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South Korea Tourism Market

Market Insights on South Korea Tourism covering sales outlook, demand forecast & up-to-date key trends

South Korea Tourism Market by Type, Channels, Orientation & Region - Forecast 2022 - 2032

South Korea Tourism Market Outlook (2022-2032)

[342 Pages Report] As per newly released data by Future Market Insights (FMI), the South Korea Tourism Market is estimated at US$ 32.7 million in 2022 and is projected to reach US$ 40 million by 2032, at a CAGR of 8.3% from 2022 to 2032.

In Korea, tourism is a key factor in economic expansion. Opportunities on the Korea tourism market are still plentiful. More diverse travel experiences and social media optimization are on the rise as growth trends.

With Hong Kong, Taiwan, and Singapore, South Korea was one of the "Four Dragons of Asia" and had tremendous growth starting in the 1970s. This economic boom has been accompanied by an increase in tourism.

It constantly ranks among the most popular and in-demand travel destinations on the planet. A cultural phenomenon known as "Hallyu," or the "Korean wave," is what drives the demand for South Korea tourism.

Attribute

Details

South Korea Tourism Market Estimated Size (2022)

US$ 32.7 Million

South Korea Tourism Market Projected Size (2022)

US$ 40 Million

South Korea Tourism Market Value-based CAGR (2022-2032)

8.3 %

The fashion was originally seen in TV dramas and stage performances by K-Pop performers, and it afterwards made an appearance in the technology, food, and cosmetics industries.

The resurgence of the tourism industry is primarily being supported by the entertainment industry. The Korean Hallyu, as was already said, is a significant contributor to the South Korea tourism market.

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What are the Drivers of the South Korea Tourism Market?

The younger generation in South Korea is likely to research vacation possibilities using online social media platforms and sources. Due to more lenient international travel laws and visa restrictions, the South Korea tourism market size is expected to expand during the forecast period.

Moreover, rising interest in seeing new places, enhanced air connectivity, rising earnings, and government programs that have given South Koreans more free time, travelers from South Korea are increasingly preferring to travel overseas.

Most of South Korea's tourists come from neighboring countries, including Japan, China, Taiwan, and Hong Kong. The primary source of tourism in South Korea is the so-called "Korean Wave."

Furthermore, in the late 1990s, Korean pop culture experienced a dramatic rise in popularity worldwide. Korea's dramas, TV shows, and pop music evolved from being a regional fad to a global phenomenon.

This was especially noticeable in the neighboring nations, and it even prompted the Korean government to promote the demand for South Korea tourism by providing subsidies or startup capital.

The declared goal is to displace the United States from the top spot it has held for nearly a century by making the nation a leading exporter of culture alongside British and Japanese culture.

What are the Key Trends in the South Korea Tourism Market?

Expanding Entertainment Industry

Korea's culture, music, and films have been known as Hallyu, to which K-pop and K-drama have been added. Travelers' increasing preference for working abroad due to more flexible international travel requirements and visas, travelers' growing interest in discovering new places, improved air connectivity, and rising incomes.

Government Initiatives

Government initiatives that have given South Koreans more free time all contributed to South Korea's rapid growth in outbound tourism. Famous spots for food and drink influence South Korean respondents' decision-making when selecting a holiday spot.

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What Factors Restrain The South Korea Tourism Market?

Due to a few factors, it can be difficult to promote South Korea's tourism market, which has tremendous potential, to the rest of the world. Political tensions spurred on by unsolved problems with neighbors like North Korea, China, and Japan have made this region a potential hot spot that could suddenly erupt.

It would be highly rare for tourists from outside of East Asia to travel to South Korea amid unrest, as safety and security are of the utmost priority. Even countries that the government disagrees with politically may face restrictions on travel to and from their territory. This can be especially challenging, as most of the tourists are locals.

