Key Takeaways
- The South Korean F&B market was valued at approximately 182 trillion KRW in 2022, reflecting a 5.1% CAGR from 2018-2022.
- F&B industry revenue in South Korea grew by 3.8% in 2023 to reach 189.2 trillion KRW.
- The packaged food segment within Korea's F&B market accounted for 62% of total sales in 2023, valued at 116 trillion KRW.
- 45% of South Koreans aged 20-39 prefer delivery F&B services, with monthly spend averaging 150,000 KRW.
- 62% of Korean consumers prioritize health labels on F&B packaging in 2023 surveys.
- Vegan food adoption rose 25% among millennials, with 18% trying plant-based monthly.
- South Korea produced 25.3 million tons of food in 2022, with rice at 4.1 million tons leading.
- Korea's beverage production volume reached 12.4 billion liters in 2023.
- Processed food manufacturing output was 110 trillion KRW in 2023.
- South Korea's F&B exports hit USD 10.2 billion in 2023, up 8.5% YoY.
- Kimchi exports reached USD 280 million in 2023, China 45% share.
- Instant ramen exports totaled 7.2 billion packs, USD 650 million revenue.
- F&B industry employed 2.3 million workers in 2023, 9% of total workforce.
- Food manufacturing sector had 450,000 direct jobs, average wage 45 million KRW/year.
- Restaurant industry jobs reached 1.8 million, turnover rate 28% annually.
South Korea's F&B market is thriving, driven by robust growth across e-commerce, health trends, and exports.
Consumer Trends and Preferences
- 45% of South Koreans aged 20-39 prefer delivery F&B services, with monthly spend averaging 150,000 KRW.
- 62% of Korean consumers prioritize health labels on F&B packaging in 2023 surveys.
- Vegan food adoption rose 25% among millennials, with 18% trying plant-based monthly.
- 78% of Koreans snack 2-3 times daily, preferring savory over sweet by 55-45%.
- Online F&B purchases by females aged 25-34 averaged 220,000 KRW monthly in 2023.
- 51% of consumers seek low-sugar beverages, up from 42% in 2021.
- Home cooking frequency dropped to 4.2 days/week, with 35% using ready meals weekly.
- 67% of urban Koreans prefer convenience store F&B for breakfast, daily spend 5,000 KRW.
- K-pop influence drives 29% of Gen Z to try imported snacks monthly.
- 73% of seniors (65+) consume functional foods daily for health benefits.
- Delivery app usage for F&B hit 82% penetration among 18-29 year olds in 2023.
- 44% of consumers avoid plastic packaging, preferring eco-friendly F&B options.
- Spicy food preference remains at 88% among all age groups in Korea.
- 56% of working women buy pre-packaged lunches daily, averaging 8,000 KRW.
- Craft beer consumption up 40% among 20-39 demo, weekly drinkers at 15%.
- 69% prioritize local ingredients in restaurant choices per 2023 survey.
- Non-alcoholic beverage preference rose to 65% post-pandemic among youth.
- 52% of consumers read nutritional info before purchase, up 12% from 2020.
- Pet food as F&B extension sees 33% households buying premium options monthly.
- 61% prefer K-Food brands over imports for daily meals.
- Late-night snacking common in 47% of population, peaking at 11 PM.
- 75% of fitness enthusiasts consume protein supplements weekly.
- Organic food buyers increased to 28% of total consumers in 2023.
- Ramen consumption averages 82 packs per capita annually in Korea.
- 58% of families eat out weekly, spending average 100,000 KRW per visit.
- Bubble tea demand peaks with 42% of 10-19 year olds drinking weekly.
- 64% avoid MSG-labeled products based on 2023 consumer polls.
Consumer Trends and Preferences Interpretation
Employment and Investments
- F&B industry employed 2.3 million workers in 2023, 9% of total workforce.
- Food manufacturing sector had 450,000 direct jobs, average wage 45 million KRW/year.
- Restaurant industry jobs reached 1.8 million, turnover rate 28% annually.
- F&B R&D investment totaled 3.2 trillion KRW in 2023 by top firms.
- 15,200 new F&B startups launched in 2023, 40% in delivery tech.
- Beverage sector employed 120,000, with 12% growth in skilled labor.
- Foreign workers in F&B reached 150,000, mainly in food processing.
- Average F&B factory worker productivity 120 million KRW per employee.
- Cafe sector jobs 450,000, franchise model 70% share.
- Investments in F&B automation USD 2.5 billion in 2023.
- Women comprise 55% of F&B service workforce, part-time 60%.
- VC funding for Korean F&B tech startups USD 1.8 billion in 2023.
- Training programs for F&B workers reached 500,000 participants yearly.
- Logistics and supply chain jobs in F&B 280,000, wage growth 5%.
- Export-oriented F&B firms employed 300,000, incentives boosted hires 10%.
- Sustainability roles in F&B grew to 25,000 jobs in 2023.
- M&A investments in F&B totaled USD 4.2 billion, creating 50,000 jobs.
- Youth employment in F&B cafes 180,000, internship programs 30%.
- Food safety inspector jobs increased to 12,000 nationwide.
- E-commerce F&B platform staff reached 95,000, growth 25%.
Employment and Investments Interpretation
Exports and Imports
- South Korea's F&B exports hit USD 10.2 billion in 2023, up 8.5% YoY.
- Kimchi exports reached USD 280 million in 2023, China 45% share.
- Instant ramen exports totaled 7.2 billion packs, USD 650 million revenue.
