The value added in event catering in South Korea stood at 9.56 billion South Korean Wons in 2023. Over the past two years, it has shown positive growth, rising by 2.43% from 2021 to 2022, and 2.32% from 2022 to 2023. The average annual variation per year (CAGR) over the last five years is 1.95%. Looking ahead, forecasted data predicts a steady growth trend, with an average annual growth rate (CAGR) of 1.61% over the next five years and an overall growth rate of 8.3% by 2028.

Future trends to watch for:

Continued steady growth in the value added in event catering, driven by increasing demand for events and corporate functions.
Potential impact of economic conditions on discretionary spending for events, which could affect the catering industry.
Technological advancements and innovation in catering services, which might enhance efficiency and customer experiences.