A Cultural Boost is Helping The South Korea Tourism Market Grow

South Korea is one of the most attractive countries, and it is likely to continue to draw more tourists over the projection period owing to its picturesque beaches, islands, lovely seasons, culture, food, and many other features.

City/Islands

Details

Jeju Island

  • The country is home to many miles of gorgeous beaches and coastline. Jeju Island, which is situated in South Korea, is the biggest and most well-known island in the country. Owing to its location in East Asia, South Korea benefits from the changing seasons.
  • This makes residing in and visiting Korea interesting. The breathtaking seasonal changes in the scenery, including cherry blossoms in the spring, flower fields in the summer, colorful foliage in the fall, and a white wonderland in the winter, wow you no matter what time of year you visit Korea.

Busan

  • Busan, the second-largest city in the nation, is found in the extreme south and is situated on a coastline with sand beaches and crystal-clear ocean water. South Korea is best in the development of novel and inventive structures.
  • The people of Korea are quite proud of their distinctive cuisine, which consists of a variety of meat, fish, and vegetable dishes, as well as stews, soups, and noodle meals.

South Korea is renowned throughout the world for its dynamic music scene. K-pop is not just a style of music, it is also an element of Korean culture that has captivated audiences throughout Asia and the rest of the world. Numerous skincare and cosmetics companies with the most cutting-edge and futuristic items on the market can be found in South Korea.

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Category-wise Insights

Which Type Of Tourist Is More Prominent In The South Korea Tourism Market?

“Domestic Tourism is the most prominent tourist type in South Korea tourism”

The majority of the profit made by the South Korea tourism business comes from domestic travel. Due to the extensive train and bus network in the nation, the majority of the country can be reached in one day or less from any major city.

In Korea, domestic tourists are increasing. The number of people that traveled within the country, including on day excursions, is encouraging the demand for South Korea Tourism.

Which Age Group Is Contributing More In The South Korea Tourism Market?

"South Korea tourism is continuing to be quite popular among people aged 35 to 49."

Due to their propensity for attraction, readiness for travel, and desire to explore, people in the 35–49 age range make up the majority of South Koreans who go on vacation.

What Type is More Preferred in the South Korea Tourism Market?

“Package travel is mostly preferred by the consumer in the South Korea tourism market.”

The main reason tourists opt for packaged travel is the cost savings compared to booking individual flights. The costs of lodging, transportation, and site entrance fees are all included in package travel, with significant savings and promotions.

What Type of Booking Channel is the Most Prominent in the South Korea Tourism Market?

“Online Booking is More Preferred by Tourists”

Tourists prefer to book online or use a mobile application platform. This is to provide hassle-free, digital payment transfer, live tracking, and enhanced security. Furthermore, the number of Korean customers purchasing trips on their mobile devices keeps growing and is increasingly common.

In addition, online booking is becoming an increasingly popular approach worldwide, as travelers can use the Internet to search and compare information about vacation spots, accommodations, restaurants, and more.

How Start-Ups Are Performing In The South Korea Tourism Market?    

Start-ups are encroaching on the South Korea tourism market due to the abundance of lucrative opportunities there. Digitalization and technological development support the South Korea tourism market.

Some of the Recent Start-ups Contributing to the South Korea Tourism Market Share Are

Waug.com

The South Korea internet travel agency Waug.com offers a variety of trips and activities. The platform allows users to search, look up availability, compare costs, and book trips and activities. Extreme sports, trips to theme parks and museums, and other activities are all covered online with platform payments available.

EXTRIBER

A platform for booking vacation packages is offered by Extriber. provides "TripStore," an app-based marketplace that enables customers to browse, assess, and reserve travel arrangements from a variety of affiliated travel agents and tour operators. The trip packages can be picked out based on their budget, places, and length of stay, in addition to being grouped based on themes and preferences.

Tripstore

Users may find, evaluate, and reserve vacation packages from a variety of partner travel agencies and tour operators using the app-based Tripstore platform.

How Competition Influences the South Korea Tourism Market?

