As the food industry is gaining ground in overseas markets thanks to the global craze for K-pop and other aspects of Korean pop culture, three Korean fried chicken companies are also determined to actively explore new markets this year. In addition to Asian countries such as Taiwan and Singapore, they are expected to focus on expanding their stores as they are popular in Western countries such as the United States.
Genesis BBQ Group is the most aggressive in developing overseas markets among the three fried chicken brands, according to industry sources on Jan. 3. BBQ broke into 26 of the 50 U.S. states in 2023 and is looking to open franchises in the remaining 24 states this year.
BBQ runs more than 700 restaurants in 57 countries around the world. To date, the U.S. market has been the most successful for the company. The company has also expanded into Latin America and Southeast Asia, including Panama, Costa Rica, Malaysia, and the Philippines. Overseas restaurant publications such as Nations Restaurant News are also zeroing in on BBQ.
BHC Chicken plans to open its third store in Singapore as its first new overseas store in 2024 on Jan. 15. The 37-square-meter store will be located on Orchard Road, Singapore’s largest shopping district. It will sell all of its main menu items.
Kyochon B&B, which touted globalization as one of its future growth engines early last year, also opened two stores in Taiwan. It plans to open a third store by the end of this year. The company explained that it is even launching menus that take into account local tastes. Although the company has been slower to expand overseas than its competitors, it has been making steady progress including opening a store in Taipei 101 Tower in the downtown of Taiwan.
According to sources in the Korean food and restaurant industry, the spread of Korean Wave content such as various Korean films, TV shows and K-Pop has fueled foreigners’ curiosity about Korean food. This is favorable for the Korean food and restaurant industry. In the case of fried chicken, the entry barrier is low because fried chicken is familiar to foreigners, analysts say.
“Chicken itself is an ingredient that is not shunned by specific religions or cultures, so it can be easily enjoyed by people of all ages,” said an official of the Korean food and restaurant industry. “Chicken also has the advantage of being well localized through sauce development.”