National factors
South Korea, whose population is so far estimated as more than 50 million in 2019 (the Korean Bureau of Statistics 2019), is experiencing its food service market on a rapid growth, as the nation’s socio-economic changes continues to impact spending more on dining out.
Overall revenue in the foodservice sector in South Korea grew at a CAGR (Compound annual growth rate) of 3.5% between 2014 and 2016, and it is forecast to increase at a CAGR of 3.6% to 2021, according to data published in 2017 by Global Data.
This has encouraged a number of international food chains to establish themselves in the market. This includes the international giant fast-food chains, such as Mc Donalds, Pizza Hut, but also some medium-sized foreign restaurants, like Shake Shake Burger, which is introduced from the U.S and soon hit the South Korea food market with its average number of customers were reported as 3,000 per day for the first month of its opening (The Salt – the food magazine 2016).
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