In 2023, the value added of food and beverage service activities in South Korea stood at 41.672 trillion South Korean Wons. Over the past two years, the year-on-year growth rates were consistently above 2%, with a rate of 2.29% in 2023 and 2.39% in 2022. The average annual growth rate (CAGR) over the last five years was 2.2%. From 2013 to 2023, the sector experienced various growth rates, peaking in 2015 with a 12.1% increase, then stabilizing around 2-3% in recent years. Future projections suggest a moderate CAGR of 1.58% over the next five years, with an anticipated total growth of 8.17% by 2028.

Future trends to watch for:

Adoption of digital technologies and online delivery services which could drive efficiency and customer engagement.
Increasing consumer preference for health-conscious and locally sourced food options.
Potential impacts of economic factors and policy changes on market dynamics.
The rise in demand for sustainable and eco-friendly food service practices.