Korea Market Analysis and Research

Market Research Korea is a leading B2B marketing strategy advisory firm focused in Korea and the Asia Pacific region, is entrusted to provide market research and strategy recommendations to clients who are looking to expand their businesses.

We know how to leverage our experience in Korea, as well as that of our clients, to comprehend and represent the dynamic shifts taking shape in the Korean markets that most directly impact our clients and convert that knowldege into an actionable and comprehensive market entry and growth strategy. We are known to be assertive, yet diplomatic and culturally aware and always seek to "get our hands dirty" in understanding the reason market behaviors will influence and indeed impact our clients business in the region.

Specializing in sectors such as industrial, technology, construction, automotive, telecommunications and healthcare, YCP Solidiance prides itself in having on-the-ground insights needed to dig deep into the South Korean market and obtain reliable data used to analyze South Korean market trends, industry perspectives, and value chain partner opinion so that our clients can compete effectively in the Korean market.

South Korea Macroeconomic Outlook 2021

Market Research Korea

Early 2021 met the Republic of Korea (ROK)'s significant growth, supported by the rebound of global demands and investments. The country is leading the development of an ICT-based society as its key growth engine.

Long known to accelerate global changes, South Korea became one of the earliest Organization for Economic Cooperation (OECD) countries to recover to the pre-COVID 19 pandemic level.

The country's investment-friendly regulations play a significant role in its development, resulting in average annual growth of 7.3 percent between 1960 and 2019. The government has recorded a nominal GDP of USD 1.62 trillion in 2020 despite the 21-year high unemployment rise due to the pandemic.

Assuming the country succeeds in mitigating the COVID-19 impact and expanding the government's fiscal liquidity, the IMF predicts that the ROK will grow 3.1 percent in 2021.

Attractive Investment Sectors

South Korea has grown to become the most extensive semiconductor producer globally, bringing forth a significant presence in electronics, automobile production, textile, and steel industries.

The government has reported a 16.7 percent year-on-year (YoY) increase in export by February 2021, reaching over USD 30.4 billion.

As the country's most selling commodity, Semiconductors has surged by 27.5 percent in February 2021, increasing consequently since June 2020.

Similarly, telecom devices and automobile exports have also risen by 33.6 percent and 45.9 percent consecutively. Significant exporters were China, the US, and the European Union, contributing USD 2.71 billion to the country's trade surplus.

Challenges to Overcome

However, domestic demands have not yet shown robust growth, with the resurgence in COVID-19 cases during the holiday period. Consumer willingness displays a modest recovery despite the government's measures in spurring retail spending.

The South Korean government plans to provide ample ammunition for fiscal and monetary stimuli. The Bank of Korea reiterated its intention to hold its policy rate to entice borrowing behavior and trigger consumption.

The government takes an active part in investing in information science and communication technology; with a plan to inject USD 5.3 billion to research this year, the country seeks to foster new tech industries under the Digital New Deal Drive.

The amount accounts for an increase of 12 percent from the planned investment in 2020, attempting to focus more on basic scientific research on technologies, AI, and 6G wireless networks.

The Ministry of Food and Drug Safety has also recently announced its plans to inject massive capital into private biotechnology companies to develop medicines as an early mitigation approach to future diseases.

South Korea has proven its ability to survive the painful period of COVID-19 cases unscathed, leaving the global crisis in better shape than most developed economies through resilient public-private coordination and aggressive stimulus packages.

However, the country's short-term growth remains mainly reliant on the foreign demands for semiconductors while the domestic conditions recover gradually through active economic participation.

We are able to provide the following solutions:

  • Korea market research
  • Korea market survey
  • Korea qualitative research
  • Korea quantitative research
  • Korea market landscape
  • Market intelligence Korea
  • Korea M&A screening & evaluation
  • Korea medical equipment market research
  • Korea construction materials market research
  • Korea industrial market research
  • Korea competitive intelligence
  • Korea market sizing
  • Korea competitive landscape analysis
  • Korea competitive benchmarking
  • Korea competitor monitoring
  • Freelance market research Korea
  • Korea commercial due diligence
  • Korea hospital market research
  • Korea pricing study
  • Korea competitor sales network analysis
  • Korea B2B Market Research
  • Korea market attractiveness Analysis
  • Korea markets segmentation
  • Korea supply chain analysis
  • Growth strategy Korea
  • Korea telecom market research
  • Korea automotive market research
  • Korea market entry analysis
  • Korea customers analysis
  • Korea distribution channels analysis
  • Korea value chain analysis
  • Korea feasibility studies
  • Korea healthcare market research
  • Korea oil & gas market research
  • Korea chemical market research