Market Size of South Korea International Courier, Express, And Parcel (CEP) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South Korea International Courier, Express, And Parcel (CEP) Market Analysis
The South Korean International Courier, Express, and Parcel (CEP) market is valued at about USD 6.5 billion and is expected to register a CAGR of more than 5% during the forecast period. During the outbreak, many duty-free establishments were temporarily closed. Shilla Duty-Free, Lotte Duty-Free, Shinsegae, and Shilla IPark Duty-Free are among the duty-free businesses affected by the outbreak. The budget retailer E-Mart has also been added to this list. Outside of Seoul and metropolitan areas, distribution infrastructure has been expanded due to COVID-19.
- The retail industry has made a concerted effort to improve the same-day delivery system. As a result of COVID-19, non-face-to-face consumption has become more prevalent, an immediate delivery system has been created, and the 'omnichannel is being consolidated. Food and beverage companies are enhancing consumer convenience by offering same-day delivery services when placing orders.
- In addition, courier services grew in popularity as the outbreak spread across Korea. After the pandemic, the average number of times people utilized a courier service increased from 6.22 to 9.74 per month. Korea's parcel volume is expected to reach 5.6 billion boxes in the second half of 2023, more than double that of 2019. When split down by age, individuals in their 20s used delivery services 9.5 times per month, up from 5.36 times before the pandemic, a 77% increase and the largest increase of all age groups. However, the online shopping transaction value marked KRW 16.5438 trillion (USD 12.5 Trillion) in January 2022, rising by 11.5% from January 2021. The mobile shopping transaction value marked KRW 12.4978 trillion (USD 9.4 Trillion ) in January 2022, rising by 17.5% from January 2021.
