The United States was the most favored country for Korean restaurant companies to expand overseas last year.
According to the 2023 Overseas Expansion Survey of Food Service Companies report released by the Korea Agro-Fisheries & Food Trade Corporation (aT), the United States was the country where the most food service companies in Korea expanded, with a total of 41 companies. Although the number of companies decreased from 46 in 2022, the U.S., along with Vietnam, was the first country considered for overseas expansion.
This was followed by Vietnam with 29, China with 27, the Philippines with 20, Japan and Indonesia each with 19, and Taiwan and Malaysia each with 18.
The United States (778) was also the top country by the number of stores. This compares to 600 in 2021, an increase of 178 (30%) in just two years. It is analyzed that the booming economy after the pandemic has encouraged Korean restaurant companies to enter the US market.
This is followed by China (767), Vietnam (362), Thailand (285), the Philippines (239), Taiwan (172), Canada (142), Japan (133), Malaysia (130), and Indonesia (118).
When analyzing the number of stores by category, the chicken industry is the most competitive in America, with 440 chicken stores accounting for 56.5% of the total (778). This was followed by bakeries (147), coffee shops (106), kimbap (38), and Korean food (28).
“As Korean dramas and movies continue to gain popularity on global platforms such as Netflix, interest in Korean food depicted in dramas continues to rise,” said Minho Kim, head of aT Center LA. “In particular, the popularity of frozen kimbap in the U.S. market last year has expanded interest beyond traditional Korean food and chicken to include bunsik and street food. We will continue to support franchise registration and other programs to encourage more Korean food companies to enter the U.S. market.”
Among Korean restaurant companies in the U.S., Korean Chicken is the most competitive. The chicken franchise industry, which recorded the highest number of stores in 2023, is expanding its franchise network even further this year.
Two Korean bakery giants, Paris Baguette and TOUS les JOURS, are in the race to open 1,000 franchise stores in America by 2030.
The 2023 Overseas Expansion Survey of Food Service Companies report was conducted on 2,965 Korean food service companies from August to November 2023. Of these companies, 125 have expanded overseas, 133 have brands, and 3,685 have stores.
BY EUNYOUNG LEE, JUNHAN PARKÂ Â [lee.eunyoung6@koreadaily.com]