To broaden their service offering and draw more tourists, South Korea tourism market players seek strategic alliances and partnerships with other tour operators or travel agencies.

Recent Developments

  • South Korea travel tech start-upYanolja has acquired a 70% stake in a listed South Korea e-commerce pioneer, Interpark, for about $250 million. The company plans to use the acquisition to make further inroads into the overseas tourism industry.
  • "Feel the Rhythm of Korea," a collection of eight videos that highlight the traditional and contemporary aspects of ten different Korean tourist destinations, has amassed 161 million views on Youtube and is still growing. This may make it the most successful single global tourism recovery campaign to be launched since the pandemic.

Key players

  • G Adventures
  • The Dragon Trip
  • Intrepid Travel
  • On-the-go Tours
  • MW Tours
  • Exodus Travels
  • Madventure
  • Travel Marvel
  • TNT Korea Travel
  • Korea Private Tours
  • Uri Tours
  • Thomas Cook
  • Koryo Tours

Scope of Report

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

US$ Million for Value 

Key Region Covered

East Asia

Key Countries Covered

South Korea

Key Segments Covered

  • Tourism Type
  • Booking Channels
  • Tourist Type
  • Tour Type
  • Consumer Orientation
  • Age Group

Key Companies Profiled

  • G Adventures
  • The Dragon Trip
  • Intrepid Travel
  • On-the-go Tours
  • MW Tours
  • Exodus Travels
  • Madventure
  • Travel Marvel
  • TNT Korea Travel
  • Korea Private Tours
  • Uri Tours
  • Thomas Cook
  • Koryo Tours

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

South Korea Tourism Market by Category  

By Tourism Type:

  • Sustainable
  • Medical
  • Sports
  • Cultural
  • Culinary
  • Faith
  • Wellness
  • Others

By Booking Channel

  • Phone Booking
  • Online Booking
  • In-Person Booking

By Tourist Type:

  • Domestic
  • International

By Tour Type:

  • Independent Traveler
  • Tour Group
  • Package Traveler

Consumer Orientation:

  • Men
  • Women

By Age Group:

  • 15-25 Years
  • 26-35 Years
  • 36-45 Years
  • 46-55 Years
  • 66-75 Years

By Region:

  • EA (East Asia)

Frequently Asked Questions

The South Korea Tourism Market is expected to have a CAGR of 8.3% for the year 2032.

The South Korea tourism market is expected to reach US$ 40 million by 2032.

The South Korea tourism market is worth US$ 32.7 million in 2022.

Domestic tourism is more popular in the South Korea tourism market.

