Turnover in the event catering industry in South Korea has shown significant fluctuations over the past decade. Notably, between 2013 and 2017, the industry experienced an average annual growth of around 8.25%, reaching a peak in 2017. However, the industry suffered a substantial decline in 2018, followed by moderate recovery with a noticeable dip in 2020, likely due to the COVID-19 crisis.
In 2023, turnover stood at 28.08 billion South Korean Wons, exhibiting a modest year-on-year growth of 2.12%. The compound annual growth rate (CAGR) from 2019 to 2023 was approximately 3.46%, indicating a relatively slow but steady improvement.
Looking ahead, the forecasts suggest continued growth, with an expected turnover of 31.05 billion Wons by 2028, yielding a forecasted annual growth rate (CAGR) of 1.64% over the next five years. The overall growth rate over this period is projected at 8.49%.
Future trends to watch for include the increasing demand for personalized and premium catering services, the impact of digital transformation on event management, and potential market consolidation as companies strive for both survival and dominance in a competitive environment.
