The value added of food and beverage services in South Korea reached 41.753 trillion KRW in 2023, showing a modest year-on-year growth of 1.62%. The sector initially saw robust growth between 2015 and 2019, with an average annual increase culminating in a CAGR of 6.52% by 2019. However, the COVID-19 pandemic significantly impacted the sector, leading to a sharp decline of 17.21% in 2020. A strong rebound followed in 2021 with a 16.45% increase, and the growth remained positive through to 2023, albeit at a slower pace.

Looking ahead, the forecast indicates a steady but modest growth with a forecasted CAGR of 1.27% for the period from 2024 to 2028. Key trends to watch for include:

Potential impacts of economic recovery post-pandemic on consumer spending habits.
Innovations in food delivery services and digital transformation in the industry.
Government policies and their effects on the food and beverage sector.
Shifts in consumer preferences towards healthier and sustainable food options.