Table of Content

1. Executive Summary

    1.1. South Korea Tourism Spend Analytics Outlook

        1.1.1. Who Is Travelling?

        1.1.2. How Much Do They Spend?

        1.1.3. Direct Contribution of Tourism To GDP

        1.1.4. Direct Contribution of Tourism To Employment

    1.2. Tourism Evolution Analysis

    1.3. FMI Analysis and Recommendations

2. Market Introduction

        2.1.1. Total Spending (US$ Mn) and Forecast (2022-2032)

        2.1.2. Number of Tourists (Mn) and Forecast (2022-2032)

        2.1.3. Total Spending Y-o-Y Growth Projections (2022-2032)

        2.1.4. Number of Tourists Y-o-Y Growth Projections

3. Tourism Industry Analysis

    3.1. Tourism   Industry Overview

        3.1.1. Tourism Industry Contribution to South Korea GDP

        3.1.2. Tourism Sector Contribution to South Korea’s Overall Employment

        3.1.3. South Korea Tourism Growth Rate

        3.1.4. Impact of Covid-19

        3.1.5. Capital Investment in South Korea Tourism Industry

        3.1.6. Different Components of South Korea Tourism

4. South Korea Tourism Market Dynamics

    4.1. Market Drivers & Opportunities

        4.1.1. Rapid Growth of Infrastructure Boosting the Growth in the Market

        4.1.2. Aggressively Growing Government Initiatives to Promote Tourism Industry

        4.1.3. The Key Trends and Drivers of the South Korean Tourism spend analytics forecast 2032

        4.1.4. Others (during course study)

5. Market Background

    5.1. Macro-Economic Factors

        5.1.1. South Korea GDP Growth Outlook

        5.1.2. South Korea Industry Value Added

        5.1.3. Consumer Spending Outlook

        5.1.4. South Korea Direct contribution of Tourism to GDP

        5.1.5. Internet Penetration Rates

        5.1.6. Capital Investment in Tourism

    5.2. Forecast Factors - Relevance & Impact

6. Categorizing of South Korea Tourism Market, 2021

    6.1. Introduction/ Key Findings

    6.2. Current Market Analysis by Tourism Type

        6.2.1. Sustainable

        6.2.2. Medical

        6.2.3. Sports

        6.2.4. Cultural

        6.2.5. Culinary

        6.2.6. Faith

        6.2.7. Wellness

        6.2.8. Others

    6.3. Current Market Analysis by Booking Channel

        6.3.1. Phone Booking

        6.3.2. Online Booking

        6.3.3. In-Person Booking

    6.4. Current Market Analysis by Tourist Type

        6.4.1. Domestic

        6.4.2. International

    6.5. Current Market Analysis by Tour Type

        6.5.1. Independent Traveller

        6.5.2. Tour Group

        6.5.3. Package Traveller

    6.6. Current Market Analysis by Consumer Orientation

        6.6.1. Men

        6.6.2. Women

        6.6.3. Children

    6.7. Current Market Analysis by Age Group

        6.7.1. 15-25 Years

        6.7.2. 26-35 Years

        6.7.3. 36-45 Years

        6.7.4. 46-55 Years

        6.7.5. 66-75 Years

7. Social Media Sentimental Analysis

    7.1. Social Media Platforms Preferred

            7.1.1.1. Facebook

            7.1.1.2. YouTube

            7.1.1.3. Instagram

            7.1.1.4. Twitter

            7.1.1.5. LinkedIn

            7.1.1.6. Pinterest

            7.1.1.7. Google+

            7.1.1.8. Others

    7.2. Consumer Perception for Destinations On Social Media Platforms-Positive and Negative Mentions

    7.3. Trending #Hashtags

    7.4. Social Media Platform Mentions (% of Total Mentions)

    7.5. Region-Wise Social Media Mentions (% of Total Mentions)

    7.6. Trending Subject Titles

8. Competition Analysis

    8.1. Competition Dashboard

    8.2. Pricing Analysis by Competition

    8.3. Competition Benchmarking

    8.4. Competition Deep Dive

        8.4.1. . G Adventures

            8.4.1.1. Overview

            8.4.1.2. Product Portfolio

            8.4.1.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.1.4. Sales Footprint

            8.4.1.5. Strategy Overview

                8.4.1.5.1. Marketing Strategy

                8.4.1.5.2. Product Strategy

                8.4.1.5.3. Channel Strategy

        8.4.2. Top Travel & Tours Pvt. Ltd.

            8.4.2.1. Overview

            8.4.2.2. Product Portfolio

            8.4.2.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.2.4. Sales Footprint

            8.4.2.5. Strategy Overview

                8.4.2.5.1. Marketing Strategy

                8.4.2.5.2. Product Strategy

                8.4.2.5.3. Channel Strategy

        8.4.1. The Dragon Trip

            8.4.1.1. Overview

            8.4.1.2. Product Portfolio

