South Korea Travel Industry: US$ 77.9 Million Anticipated by 2033 with 8.10% CAGR

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South Korea Travel Industry: US$ 77.9 Million Anticipated by 2033 with 8.10% CAGR

The South Korea tourism market is forecast to expand at 8.10% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 35.8 million in 2023 and is projected to reach US$ 77.9 million by 2033.

The South Korea tourism market is forecast to expand at 8.10% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 35.8 million in 2023 and is projected to reach US$ 77.9 million by 2033.

Tourism plays a prominent role in driving the economic growth of an economy. South Korea has seen tourism as a substantial constituent in GDP growth. In 2018, for instance, tourism represented 4.7% of GDP. The tourism industry is estimated to have supported 1.4 million jobs in the past, reflecting a 5.3% of the overall employment in the country.

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The government is planning to attract international tourists and stimulate domestic travel. As a result, the regional economies are projected to observe a significant rise in footfall in the upcoming years.

As Indians at large proportion can be seen traveling abroad, tourism boards worldwide are dubbing it a key source market. South Korea can be seen betting big on Indian tourists. Korea Tourism Organization (KTO) aims for 5,00,000 tourist arrivals from India by 2026.

The country is escalating its marketing initiatives in India to draw the interest of travel adventurers and gain big from the travel and tourism industry. In reciprocation, the government has observed positive feedback and surging interest from Indians in South Korea’s tour packages.

As per records, neighboring countries of South Korea, i.e., Japan and China, have constituted a significant proportion of visitors. Another large market is the United States. In 2018, the Tourism Promotion and Development Fund’s total expense was US$ 0.62 billion for tourism infrastructure projects and tourism industry promotion to attract foreign tourists.

Top Highlights from the FMI’s Analysis of the South Korea Tourism Market:

Based on tourism type, the domestic segment gained a market share of 63.7% in 2022.
Based on the booking channel, the online booking section acquired a 41.8% market share in 2022.

Catch up the Recent in South Korea’s Tourism Industry

On the 10th & 11th of November 2022, Seoul, South Korea, held the 2022 Global Sustainable Tourism Forum. The Korea Tourism Organization and the Korean Ministry of Culture, Sports, and Tourism arranged the forum with cooperation from the One Planet Sustainable Tourism Program. Tourism Authorities attended the event from 20+ member states and 100+ tourism companies and operators’ representatives. The event successfully catalyzed attendees’ attention on diverse aspects of innovation for sustainable tourism.
In April 2023, the French luxury fashion house, Louis Vuitton, signed a deal with Korea Tourism Organization to pump up South Korean tourism. The contract includes developing content and events to promote Seoul all year round. This move is part of a broader vision of the ‘Visit Korea Year 2023-2024’ tourism initiative declared by the South Korea government. By endorsing Korean culture by hosting specials on the Han River and other cultural spaces, the government aims to capture more foot traffic in the country in 2023.
In June 2023, South Korea’s Ministry of Health and Welfare announced several initiatives to fortify the industry’s robustness, revamp immigration processes, and promote equitable distribution of healthcare facilities. These initiatives align with the broader ambition of ushering in 700,000 medical tourists by the end of 2027.

South Korea Tourism Market by Category

By Tourism Type: