Meal Kit Delivery services have gained immense popularity in South Korea over the past few years, offering a convenient alternative to traditional grocery shopping and meal preparation.
Customer preferences: South Korean consumers are increasingly turning to meal kit delivery services as a solution to their busy lifestyles. With long working hours and a growing interest in health and wellness, many consumers are looking for healthy and convenient meal options that can be prepared quickly. Meal kit delivery services offer a variety of meal options that cater to different dietary preferences and requirements, making it an attractive option for health-conscious consumers.
Trends in the market: The Meal Kit Delivery market in South Korea has seen significant growth in recent years, with a number of new players entering the market. This growth is driven by several factors, including the increasing popularity of online shopping and the rise of the sharing economy. Many consumers are also attracted to the cost-saving benefits of meal kit delivery services, as they can often be cheaper than traditional grocery shopping.
Local special circumstances: South Korea has a unique food culture, with a strong emphasis on traditional dishes and local ingredients. This has led to the development of meal kit delivery services that cater specifically to Korean tastes and preferences. Many meal kit delivery services in South Korea offer traditional Korean dishes, as well as fusion options that combine Korean ingredients with international flavors.
Underlying macroeconomic factors: South Korea has a strong economy and a high standard of living, which has contributed to the growth of the meal kit delivery market. The country has a high internet penetration rate, with many consumers comfortable with online shopping and e-commerce. Additionally, the government has been supportive of the sharing economy, which has helped to create a favorable environment for meal kit delivery services to thrive.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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