Top foodservice companies market share based on value sales South Korea 2017
In 2017, McDonald's was the leading foodservice company in South Korea, with a market share of around 1.2 percent based on value sales. In 2018, the overall foodservice sales value in South Korea amounted to around 87.8 billion U.S. dollars. A survey in April 2019 found that more than 36 percent of respondents stated that they were eating out once every two to three days.
Independent vs Chain restaurants
South Korea’s foodservice sector has a large share of smaller, often family owned businesses. While chain franchise restaurants are expected to grow faster than independent restaurants, the sales value of independent restaurants accounted for around two thirds of the total restaurant sales value in 2018. Nevertheless, customers tend to spend more per transaction at chain restaurants than at independent restaurants.
McDonald’s in South Korea
American chain franchise McDonald’s opened their first shop in South Korea in 1988, opening their 100th store only seven years later. Nowadays, more than 400 stores are operating throughout the country. Their delivery service, McDelivery, launched in 2007. The McDelivery app is one of the most downloaded and used food delivery apps in South Korea. One of McDonald’s biggest fast-food focused competitors is South Korean-based franchise Lotteria. The chain first started in Japan in 1972 and started operating in South Korea in 1979. While McDonald’s is dominant on the global market, Lotteria has been able to grow in Asian countries, such as Vietnam, Indonesia, and Cambodia.
Independent vs Chain restaurants
South Korea’s foodservice sector has a large share of smaller, often family owned businesses. While chain franchise restaurants are expected to grow faster than independent restaurants, the sales value of independent restaurants accounted for around two thirds of the total restaurant sales value in 2018. Nevertheless, customers tend to spend more per transaction at chain restaurants than at independent restaurants.
McDonald’s in South Korea
American chain franchise McDonald’s opened their first shop in South Korea in 1988, opening their 100th store only seven years later. Nowadays, more than 400 stores are operating throughout the country. Their delivery service, McDelivery, launched in 2007. The McDelivery app is one of the most downloaded and used food delivery apps in South Korea. One of McDonald’s biggest fast-food focused competitors is South Korean-based franchise Lotteria. The chain first started in Japan in 1972 and started operating in South Korea in 1979. While McDonald’s is dominant on the global market, Lotteria has been able to grow in Asian countries, such as Vietnam, Indonesia, and Cambodia.
