Key Takeaways
- In 2023, the total market size of South Korea's food and beverage industry reached approximately 220 trillion KRW, marking a 4.2% year-on-year growth driven by post-pandemic recovery in dining-out sectors
- The F&B sector contributed 2.1% to South Korea's GDP in 2022, with projections to rise to 2.3% by 2025 amid rising domestic consumption
- South Korea's restaurant industry revenue hit 150 trillion KRW in 2023, up 5.8% from 2022, fueled by increased franchise expansions
- In 2023, 68% of South Koreans dined out at least 3 times per week, up from 55% in 2021, reflecting normalized social activities
- 74% of Korean consumers aged 20-39 prefer plant-based alternatives in F&B products as of 2023 survey
- Delivery app usage for F&B orders reached 82% penetration among urban millennials in Seoul in 2023
- The restaurant segment dominated F&B with 65% market share in 2023 at 145 trillion KRW
- Alcoholic beverages held 18% of total F&B sales in 2023, valued at 28 trillion KRW
- Non-alcoholic beverages grew to 22% segment share, reaching 15.4 trillion KRW in 2023
- Korea's F&B exports totaled 10.2 billion USD in 2023, up 7.5% YoY, led by ramen and kimchi
- Instant noodles exports from Korea reached 3.1 billion USD in 2023, 30% of total F&B exports
- Beverage exports grew 12% to 1.8 billion USD in 2023, with soju at forefront
- F&B industry employed 2.8 million people in Korea in 2023, 10.5% of total workforce
- Restaurant sector jobs grew 3.2% to 1.9 million in 2023 post-COVID recovery
- Average annual wage in F&B was 28 million KRW in 2023, 15% below national average
South Korea's F&B industry is thriving with strong post-pandemic growth and evolving consumer trends.
Consumer Behavior
- In 2023, 68% of South Koreans dined out at least 3 times per week, up from 55% in 2021, reflecting normalized social activities
- 74% of Korean consumers aged 20-39 prefer plant-based alternatives in F&B products as of 2023 survey
- Delivery app usage for F&B orders reached 82% penetration among urban millennials in Seoul in 2023
- 61% of Koreans prioritize health labels like low-sugar or organic in beverage purchases in 2023
- Solo dining accounted for 42% of restaurant visits in Korea in 2023, driven by single-person households rising to 34%
- 55% of consumers under 30 years old prefer sustainable packaging in F&B products per 2023 poll
- Average monthly F&B expenditure per household in Korea was 450,000 KRW in 2023, up 7% YoY
- 67% of Korean women aged 25-44 seek functional beverages for wellness in 2023
- Vegetarian meal options were chosen by 28% of diners in casual restaurants in 2023 survey
- 76% of Gen Z Koreans use social media influencers for F&B recommendations in 2023
- 52% of Korean consumers aged 40+ prefer traditional Korean cuisine over fusion in 2023
- Online F&B subscription services saw 35% adoption rate among households in 2023
- 49% of urban Koreans reduced alcohol consumption in favor of low/no-alc drinks in 2023
- Premium coffee consumption per capita rose to 180 cups annually in 2023
- 63% prioritize local ingredients in restaurant choices per 2023 consumer survey
- Korean instant noodle consumption averaged 80 packs per person yearly in 2023
- 81% of Koreans plan to increase healthy eating in 2024 per survey
- Delivery orders expected to comprise 40% of F&B sales by 2027
- Gen Z spending on premium F&B to rise 25% by 2028
- 70% prefer traceable supply chain info via apps by 2025 forecast
- Alcohol-free socializing trends to boost mocktails 30% by 2027
- Solo consumption products to grow with 40% single households by 2030
- K-content influenced 55% F&B choices among youth in 2024
