The 300 Billion Won Meal Kit Market, This Year Marks the 'Golden Age of Korean Cuisine'

Meal Kit Market... Fresh Easy Sales Double
Fresh Easy Soup and Stew Product Sales Increase by 296%

[Asia Economy Reporter Lim Hye-seon] The meal kit market is experiencing rapid growth. Industry experts predict that the meal kit market will expand from 200 billion KRW last year to 300 billion KRW. This is due to the spread of social distancing, which has led to the rise of a 'home-cooked meal culture' where people prefer eating at home over dining out, as well as an increase in contactless consumption.

According to the food industry on the 8th, Fresh Easy, which holds a 70% share of the meal kit market, saw its total sales volume of self-produced meal kit products increase by 101% compared to the previous year. Sales also grew significantly. Last year's sales amounted to approximately 150 billion KRW, more than doubling from 71.2 billion KRW the previous year.

Based on last year's sales data, Fresh Easy identified trends in the meal kit market such as the mainstreaming of Korean cuisine, the expansion of unique recipes, and the evolution of restaurant meal replacements (RMR). In particular, this year, as the boundary between dining out and eating at home blurs, it is expected that various menu products tailored to segmented tastes will be released, focusing on accessible Korean cuisine.

◆ Increased Demand for Korean Cuisine as Meal Kits Replace Home-Cooked Meals = Last year, Korean cuisine product lines experienced rapid growth in the meal kit market. Until now, meal kits had grown centered on special dishes like steak or mille-feuille nabe, which are difficult to cook at home. However, with the prolonged stay-at-home lifestyle, demand for home-cooked meals has increased, drawing attention to everyday dishes such as soups, stews, and broths that are easy to eat daily. According to Fresh Easy, sales of soup, stew, and broth product lines increased by 296% compared to the previous year. Fresh Easy forecasts that the Korean cuisine trend will continue this year. It is analyzed that not only the existing customer base of people in their 30s and 40s but also middle-aged and older generations will experience meal kits and seek Korean meal kits as substitutes for home-cooked meals. Consequently, the menu of Korean cuisine products is expected to diversify.

◆ Expansion of Unique Recipes Targeting the MZ Generation = Meal kit products tailored to the preferences of the MZ generation (Millennials + Generation Z), who have become the main consumers in the contactless era, are also popular. These products have attracted attention by incorporating unique recipes aimed at the MZ generation, who respond to new and fun products and want to experience trending foods on social networking services (SNS) firsthand. Fresh Easy released products such as 'Usamgyeop Cheese Jjolmyeon,' a meal kit version of the 'Jjolmyeon Samhap recipe' that was a hot topic last year, and 'Chaekkeut Jjapotta Tteokbokki,' inspired by the sirloin jjajang ramen featured in the movie Parasite. Sales of snack food product lines increased by 105% compared to the previous year. Fresh Easy plans to continuously expand various snack food product lines so that the MZ generation can enjoy both taste and fun.

◆ Collaboration with Local Small Business Owners = With dining out restricted due to COVID-19, restaurant meal replacements (RMR), which offer popular restaurant menu items as convenient meal products, have emerged as a new focus in the meal kit market. Recipes from not only large dining chains but also hotels and local popular restaurants have been released as meal kit products. Fresh Easy's RMR product line saw a sharp increase in sales starting from the fourth quarter of last year, reaching a cumulative sales volume of 140,000 units. Various RMR products are expected to be launched this year as well. This is because small business owners and dining establishments struggling due to COVID-19 are focusing on meal kits as a new sales channel. Given the overall industry trend toward mutual growth, collaboration with local small business owners facing difficulties is expected to expand further, and unique collaborations that will captivate consumers seeking different home-cooked meals are anticipated.

This content was produced with the assistance of AI translation services.