How Bunsik plans to take a slice out of the US$143b K-culture wave
The brand will soon launch a franchising model to meet demand for Korean food.
Upstart Korean QSR brand Bunsik is exploring franchising opportunities as demand for Korean street food across the UK and Europe continues to grow.
In a report by TikTok and analytics firm Kantar in June, global spending on Korean cultural products is expected to nearly double to US$143b by 2030. Currently, hallyu or the Korean Wave has a market size of US$76b.
“I think the interest in Bunsik is coming from a few different places. First, the Korean Wave has introduced people to Korean food, music, and dramas. Second, there is this growing curiosity and desire for new food experiences. People are more open than ever to trying different flavours, and Bunsik offers just that—a taste of Korea's vibrant street food culture here in the UK. We're planning to expand quickly to bring our delicious food closer to you,” Jae Cho, Founder of Bunsik and Director at Bunsik’s parent company Maguro Group said.
Bunsik offers mostly grab-and-go Korean street food options like corndogs, ddukbokki, and kimbap. It also offers bowls like cup bap and bibimbap, a dish served with rice. The brand also sells Korean-style fried chicken, burgers, nuggets, and bubble tea.
“I've always had a soft spot for the food I grew up eating in Korea. Even when I'm trying fancy restaurants, I can't help but think about the snacks I used to love as a kid, like Corndogs and TTukbokki. One of my favourite childhood memories is going to the market with my mum. She'd always get me a corndog to keep me happy while we shopped. I wanted to bring that same kind of joy to people here in the UK, so I decided to start selling Korean street food,” Jae said.
As a street food grab-and-go, one of Bunsik’s attractions is its budget-friendly options. Jae said they have observed menu pricing becoming increasingly polarised, with options becoming either very high-end or very budget-friendly.
In a report by Meaningful Vision, the number of promotions increased by 25% in quick-service restaurants (QSRs) and 13% in casual dining in the first half of the year. This could mean that as QSRs face stiff competition, they are turning to promotions to aggressively maintain customer traffic and loyalty.
“Whilst it may be tempting to raise prices during challenging economic times, we believe that maintaining affordable options should be a priority. To ensure our prices remain competitive, we've implemented several strategies, including diversifying our supply chain, standardising processes, and minimising overhead costs,” Jae said.
Currently, Bunsik is pushing towards its goal to become the preferred choice for Korean street food. To ensure brand visibility, Bunsik is tapping into TikTok and Instagram content to attract consumer interest and foot traffic. Its TikTok account boasts around 19,000 followers whilst its Instagram account has 31,000 followers.
Jae said consumers can look forward to new menu items such as its vegan-friendly range and more authentic Korean street food experiences
“Our vision is to make Korean food, particularly Bunsik, more accessible and convenient for people across the UK and Europe,” Jae said.