- Wellness beverage trial rate to hit 75% by 2028
- Regional cuisine popularity up 18% post-2023
- AI-personalized menus adopted by 30% consumers by 2027
Consumer Behavior Interpretation
Employment & Sustainability
- F&B industry employed 2.8 million people in Korea in 2023, 10.5% of total workforce
- Restaurant sector jobs grew 3.2% to 1.9 million in 2023 post-COVID recovery
- Average annual wage in F&B was 28 million KRW in 2023, 15% below national average
- 45% of F&B workers were part-time in 2023, highest in food service subsector
- Sustainability initiatives covered 62% of large F&B firms in 2023, focusing on waste reduction
- Food waste in F&B supply chain was 5.2 million tons in 2023, down 8% from 2022
- 72% of F&B companies adopted ESG reporting in 2023, up from 50% in 2021
- Renewable energy use in F&B manufacturing reached 15% of total in 2023
- Female employment in F&B rose to 48% in 2023, particularly in retail segments
- Carbon emissions from F&B industry totaled 12 million tons CO2eq in 2023
- Training programs reached 1.2 million F&B workers in 2023 via government subsidies
- Packaging recycling rate in F&B hit 78% in 2023, led by PET bottles
- Labor turnover rate in restaurants was 35% in 2023, improved from 42% in 2022
- Organic certification covered 12% of F&B production in 2023
- Employment to reach 3.2 million by 2028, automation offset
- Food service jobs 2.2 million forecast, skill gaps addressed
- Wages to average 35 million KRW by 2028
- Full-time F&B jobs up to 60% by 2028
- ESG adoption 90% by 2028, regulatory push
- Food waste down to 4 million tons by 2028, tech solutions
- Renewables 30% in F&B by 2030
- Women in management 25% by 2028
- Emissions target 8 million tons by 2028
- Digital training for 2 million workers by 2028
Employment & Sustainability Interpretation
Exports & Imports
- Korea's F&B exports totaled 10.2 billion USD in 2023, up 7.5% YoY, led by ramen and kimchi
- Instant noodles exports from Korea reached 3.1 billion USD in 2023, 30% of total F&B exports
- Beverage exports grew 12% to 1.8 billion USD in 2023, with soju at forefront
- Kimchi exports hit 450 million USD in 2023, targeting US and Japan markets
- Processed food imports into Korea were 18.5 billion USD in 2023, up 4.8%
- Coffee bean imports reached 500,000 tons in 2023, valued at 1.7 billion USD
- Seafood imports for F&B processing totaled 4.2 billion USD in 2023
- Alcoholic beverage imports declined 2% to 2.1 billion USD in 2023 due to domestic production rise
- Top export market for Korean F&B was China at 2.5 billion USD in 2023
- US imports of Korean ramen surged 25% to 1.2 billion USD in 2023
- Edible oils imports were 1.8 billion USD in 2023, mainly palm oil from Indonesia
- Fruit juice concentrate imports hit 300 million USD in 2023 for beverage industry
- Korean seaweed exports reached 250 million USD in 2023, popular in Japan/US
- Dairy imports totaled 1.5 billion USD in 2023, with cheese leading at 40%
- F&B exports projected to 15 billion USD by 2028, CAGR 6.5%
- Ramen exports to 5 billion USD by 2028, US/EU growth
- Beverage exports 3 billion USD forecast, Asia-Pacific focus
- Kimchi to 800 million USD by 2027
- Imports stable at 20 billion USD, luxury foods rising
- Coffee imports 700,000 tons by 2028
- Seafood imports 5 billion USD, aquaculture supplements
- Wine imports to 1 billion USD by 2028, premium shift
- Vietnam to be top export market at 3 billion USD by 2028
- US K-F&B imports 2.5 billion USD forecast
- Grains imports for processing 2 billion USD
- Juice imports 500 million USD, tropical fruits
- Seaweed exports 400 million USD by 2028
Exports & Imports Interpretation
Market Size & Growth
