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South Korea, known for its rich culture and cuisine, has seen a significant rise in the Restaurant Delivery market in recent years.
Customer preferences: South Koreans are known for their busy lifestyle and love for convenience, which has led to a surge in demand for food delivery services. With the rise of the gig economy, more people are working from home, leading to an increase in demand for food delivery services. Additionally, the popularity of smartphones and mobile applications has made it easier for customers to order food online.
Trends in the market: The Restaurant Delivery market in South Korea has seen a significant increase in the number of players in recent years. The market has become highly competitive, with players offering a wide range of services, including food delivery, grocery delivery, and meal kit delivery. Furthermore, the market has seen a shift towards healthy and sustainable food options, with many players offering organic and locally sourced ingredients.
Local special circumstances: South Korea has a unique food culture, with a strong emphasis on traditional dishes such as kimchi, bulgogi, and bibimbap. Additionally, South Koreans are known for their love of spicy food, which has led to a rise in the popularity of dishes such as spicy fried chicken and spicy ramen. Furthermore, the country has a strong coffee culture, with many players offering coffee and dessert delivery services.
Underlying macroeconomic factors: South Korea has a strong economy, with a high GDP per capita and a growing middle class. This has led to an increase in disposable income and a higher demand for convenience services such as food delivery. Additionally, the country has a high internet penetration rate, with many people using smartphones and mobile applications to access food delivery services. Finally, the COVID-19 pandemic has accelerated the growth of the food delivery market in South Korea, with many people opting to stay at home and order food online.
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.Mon - Fri, 9am - 6pm (EST)
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