South Korea, a country known for its rich culture, history, and technological advances, has also seen significant growth in the online food delivery market. With a population of over 51 million people, South Korea has a diverse group of consumers who have unique preferences when it comes to ordering food online.
Customer preferences: South Korean consumers have shown a preference for convenience and speed when it comes to online food delivery. They also value high-quality food and a wide variety of options to choose from. This has led to an increase in demand for food delivery services that offer fast delivery times and a diverse selection of cuisines.
Trends in the market: One of the major trends in the South Korean online food delivery market is the rise of mobile ordering. With more than 95% of the population owning a smartphone, mobile ordering has become the preferred method of ordering food online. This has led to an increase in the number of food delivery apps available in the market.Another trend in the market is the emergence of cloud kitchens. These are commercial kitchens that are used exclusively for online food delivery orders. They allow restaurants to expand their delivery range without having to invest in additional physical locations.
Local special circumstances: South Korea has a unique food culture that has contributed to the growth of the online food delivery market. Korean cuisine is known for its bold flavors and diverse ingredients. The popularity of Korean food has led to an increase in demand for Korean food delivery services.
Underlying macroeconomic factors: The growth of the online food delivery market in South Korea can be attributed to several underlying macroeconomic factors. One of these factors is the country's high population density. With a population of over 51 million people, South Korea has a high concentration of consumers in urban areas. This has led to a high demand for food delivery services in these areas.Another factor is the country's high internet penetration rate. With over 95% of the population owning a smartphone, South Korea has a large pool of potential customers for food delivery services. Additionally, the country's strong economy and high disposable income levels have contributed to the growth of the online food delivery market.
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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