            8.4.1.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.1.4. Sales Footprint

            8.4.1.5. Strategy Overview

                8.4.1.5.1. Marketing Strategy

                8.4.1.5.2. Product Strategy

                8.4.1.5.3. Channel Strategy

        8.4.2. Intrepid Travel

            8.4.2.1. Overview

            8.4.2.2. Product Portfolio

            8.4.2.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.2.4. Sales Footprint

            8.4.2.5. Strategy Overview

                8.4.2.5.1. Marketing Strategy

                8.4.2.5.2. Product Strategy

                8.4.2.5.3. Channel Strategy

        8.4.3. On-the-go Tours

            8.4.3.1. Overview

            8.4.3.2. Product Portfolio

            8.4.3.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.3.4. Sales Footprint

            8.4.3.5. Strategy Overview

                8.4.3.5.1. Marketing Strategy

                8.4.3.5.2. Product Strategy

                8.4.3.5.3. Channel Strategy

        8.4.4. MW Tours

            8.4.4.1. Overview

            8.4.4.2. Product Portfolio

            8.4.4.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.4.4. Sales Footprint

            8.4.4.5. Strategy Overview

                8.4.4.5.1. Marketing Strategy

                8.4.4.5.2. Product Strategy

                8.4.4.5.3. Channel Strategy

        8.4.5. Exodus Travels

            8.4.5.1. Overview

            8.4.5.2. Product Portfolio

            8.4.5.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.5.4. Sales Footprint

            8.4.5.5. Strategy Overview

                8.4.5.5.1. Marketing Strategy

                8.4.5.5.2. Product Strategy

                8.4.5.5.3. Channel Strategy

        8.4.6. Madventure

            8.4.6.1. Overview

            8.4.6.2. Product Portfolio

            8.4.6.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.6.4. Sales Footprint

            8.4.6.5. Strategy Overview

                8.4.6.5.1. Marketing Strategy

                8.4.6.5.2. Product Strategy

                8.4.6.5.3. Channel Strategy

        8.4.7. Travel Marvel

            8.4.7.1. Overview

            8.4.7.2. Product Portfolio

            8.4.7.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.7.4. Sales Footprint

            8.4.7.5. Strategy Overview

                8.4.7.5.1. Marketing Strategy

                8.4.7.5.2. Product Strategy

                8.4.7.5.3. Channel Strategy

        8.4.8. TNT Korea Travel

            8.4.8.1. Overview

            8.4.8.2. Product Portfolio

            8.4.8.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.8.4. Sales Footprint

            8.4.8.5. Strategy Overview

                8.4.8.5.1. Marketing Strategy

                8.4.8.5.2. Product Strategy

                8.4.8.5.3. Channel Strategy

        8.4.9. Korea Private Tours

            8.4.9.1. Overview

            8.4.9.2. Product Portfolio

            8.4.9.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.9.4. Sales Footprint

            8.4.9.5. Strategy Overview

                8.4.9.5.1. Marketing Strategy

                8.4.9.5.2. Product Strategy

                8.4.9.5.3. Channel Strategy

        8.4.10. Uri Tours

            8.4.10.1. Overview

            8.4.10.2. Product Portfolio

            8.4.10.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.10.4. Sales Footprint

            8.4.10.5. Strategy Overview

                8.4.10.5.1. Marketing Strategy

                8.4.10.5.2. Product Strategy

                8.4.10.5.3. Channel Strategy

        8.4.11. Thomas Cook

            8.4.11.1. Overview

            8.4.11.2. Product Portfolio

            8.4.11.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.11.4. Sales Footprint

            8.4.11.5. Strategy Overview

                8.4.11.5.1. Marketing Strategy

                8.4.11.5.2. Product Strategy

                8.4.11.5.3. Channel Strategy

        8.4.12. Koryo Tour

            8.4.12.1. Overview

            8.4.12.2. Product Portfolio

            8.4.12.3. Profitability by Market Segments (Product/Channel/Region)

            8.4.12.4. Sales Footprint

            8.4.12.5. Strategy Overview

                8.4.12.5.1. Marketing Strategy

                8.4.12.5.2. Product Strategy

                8.4.12.5.3. Channel Strategy

        8.4.13. Others (As per request)

9. Assumptions and Acronyms Used

10. Research Methodology

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LinkedIn
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