Seoul, August 11th (Xinhua) — On August 11th local time, the South Korean Ministry of Agriculture, Forestry, Animal Products and Food and the South Korean Rural Economic Research Institute released a report on the coffee industry and related consumption trends, showing that the size of the South Korean roasted coffee market in 2024 will be 1.3225 trillion Korean won (about 6.3 billion yuan), with an average annual growth rate of 15.8% in the past six years. In contrast, the market size of blended coffee is shrinking at an average annual rate of 0.5%.
The report shows that coffee consumption in South Korea is gradually shifting towards products dominated by coffee beans. The consumer group of premium coffee is expanding, and consumers are increasingly concerned about the types of coffee beans and roasting methods, hoping to obtain a more unique coffee experience through different flavors and tastes.
According to Yonhap News Agency, as consumers' demand for coffee during commuting or after meals increases, the market for affordable coffee chain stores and high-capacity coffee products is expanding simultaneously. Data shows that by 2023, the number of coffee shops in South Korea will reach 106452, which is equivalent to one out of every seven catering operators being a coffee shop.
The export of coffee related products has also increased synchronously. In 2024, the export value of South Korean coffee related products reached 229.6 million US dollars (approximately 1.55 billion yuan), a year-on-year increase of 4.6%. The annual export volume is 35349 tons, of which instant coffee accounts for as much as 98%. In terms of export value, Israel has become the largest export market for South Korean coffee products. (End)
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