- Alcoholic beverages exports grew to USD 450 million, soju to Japan USD 120M.
- Processed seafood exports USD 2.1 billion in 2023, US market 25%.
- Ramen exports to US surged 15% to USD 180 million in 2023.
- K-confectionery exports USD 300 million, Vietnam top destination.
- Frozen food exports USD 1.2 billion, chicken products 40%.
- Beverage exports, mainly bottled water and tea, USD 250 million.
- Snack exports to Southeast Asia USD 400 million in 2023.
- Bakery products exports grew 12% to USD 150 million.
- Dairy exports USD 180 million, mainly to China and US.
- Processed meat exports USD 320 million, pork cuts dominant.
- Sauce and seasoning exports USD 220 million, gochujang key.
- Rice exports limited to 50,000 tons under quota, USD 80 million.
- Fruit and vegetable exports USD 1.5 billion, ginseng top.
- Pet food exports USD 120 million, growing 20% YoY.
- Organic F&B exports USD 90 million to EU and US.
- F&B imports totaled USD 22.5 billion in 2023, grains 35%.
- Beef imports 350,000 tons, USD 6.2 billion in 2023.
Exports and Imports Interpretation
Market Size and Growth
- The South Korean F&B market was valued at approximately 182 trillion KRW in 2022, reflecting a 5.1% CAGR from 2018-2022.
- F&B industry revenue in South Korea grew by 3.8% in 2023 to reach 189.2 trillion KRW.
- The packaged food segment within Korea's F&B market accounted for 62% of total sales in 2023, valued at 116 trillion KRW.
- South Korea's beverage market size hit 28.5 trillion KRW in 2023, with a projected 4.5% growth to 2027.
- Foodservice market in Korea expanded to 42 trillion KRW in 2022, driven by post-pandemic recovery.
- Overall F&B e-commerce sales in Korea surged 22% YoY to 15.4 trillion KRW in 2023.
- Korea's instant noodles market reached 1.2 trillion KRW in 2023, with 8.5 billion units sold domestically.
- The healthy snacks segment grew 12% to 2.3 trillion KRW in South Korea's F&B market in 2023.
- Alcoholic beverages market in Korea was valued at 25.1 trillion KRW in 2022, up 6% from prior year.
- Korea's dairy products market size stood at 7.8 trillion KRW in 2023, with 4.2% annual growth.
- Processed meat sales in Korea's F&B hit 9.5 trillion KRW in 2023, comprising 5% of total F&B revenue.
- The bakery products market in South Korea grew to 6.2 trillion KRW in 2022.
- Functional beverages segment expanded 15% YoY to 3.1 trillion KRW in 2023.
- Korea's confectionery market value was 4.7 trillion KRW in 2023, with chocolate at 40% share.
- Ready-to-eat meals market reached 5.8 trillion KRW in 2022, up 10% from 2021.
- Soft drinks market in Korea totaled 12.3 trillion KRW in 2023, growing 3.5%.
- Korea's F&B wholesale market volume was 95 trillion KRW in 2023.
- Plant-based food market grew 28% to 0.8 trillion KRW in 2023.
- Cafe and coffee shop market size hit 18 trillion KRW in 2023.
- Frozen food sales increased to 4.1 trillion KRW, 9% growth in 2023.
- Energy drinks segment valued at 1.5 trillion KRW in 2023, 11% YoY growth.
- Korea's edible oils market was 2.9 trillion KRW in 2022.
- Sauce and condiments market reached 3.4 trillion KRW in 2023.
- Meal kit market exploded to 1.1 trillion KRW in 2023, 35% growth.
- Korea's F&B retail sales grew 7.2% to 52 trillion KRW in 2023.
Market Size and Growth Interpretation
Production and Supply
- South Korea produced 25.3 million tons of food in 2022, with rice at 4.1 million tons leading.
- Korea's beverage production volume reached 12.4 billion liters in 2023.
- Processed food manufacturing output was 110 trillion KRW in 2023.
- Meat production totaled 2.8 million tons in 2022, pork at 1.5 million tons.
- Dairy production hit 2.2 million tons, with milk at 90% share in 2023.
- Instant noodle production was 8.7 billion packs in 2023.
- Bakery goods output reached 3.1 million tons annually in 2022.
- Soft drink manufacturing volume 5.6 billion liters, carbonated 45%.
- Seafood processing output 1.9 million tons in 2023.
- Edible oil production 1.2 million tons, soybean oil dominant at 60%.
- Frozen food production increased to 1.5 million tons in 2023.
- Beer production volume 1.8 billion liters in 2022.
- Soju production reached 0.9 billion liters, 95% domestic sales.
- Confectionery output 0.8 million tons, sugar confectionery 55%.
- Rice milling capacity processed 3.9 million tons in 2023.
- Vegetable processing 2.1 million tons, kimchi at 1.2 million.
- Poultry meat production 0.9 million tons in 2022.
- Fruit juice concentrate production 0.4 million tons annually.
- Snack food manufacturing 1.1 million tons, extruded snacks 30%.
- Canned food output 0.7 million tons in 2023.
- Sauce production 0.6 million tons, gochujang leading at 0.3 million.
- Baby food production 0.15 million tons, growing 8% YoY.
- Organic food production area expanded to 45,000 hectares in 2023.
- Supply chain logistics for F&B cost 12 trillion KRW in 2023.
- Food waste in production phase reduced to 1.8 million tons in 2022.
- Automated production lines in F&B factories reached 65% adoption.
- Ingredient import dependency for processed F&B at 42% by volume.
Production and Supply Interpretation
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