The South Korean foodservice market recorded a compound annual growth rate (CAGR) of 6.2% between 2008 and 2011, to reach a total market value of KRW1,076,609.7 billion.
The industry is in a much better position as disposable income has increased considerably over the past few years. Furthermore, 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 2011, the profit sector accounted for a 91.5% share of total foodservice sales. Sales in the profit sector increased at a CAGR of 6.89% between 2006 and 2011. In 2011, cost sector sales represented 8.5% of total foodservice sales and registered a CAGR of 1.56%.
The restaurant segment remained the largest in terms of the South Korean foodservice market, contributing 64.2% of total sales. The growth in restaurant sales was primarily a reflection of the increase in sales at quick service restaurants, and coffee and tea shops.
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.
For more information on the South Korean foodservice market, see the latest research: South Korean Foodservice Market Report
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