Members of Coupang’s premium subscription service, Wow, will be able to order food through the company’s delivery platform, Coupang Eats, without paying any delivery fees. (Image courtesy of Coupang Eats)
SEOUL, Jan. 7 (Korea Bizwire) — Despite a sluggish dining-out economy, South Korea’s food delivery market continued to grow in 2024, fueled by aggressive free delivery campaigns, particularly from Coupang Eats.
According to data released by mobile analytics firm IGAWorks on January 6, the combined monthly active users (MAUs) of the country’s three major food delivery apps—Baedal Minjok (Baemin), Coupang Eats, and Yogiyo—reached 37.53 million as of December 2024.
This marks a 9% increase compared to December 2023. Remarkably, MAU figures for all three apps grew every month throughout 2024 compared to the same periods in 2023.
In December 2024, Baemin led the market with 22.43 million MAUs, followed by Coupang Eats with 9.63 million, and Yogiyo with 5.47 million.
While Baemin’s user base remained stagnant and Yogiyo lost approximately one million users over the year, Coupang Eats recorded explosive growth, adding 4.04 million users—a 72% increase—nearing the 10 million mark and capturing a 26% market share.
Despite a sluggish dining-out economy, South Korea’s food delivery market continued to grow in 2024 (Yonhap)
Coupang Eats’ rapid ascent can be attributed to its March 2024 launch of free delivery for Coupang Wow membership holders. This initiative enabled the platform to overtake Yogiyo for second place, and by May 2024, free delivery was expanded nationwide, attracting a surge of new users.
Analysts credit this strategy, leveraging Coupang Wow’s 14 million-strong membership base, as a key driver of the app’s success.
Overall, December 2024 saw a 6% increase in food delivery app usage compared to the previous month, consistent with seasonal trends as colder weather boosts demand. An industry insider commented, “It’s less about the political climate and more about the winter season. December has always been a peak time for food delivery.”
As the market evolves, 2025 will be a pivotal year to see whether Coupang Eats can sustain its growth and whether competitors will adjust their strategies to reclaim market share.
Lina Jang (linajang@koreabizwire.com)
