, Korea

South Korea's online food market grows 62.4% as contactless consumption booms

The online food market surpassed the 40 trillion-won mark last year.

South Korea's online food market posted growth in 2020 from a year earlier due to the fallout from the coronavirus pandemic, Yonhap reported.

Citing data from Statistics Korea and industry sources, the value of online food transactions in Asia's fourth-largest economy came to 43.4 trillion won (US$39.2 billion) last year, up 62.4% from a year earlier.

The online food market surpassed the 40 trillion-won mark last year after reaching 26.7 trillion won the previous year.

Last year's surge, Yonhap reported, was attributed to a marked increase in contact-free consumption in the wake of the coronavirus outbreak.

The tally covered online transactions of food, groceries, farm produce, meat and fisheries goods, as well as food delivery services.

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