Demand rising in S. Korea for affordable and expensive coffee
- 5 years ago
Time now for our "Life & Info" segment,... where we focus on information useful for your everyday lives.
Coffee is one of the most loved drinks anywhere you go in the world.
But here in South Korea, demand for it has been soaring, and many people say what gradually started as a habit has become a culture of its own.
Today we take a look at the wide spectrum of the coffee market in South Korea -- particularly in terms of price.
Happy to be joined in the studio by our Kim Mok-yeon.
Hi Mok-yeon, let's talk coffee then
Good morning Mark, before we get started, do you like coffee?
How often do you drink coffee each day?
Well... I also love coffee. For me, it's more like a habit after I get out of bed, or when I finish having lunch.
So you mentioned that South Korea's love for coffee knows no bounds.
Recent data shows that an average person living in Korea drinks more than 500 cups of coffee a year.... that's around one-and-a-half cups a day on average.
Demand is continuing to rise too and the size of the coffee market is still growing at a rapid pace.
If we take a look at the screen here, we can see that the local coffee market size is nearly four times bigger in the latest data than it was just a decade ago.
And especially in South Korea, the trend has been even more evident in coffee shops, with annual sales by the major franchise's sitting in the world's top three.
Yeah, certain franchises in Korea are always packed with people and finding a seat -- especially a comfy one -- can be a challenge. But gone are the days of ready-mix coffee in Korea, you can get coffee from all of the world, big, small, hot and cold, right?
Very true. Well Mark, let me ask you a question, how much do you usually spend on coffee if you go to a coffee shop?
Well I normally get a regular hot black coffee so... three to four dollars?
Ok, so it seems like you're not too fancy when it comes to coffee (Haha)
Did you know that coffee prices in shops range from 70 cents to up to 9 U.S. dollars... perhaps even more?
Yes, I did. I refuse to pay more than five dollars for a black coffee, regardless of where it's from, but we can see the wide range of prices -- a more than ten-fold difference from the cheapest to the most expensive...
Yes, South Korea's coffee market is booming right now, with demand for BOTH affordable and costly coffees growing.
As the market size expands, local consumers' tastes are also maturing.
In recent years, specialty coffee brands have been booming in Korea and public demand for such premium coffee has been spiking.
Last year, the premium coffee market size reached some 865 million dollars, taking up to 20 percent of the total market share.
Specialty coffees are premium coffees which score 80 or more out of a hundred from the Specialty Coffee Association of America.
Due to intense demand, one popular specialty coffee brand has decided to launch its first shop in Korea.
I popped along and had a chance to meet the CEO.
" I'm deeply honored by the fact
Coffee is one of the most loved drinks anywhere you go in the world.
But here in South Korea, demand for it has been soaring, and many people say what gradually started as a habit has become a culture of its own.
Today we take a look at the wide spectrum of the coffee market in South Korea -- particularly in terms of price.
Happy to be joined in the studio by our Kim Mok-yeon.
Hi Mok-yeon, let's talk coffee then
Good morning Mark, before we get started, do you like coffee?
How often do you drink coffee each day?
Well... I also love coffee. For me, it's more like a habit after I get out of bed, or when I finish having lunch.
So you mentioned that South Korea's love for coffee knows no bounds.
Recent data shows that an average person living in Korea drinks more than 500 cups of coffee a year.... that's around one-and-a-half cups a day on average.
Demand is continuing to rise too and the size of the coffee market is still growing at a rapid pace.
If we take a look at the screen here, we can see that the local coffee market size is nearly four times bigger in the latest data than it was just a decade ago.
And especially in South Korea, the trend has been even more evident in coffee shops, with annual sales by the major franchise's sitting in the world's top three.
Yeah, certain franchises in Korea are always packed with people and finding a seat -- especially a comfy one -- can be a challenge. But gone are the days of ready-mix coffee in Korea, you can get coffee from all of the world, big, small, hot and cold, right?
Very true. Well Mark, let me ask you a question, how much do you usually spend on coffee if you go to a coffee shop?
Well I normally get a regular hot black coffee so... three to four dollars?
Ok, so it seems like you're not too fancy when it comes to coffee (Haha)
Did you know that coffee prices in shops range from 70 cents to up to 9 U.S. dollars... perhaps even more?
Yes, I did. I refuse to pay more than five dollars for a black coffee, regardless of where it's from, but we can see the wide range of prices -- a more than ten-fold difference from the cheapest to the most expensive...
Yes, South Korea's coffee market is booming right now, with demand for BOTH affordable and costly coffees growing.
As the market size expands, local consumers' tastes are also maturing.
In recent years, specialty coffee brands have been booming in Korea and public demand for such premium coffee has been spiking.
Last year, the premium coffee market size reached some 865 million dollars, taking up to 20 percent of the total market share.
Specialty coffees are premium coffees which score 80 or more out of a hundred from the Specialty Coffee Association of America.
Due to intense demand, one popular specialty coffee brand has decided to launch its first shop in Korea.
I popped along and had a chance to meet the CEO.
" I'm deeply honored by the fact