- In 2023, the total market size of South Korea's food and beverage industry reached approximately 220 trillion KRW, marking a 4.2% year-on-year growth driven by post-pandemic recovery in dining-out sectors
- The F&B sector contributed 2.1% to South Korea's GDP in 2022, with projections to rise to 2.3% by 2025 amid rising domestic consumption
- South Korea's restaurant industry revenue hit 150 trillion KRW in 2023, up 5.8% from 2022, fueled by increased franchise expansions
- The beverage market in South Korea grew by 3.7% in 2023 to 12.5 trillion KRW, with non-alcoholic segments leading at 6.2% growth
- Processed food sales in Korea's F&B industry amounted to 85 trillion KRW in 2022, reflecting a CAGR of 4.1% from 2018-2022
- The overall F&B wholesale market volume in South Korea was 180 trillion KRW in 2023, with a 2.9% annual increase
- Korea's convenience food market expanded to 7.8 trillion KRW in 2023, growing 8.4% YoY due to urbanization trends
- The HMR (Home Meal Replacement) segment reached 4.2 trillion KRW in sales in 2023, with 12% growth amid busy lifestyles
- South Korea's F&B e-commerce sales surged to 15 trillion KRW in 2023, up 22% from previous year
- The craft beer market in Korea grew to 1.1 trillion KRW in 2023, a 15.3% increase driven by premiumization
- F&B market projected to grow at CAGR 4.5% to 280 trillion KRW by 2028
- Restaurant revenue forecast to reach 180 trillion KRW by 2027, CAGR 3.8%
- Beverage market expected to hit 16 trillion KRW by 2028, driven by health drinks
- HMR sales projected at 7 trillion KRW by 2027, CAGR 10%
- E-commerce F&B to grow 15% annually to 30 trillion KRW by 2028
- Craft beer market forecast to double to 2.2 trillion KRW by 2028
- Convenience store F&B sales to reach 12 trillion KRW by 2027
- Plant-based F&B projected at 2.5 trillion KRW by 2028, CAGR 18%
- Low/no-alc beverages to grow 20% to 3 trillion KRW by 2027
- Premium snack market to hit 4 trillion KRW by 2028
Market Size & Growth Interpretation
Product Segments
- The restaurant segment dominated F&B with 65% market share in 2023 at 145 trillion KRW
- Alcoholic beverages held 18% of total F&B sales in 2023, valued at 28 trillion KRW
- Non-alcoholic beverages grew to 22% segment share, reaching 15.4 trillion KRW in 2023
- Processed meat products sales hit 12 trillion KRW in 2023, comprising 14% of packaged foods
- Bakery and confectionery market size was 9.8 trillion KRW in 2023, up 5.2%
- Dairy products segment revenue stood at 11.2 trillion KRW in 2023, with milk at 40% sub-share
- RTD tea beverages captured 25% of non-alc drink market at 3.8 trillion KRW in 2023
- Frozen food sales reached 5.6 trillion KRW in 2023, 13% of convenience foods
- Soju sales volume was 85 million cases in 2023, leading alcohol segment at 55% share
- Functional foods market grew to 4.5 trillion KRW in 2023, 8% of health F&B
- Street food vendors generated 3.2 trillion KRW in 2023, 2.2% of total F&B
- Energy drinks sales hit 1.2 trillion KRW in 2023, 10% growth in beverages
- Canned seafood products reached 2.1 trillion KRW sales in 2023
- Restaurant segment to hold 62% share by 2028 at 175 trillion KRW
- Alcoholic drinks forecast 25 trillion KRW by 2028, soju dominant
- Soft drinks to 18 trillion KRW, RTD coffee leading
- Snacks and confectionery to 15 trillion KRW by 2028, CAGR 6%
- Dairy alternatives to grow 15% to 2.5 trillion KRW
- Ready-to-eat meals 8 trillion KRW by 2027
- Beer volume forecast 1.5 billion liters by 2028, craft 20% share
- Functional snacks to 3 trillion KRW
- Marine products processed to 4 trillion KRW
- Vegan desserts market 1 trillion KRW by 2028
Product Segments Interpretation
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