Incheon Airport Sets All-Time Passenger Record... K-Food Opens a Golden Market

Incheon Airport Welcomes 61.42 Million Passengers, Up 4.5%
Short-Haul Route Recovery Drives Incheon Airport Performance
Food Companies Operating Concessions See Robust Expansion

This year, Incheon International Airport set a new record for the highest number of passengers in its history, establishing airport concession businesses focused on food and beverage (F&B) as a new growth engine for the food industry. Analysts attribute the stable expansion of food and convenience store sales to the rapid recovery in air travel demand-especially for short-haul routes-since the pandemic, as well as the steady increase in airport visitors.

According to Incheon International Airport Corporation on December 1, the number of passengers using Incheon Airport from January to October this year reached 61,420,509, a 4.5% increase compared to the same period last year (58,772,632). This figure surpasses the pre-pandemic record for the same period in 2019 (59,505,912), making it the highest ever. The number of flights also rose by 3.2% year-on-year to 353,798, driven by the recovery of short-haul routes to Japan and Northeast Asia.

This increase in passenger numbers has been reflected in the airport’s overall performance. In the first half of this year, Incheon Airport’s revenue reached approximately 1.3469 trillion won, a 12% increase compared to the same period last year. Notably, non-aviation revenue led overall performance improvement, increasing by 16.2% to 858.8 billion won. This is largely attributed to longer dwell times and higher spending by airport visitors.

The food court brand "Plating3" operated at Incheon Airport. Provided by Lotte GRS.

CJ, Lotte, Ourhome, Pulmuone... Food Companies Focus on Airports

In line with the rise in passenger numbers, the airport concession business of major food companies is also showing growth. CJ Freshway saw its concession sales increase by 17% year-on-year in the first three quarters of this year. CJ Freshway made a full-fledged entry into the airport market by successively opening its premium food court “Gourmet Bridge” at Incheon Airport this year. Starting with the first location on the east side (4th floor) of Terminal 2, it expanded to the concourse and east side of Terminal 1, now operating a total of four outlets covering 4,909 square meters (1,485 pyeong) with 1,500 seats.

Gourmet Bridge positions itself as a “gourmet platform” introducing Korean cuisine to global travelers. It features in-house B2B brands such as Guksujeong (hot and cold noodles), Basak Katsu (pork cutlet), Burger Station (handmade burgers), Bunsik Gotgan (premium Korean snacks), Yuksu Gojip (soups and stews), and Jayeondameun Hansang (traditional Korean set meals). The most popular menu items are bulgogi bibimbap, classic pork cutlet, and tteokbokki with assorted fried snacks. CJ Freshway stated, “The airport is the first place where visitors can experience the diversity and trends of Korean food,” adding, “It is a strategic space to raise awareness of Korean cuisine among travelers from around the world.”

Lotte GRS, a subsidiary of Lotte Corporation, is also achieving clear results in the Incheon Airport concession business. As of the third quarter, cumulative sales at airport locations increased by 23% year-on-year. Lotte GRS secured operating rights for a total of 49 stores at Incheon Airport, of which 37 stores (about 75% operation rate) are currently in operation. The company is also expanding its food court business. It has already opened “Plating 3” at Terminal 2 and plans to open all four food courts by the end of this year and February next year.

Ourhome is also increasing its presence in the airport concession market. From January to October, its food service division sales grew by 23% year-on-year, and total concession sales increased by 30%. Focusing solely on airport concession sales, there was an increase of over 11% compared to the previous year. At the end of 2023, Ourhome secured a business license covering 36 stores in the Incheon Airport food and food court operation rights bid. In April this year, it opened “Tasty Ourhome Ground” with 645 seats, followed by “Food Empire” with 172 seats in Terminal 1.

Pulmuone Food & Culture also saw its concession sales rise by 19.8% year-on-year. Pulmuone Food & Culture currently operates about 40 outlets nationwide, including eight lounges and 32 food and convenience facilities at airports such as Incheon, Gimpo, Gimhae, Cheongju, and Daegu. Last year, it secured the operating rights for five Sky Hub Lounges at Incheon Airport, and through the Gimhae Airport Master 2 and 3 projects, it also obtained the rights to operate ten food outlets. This year, the company further expanded its presence by opening all eight food facilities in the Cheongju Airport integrated concession project.

Why Airport Concessions Are a "Golden Market"

The airport concession business operates based on bidding conditions set by airport authorities. Each bidding zone specifies required business types such as restaurants, cafes, convenience stores, and food courts, and operators must build their brand portfolios accordingly. The proportion of each business type is also finely adjusted according to the airport’s spatial concept, passenger flow, and commercial strategy.

The bidding for Incheon Airport concessions at the end of 2023 was also highly competitive. The food complex business rights were won by Paris Croissant (annual rent of 19.8 billion won), Lotte GRS (11.1 billion won), and Ourhome (27.3 billion won). Food court business rights were secured by CJ Freshway (10.3 billion won), Pulmuone Food & Culture (12.7 billion won), and Lotte GRS (10.5 billion won). The operating period for these businesses is until 2028, with a possible extension of up to five years thereafter.

Industry insiders view airport concessions as a “business where passenger growth directly translates into sales growth,” considering it a stable growth sector. Since airports attract travelers from all over the world, there is also a significant brand promotion effect.

Among commercial districts, airports tend to have low traffic volatility. This is because the rate of passenger growth is almost proportional to sales growth. While general commercial districts are affected by variables such as economic conditions, weather, and location changes, airports secure traffic based on air travel demand and international flight schedules. Another strength is that “time consumption” during airport waiting times naturally leads to sales.

Additionally, airports serve as a representative space for foreigners visiting Korea for the first time, acting as a “brand promotion gateway.” Operating multiple brands in a single space creates significant synergy. A food industry official said, “The airport is both the first and last space where travelers experience Korea, making it a powerful promotional stage for food service brands. With stable traffic and high average spending per customer, it is an opportunity food companies cannot afford to miss.”