The Gross Value Added of Food and Beverage Serving Services in Malaysia has seen significant fluctuations over the years. From 2013 to 2019, the sector experienced a consistent and strong growth, peaking at 14.54% YoY growth in 2019. However, 2020 marked a steep decline due to the pandemic, with the sector shrinking by 17.24%. The recovery began in 2021, evidenced by a substantial 22.77% increase, followed by continued growth in 2022 and 2023. As of 2023, the Gross Value Added stood at 58.28 billion Malaysian Ringgits.
Looking forward, the sector is expected to grow at a more moderate pace with a forecasted 5-year CAGR of 5.54%, suggesting a 30.92% total growth by 2028. Monitoring changes in consumer behavior, technology adoption in food services, and economic recovery will be crucial for future trends.