By: Inside Retail Asia
South Korea’s food service industry is growing 9 percent annually, supported by the thriving coffee sector and disclaiming the rumors that it has been in a slump.
According to a survey conducted by Kim Young-gap, a professor at Hanyang Cyber University, Korea’s food service industry was estimated to exceed US$155.2 billion last year.
Unlike other sluggish industries, the coffee and beverage sectors grew at a fast pace of more than 20 percent, leaving other industries far behind.
The growth rates of carb food, accounting for 15.2 percent, Chinese food, accounting for 14.3 percent, and bakeries, accounting for 11.7 percent, were also notable.
Negative growths on the other hand, were bars at -1.3 percent, while buffets grew by 0.5 percent and Western food grew by 3.8 percent. The total number of restaurants rose 3.2 percent annually from about 604,000 in 2016 to about 663,000 last year.
In the number of restaurants, coffee and beverage companies also ranked first with a 19-per-cent increase, far ahead of the confectionery, baking, rice cake and cake industries with an 8.7 per cent increase.
Read the full story HERE.