Forecast: Food Services Employment in South Korea

The food services employment in South Korea displayed significant variability since 2013, starting at 42.15 thousand employees, then experiencing significant dips until 2016. Recovery was notable post-2017, peaking again in 2019 with 35.64 thousand employees. However, the sector saw a sharp decline in 2020, possibly due to the pandemic, dropping to 26.45 thousand employees. Recovery resumed, with employment reaching 34.82 thousand in 2023. Year-on-year variation over the past two years shows a steady positive trend leading to 2023. The 5-year CAGR indicated a modest growth of 1.21% up to 2023.

Looking forward, forecasts indicate a relatively stable trend with a slight declining trajectory from 2024 to 2028, culminating in a forecasted CAGR of -0.61% as the sector stabilizes around 33.52 thousand employees by 2028. This implies a slight decrease over the forecast period but suggests an overall stabilization post-recovery from the pandemic's impact.

Future trends to watch for include:

• The continued impact of digital transformation and automation on employment in the food services sector.
• The effect of changing consumer behavior and preferences for dining experiences post-pandemic.
• The influence of government policies on labor market flexibility and food services sector regulations.
• The potential impact of global economic factors and supply chain disruptions on employment levels.