Korean restaurants have leveraged their growing popularity and increasingly presented high-end offerings
New York, NY (PRWEB) October 29, 2014
The Korean Restaurants industry has grown faster than the restaurants sector as a whole over the past five years and is expected to continue to do so in five years to 2019. After years of flying under most Americans' culinary radar, Korean restaurants have enjoyed increased popularity in recent years. A number of Korean cuisine mainstays, such as barbecued meats; fried chicken; and sour, fermented pickled vegetables, have come into culinary vogue in recent years, driving the popularity of the meals this industry dishes out. Moreover, many food trucks at the forefront of the recent street vendor craze have offered Korean fusion delicacies (like bulgogi tacos), further bolstering the cuisine's visibility. According to IBISWorld Industry Analyst Jocelyn Phillips, “as disposable income levels increased in recent years and customers returned to fine-dining establishments, Korean restaurants have leveraged their growing popularity and increasingly presented high-end offerings.” As a result of these trends, industry revenue is expected to grow over the five years to 2014.
Industry revenue is expected to increase in 2014, in a year when two Korean restaurants in the United States have already been awarded the prestigious Michelin star designation. Thanks in part to the high-profile success of these establishments, large-scale and fine-dining operations are increasingly making their mark on the industry. “As these operations require large forces of trained kitchen and front-of-the-house staff, industry spending on wages has crept up in recent years,” says Phillips. However, owner-operated establishments still dominate the industry; since many of these operations can rely on family members for low- or no-cost labor, wages have grown more slowly than total industry revenue over the past five years.
However, this trend is expected to reverse in the next five years, as larger, higher-end Korean restaurants continue to grow in popularity, necessitating the hiring and retention of experienced kitchen and wait staff with highly specialized skill sets. Even as wage spending increases more quickly than the annualized industry revenue growth in the five years to 2019, profit will nonetheless likely increase, as agricultural price growth slows, decreasing industry food purchase costs.
For more information, visit IBISWorld’s Korean Restaurants in the US industry report page.
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IBISWorld industry Report Key Topics
The Korean Restaurants industry includes restaurants that prepare and serve Korean food and offer table (waiter) service. Food can be prepared to either be eaten on premises or for take-out.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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