Korea’s coffee industry has doubled over the past five years, seeing an explosion in both import and consumption and catapulting Korea to its place as 11th largest coffee market in the world. South Koreans are now amongst the top global consumers of coffee, and the country is home to over 12,300 coffee shops.
Global Market Trends
- Emerging markets due to reach 50% of global consumption by 2020. Emerging coffee consumption markets will represent half of the world total within seven years. Many of these markets are located in Asia.
- New innovation and demand for higher-quality products expected to drive value growth. While the volume of coffee sales is expected to continue to rise steadily, an increase in preference for premium goods will also significantly boost value growth.
Korean Market Trends
- Early stages of Korea’s coffee industry growth showed a strong preference for instant and mix coffees. In fact, research shows that Asian countries and countries in which tea was traditionally the drink of choice usually prefer instant coffee drinks.
- Instant coffees are no more just fast making and drinking coffees.
As the consistent growth of the instant coffee market in Korea, instant coffees are becoming more premium and diverse.
- Korea’s coffee market has risen incredibly sharply over the past seven years. In fact, Korea’s coffee consumption and number of coffee shops has more than doubled since 2005. The size of Korea’s coffee industry has grown more than 2.6 times in 5 years. And along with the increase of the size, the coffee franchise industry is getter bigger as well.
- Young urban professionals seen as key to coffee industry success. In South Korea, consumption trends among younger coffee drinkers, and a ‘coffee shop culture’ are driving the market economy.
With the vast majority of Korea’s coffee imported from overseas, and the emergence of a taste for new varieties of hot and cold beverage, the Korean coffee industry is certainly an exciting place to be! And what better way to explore it than at Coffee Expo Seoul 2015?