The food and beverage services output in South Korea showed an upward trend from 2015 to 2019, with annual growth rates peaking at 8.4% in 2018 and a compound annual growth rate (CAGR) of 6.8% by 2019. A significant downturn occurred in 2020 with a 16.96% decrease due to the pandemic, followed by a robust recovery in 2021 at 16.55% growth. By 2023, the sector grew modestly by 1.69% year-on-year, reaching a value of 148.09 trillion South Korean Wons, and projecting a CAGR of 1.33% for the period 2024-2028.
Future trends to watch for include:
- Continued moderate growth with an expected 6.83% increase by 2028, maintaining a steady CAGR of 1.33%.
- Potential impacts of evolving consumer behaviors post-pandemic, including shifts towards online ordering and delivery services.
- Expansions in dietary requirements and preferences, driving innovation within the sector.
- Adoption of sustainable practices and eco-friendly packaging.
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