South Korea’s Compose Coffee is set to open its first-ever international location, opting for the Singapore market to make its global debut.
The coffee shop is slated to open in Suntec City Mall, as confirmed by hoarding within the mall which displays Compose Coffee branding and imagery with the caption “opening soon.” A date has not yet been confirmed.
Founded in Busan in 2014, Compose Coffee, a value-focused coffee chain, today boasts 2,200 outlets across South Korea, mostly in the cities of Seoul and Busan. In 2023, the the company was named Korea’s favourite coffee joint at the 2023 Korea’s Most Loved Brand Awards.
Compose Coffee did not reveal if other locations would open in Singapore or in neighbouring Southeast Asia markets.
The opening news comes after local Singapore rival coffee chain Flash Coffee in May said it had completed its Series B financing round, raising USD 50 million. The company said the funds will be channelled toward achieving group-level profitability and extending the chain’s footprint across Asia Pacific to Singapore, Indonesia, Thailand, Hong Kong, and South Korea.
In Singapore, the coffee market is worth some USD 160.60 million in 2023, and is expected to grow annually by 3.2 percent (CAGR 2023-2028), according to Statista.
Overall, Asia Pacific recorded 8 percent growth between 2017 and 2022 to reach USD 26.9 billion in terms of value sales for specialist coffee and tea shops, according to a Euromonitor International report.