Forecast: Tourism Consumption of Food and Beverage Serving Services in Malaysia

The consumption of food and beverage serving services by tourists in Malaysia has shown a general upward trend from 2013 to 2023. Starting at 16.09 billion Malaysian Ringgits in 2013, it reached a value of 31.5 billion Malaysian Ringgits by 2023. Despite a significant dip in 2020 due to the pandemic, recovery was swift with a strong rebound. The year-on-year variation in 2022 was 36.59%, and for 2023, it stood at 21.52%. The compound annual growth rate (CAGR) over the last five years averaged at 5.1%.

Going forward, the forecast predicts continued growth in the tourism sector's consumption of food and beverage services, with values expected to reach 39.98 billion Malaysian Ringgits by 2028. The forecasted 5-year CAGR is 3.77%, indicating a steady increase. Key trends to watch include the influence of sustainable tourism practices, digital transformations in service delivery, and the evolving preferences of international travelers.