficiency of service and creates a more convenient experience for customers. Dining is often a social activity in South Korea. Many traditional dishes are designed to be shared among a group. Korean barbecue, for instance, is a popular communal dining experience where diners cook meat at their table and share side dishes. In urban areas, there are many restaurants and food establishments that operate 24/7 to cater to the bustling city life and the culture of late-night dining and socializing. According to the research report “South Korea Food Service Market Overview, 2028," published by Actual Research, the South Korea Food Service market is anticipated to add more than USD 65 Billion from 2023 to 2028. South Korea's tech-savvy culture significantly influenced the food service industry. Restaurants were integrating technology into their operations, such as mobile apps for reservations, table service, and payment. QR code menus and contactless payment systems were becoming more prevalent. Ghost kitchens, also known as virtual or cloud kitchens, were gaining momentum. These are delivery-only spaces where food is prepared for online orders without a physical dining space. They catered specifically to the increasing demand for delivery services. There was a rising demand for plant-based and vegan food options. Many restaurants were incorporating more plant-based dishes and creating separate menus to cater to the growing vegan community and those seeking healthier, environmentally friendly alternatives. Some food service establishments were exploring subscription-based models. These services offered customers regular meal plans, providing convenience and cost savings while ensuring a consistent customer base for the restaurants. A shift toward all-day dining and brunch culture was observed. Restaurants were extending their operating hours to accommodate brunch service and all-day dining options, attracting customers seeking leisurely dining experiences beyond traditional meal times. Various food festivals and cultural celebrations were becoming more prominent. These events showcased regional cuisines, street food, traditional performances, and culinary traditions, attracting both locals and tourists. The commercial segment in South Korea emphasizes quality and service standards, ensuring a consistent and enjoyable dining experience for customers. The commercial sector caters to various cultural influences and a growing acceptance of global cuisines in South Korean society, attracting a diverse customer base. The commercial segment offers diverse dining formats, including casual dining, fast-casual, fine dining, and thematic dining experiences, catering to different dining occasions and consumer preferences. Commercial food service establishments in South Korea cater to various celebrations, including traditional holidays, birthdays, anniversaries, and other special occasions, offering diverse menu options and spaces for such events. Restaurants in the commercial segment often cater to the vibrant nightlife and entertainment scene in South Korea, providing a range of dining options for patrons enjoying the nightlife. Furthermore, Ready prepared foodservice systems are integrating technology for efficient delivery services, online ordering, and mobile apps, offering ease of access and convenience for consumers to order pre-prepared meals. Ready prepared foodservice systems are responding to the increasing consumer focus on health and nutrition. Many are introducing healthier meal options, emphasizing fresh and natural ingredients to cater to health-conscious consumers. Ready prepared meal systems have diversified their menu offerings, catering to various tastes and dietary preferences, including options for vegetarians, vegans, and those with specific dietary needs. Ready prepared meals often come in convenient, portion-controlled packaging, reducing food waste and offering convenient serving sizes for different consumer needs.

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Full-service restaurants provide a comprehensive dining experience that aligns with the cultural norms of South Korea. These restaurants offer a unique cultural experience, including traditional seating arrangements and Korean dining customs, appealing to both locals and tourists seeking an authentic experience. Full-service restaurants emphasize high-quality dining experiences. They offer a combination of excellent service, ambiance, and a wide range of menu options, appealing to consumers looking for a sophisticated dining experience. These restaurants often boast diverse menus, including Korean cuisine, international dishes, and fusion offerings. Their focus on culinary excellence caters to a wide spectrum of tastes and preferences. Full-service restaurants are preferred venues for business meetings, social gatherings, and family occasions. Their comfortable settings and ample dining spaces accommodate groups, making them ideal for various events and celebrations. Many full-service restaurants offer a luxurious dining experience, featuring elegant interiors, ambient lighting, and stylish decor, catering to those seeking a high-end dining atmosphere. Considered in this report: • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report: • South Korea Food Service market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Kripa Shah

Senior Analyst

By Sector • Commercial • Non- Commercial By System • Conventional Foodservice System • Centralized Foodservice System • Ready Prepared Foodservice System • Assembly-Serve Foodservice System By Type of Restaurant • Full service restaurants • Quick service restaurants • Institutes • Other

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The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Food Service industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.