The value added of advertising and market research in South Korea from 2015 to 2023 shows a fluctuating trend with significant variations. The sector experienced a dip in 2016, a recovery from 2017 to 2019, and a sharp decline in 2020, coinciding with the global pandemic. However, the industry rebounded strongly in 2021 and maintained steady growth through 2023, reaching 2.2616 trillion South Korean Wons in 2023.
Year-on-year variations indicate:
- 2022: +0.96%
- 2023: +0.93%
The last five-year CAGR (2019-2023) is 0.31%, reflecting modest annual growth.
Future trends to watch for:
- A continuous but slow growth is forecasted, with a five-year CAGR from 2024 to 2028 at 0.74%.
- Predicted growth rate of 3.77% over the next five years, indicating a steady recovery and expansion of the sector.
