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South Korea meal voucher market poised for growth with projected CAGR of 9%

Posted on by darion

The Meal voucher market in South Korea will experience significant growth, with a projected compound annual growth rate (CAGR) of 9% over the next decade. This promising prospect highlights the growing demand for meal vouchers as both businesses and consumers seek efficient and flexible dining solutions.

As South Korea’s workforce evolves, the demand for meals tailored to modern lifestyles increases. Companies are increasingly implementing meal voucher programs to increase employee satisfaction and well-being. These vouchers not only provide financial flexibility, but also promote healthier eating habits among employees.

The value of the meal voucher market is expected to reach approx $75.3 billionreflecting a dynamic ecosystem full of opportunities for growth and innovation. Demand for meal vouchers is expected to skyrocket between 2024 and 2034 $144 billionachieving a compound annual growth rate (CAGR) of 6.7%.

Key factors of market growth

  1. Corporate adoption: Many companies are recognizing the value of meal vouchers as part of an employee benefits package, increasing demand for innovative meal solutions.
  2. Changing consumer preferences: There is a growing trend towards cashless transactions and digital solutions, making meal vouchers more attractive to tech-savvy people.
  3. Focus on health and well-being: As awareness of health and nutrition increases, meal vouchers are seen as a way to encourage sustainable eating, supporting local restaurants and food retailers.

Key takeaways

  1. The digital card segment is to grow at CAGR 6.5%emphasizing technology adoption.
  2. South Korea leads with CAGR 9%which proves strong corporate integration.
  3. Challenges include limited acceptance networks and no more worries fraud.
  4. Economic fluctuations may have an impact company budgets and consumer spending on vouchers.
  5. The meal voucher market offers, among others: dynamic ecosystem ripe for innovation and growth.

Competitive landscape

Regional players and startups find their niches by providing specialized services tailored to specific industries. Competition is heating up as companies look to expand acceptance networks, improve digital offerings and differentiate themselves with value-added services.

The landscape is further influenced by regulatory compliance, changing consumer preferences and economic factors, which collectively drive continuous evolution and innovation in this dynamic market.

Some of the key achievements

  • In January 2022, Circula GmbH raised EUR 12 million in funding to enhance its employee finance application, focused on seamless expense processing and compliant access to employee benefits.
  • In October 2021, Edenred Group introduced Edenred Guaranteed Travel, which offered a variety of transport options as part of an innovative employee benefits initiative.

Profiling of key companies

  • Edenred S.A
  • Group Up
  • Sodexo Group
  • Alalo
  • Asinta
  • Axisbank limited liability company
  • Cinko Group
  • Circula GmbH
  • International CIRFOOD
  • Emburse Inc.

Leverage expertise: Talk to our analyst via email: [email protected]

Key segments

By product type:

By region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and the Pacific
  • East Asia
  • Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth knowledge of the factors driving market demand. FMI is a leading global provider of market information, advisory, consulting and events services for the packaging, food and beverage, consumer technology, healthcare, industrial and chemicals markets. With a massive team of over 400 analysts worldwide, FMI provides global, regional and local expertise in a variety of domains and industry trends in over 110 countries.

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