Key Takeaways
- In 2023, the South Korean golf industry generated total revenues of 18.7 trillion KRW, reflecting a 12.3% year-over-year growth driven by post-pandemic recovery.
- The golf service sector in Korea accounted for 62% of the industry's total market value in 2022, amounting to 10.1 trillion KRW.
- Screen golf facilities contributed 4.2 trillion KRW to the market in 2023, up 15% from 2022 due to urban demand.
- In 2023, 6.8 million South Koreans participated in golf at least once, representing 13.2% of the population.
- Screen golf participation reached 4.2 million players in Korea in 2023, up 18% from 2022.
- Traditional outdoor golf rounds played totaled 52 million in Korea 2023.
- Korea has 1,250 traditional golf courses as of 2023.
- Screen golf venues numbered 12,800 across Korea in 2023.
- Public golf courses total 320 in South Korea end-2023.
- The golf industry contributed 1.2% to South Korea's GDP in 2023, equating to 32 trillion KRW.
- Golf industry employed 450,000 direct workers in Korea 2023.
- Tax revenues from golf industry totaled 2.1 trillion KRW in 2023.
- Projected market size for Korean golf industry in 2028: 25.4 trillion KRW with 9.2% CAGR.
- Screen golf market expected to reach 6.8 trillion KRW by 2027.
- Number of golfers projected to hit 8.2 million by 2025 in Korea.
South Korea's golf industry saw strong growth in 2023, reaching nearly 19 trillion won in revenue.
Economic Contributions
- The golf industry contributed 1.2% to South Korea's GDP in 2023, equating to 32 trillion KRW.
- Golf industry employed 450,000 direct workers in Korea 2023.
- Tax revenues from golf industry totaled 2.1 trillion KRW in 2023.
- Supplier chain spending by golf firms: 8.5 trillion KRW in 2023.
- Export jobs supported by golf manufacturing: 120,000 in 2023.
- Local community investments by golf courses: 340 billion KRW 2023.
- Tourism multiplier effect from golf: 2.8x spending in 2023.
- Corporate tax from golf businesses: 890 billion KRW in 2023.
- Wages paid in golf sector averaged 52 million KRW per worker 2023.
- Induced employment from golf: 280,000 indirect jobs 2023.
- VAT collections from golf services: 1.4 trillion KRW 2023.
- Real estate value uplift near courses: 15% average in 2023.
- Charity events raised 150 billion KRW via golf in 2023.
- Import substitution by local golf gear: saved 200 billion KRW 2023.
- Hotel occupancy boost from golf tourists: 22% in peak 2023.
- Food service revenues linked to golf: 780 billion KRW 2023.
- Transport spending by golfers: 420 billion KRW in 2023.
- R&D tax credits claimed by golf firms: 45 billion KRW 2023.
- Small business revenues from golf supply: 1.1 trillion KRW 2023.
- Environmental levies paid by industry: 120 billion KRW 2023.
- Foreign direct investment in Korean golf: 280 billion KRW 2023.
- Brand value of Korean golf exports: 1.8 trillion KRW 2023.
- Multiplier for every golf round spent: 3.2 KRW economic output 2023.
Economic Contributions Interpretation
Facilities
- Korea has 1,250 traditional golf courses as of 2023.
- Screen golf venues numbered 12,800 across Korea in 2023.
- Public golf courses total 320 in South Korea end-2023.
- 18-hole championship courses: 450 in Korea 2023.
- Average course maintenance cost per hole: 45 million KRW annually in 2023.
- New golf course openings: 28 in Korea during 2023.
- Indoor simulator bays totaled 85,000 nationwide in 2023.
- Golf resorts with lodging: 180 properties in Korea 2023.
- Driving ranges standalone: 2,100 facilities in 2023.
- Par-72 courses: 320 out of total in Korea 2023.
- Courses with floodlights for night play: 210 in 2023.
- Eco-friendly certified golf courses: 85 in Korea 2023.
- Average fairway length in Korean courses: 6,450 meters in 2023.
- Membership-only clubs: 520 in South Korea 2023.
- Multi-course resorts: 45 complexes with 3+ courses in 2023.
- Renovated courses in 2023: 42 facilities upgraded.
- Practice greens at courses: 1,120 total in Korea 2023.
- High-end simulators with AI tech: 3,200 bays in 2023.
- Courses near Seoul: 380 within 100km radius 2023.
- Water hazard features on 72% of Korean courses in 2023.
- Bunker count average per course: 85 in Korea 2023.
- Ladies tees standardized on 98% of courses 2023.
Facilities Interpretation
Future Projections and Trends
- Projected market size for Korean golf industry in 2028: 25.4 trillion KRW with 9.2% CAGR.
- Screen golf market expected to reach 6.8 trillion KRW by 2027.
- Number of golfers projected to hit 8.2 million by 2025 in Korea.
- New course developments planned: 35 by 2026.
- AI-integrated simulators to comprise 60% of bays by 2027.
- Female participation forecasted at 50% by 2030.
- Golf tourism visitors expected 1.2 million annually by 2027.
- Sustainability tech adoption on 80% courses by 2028.
- E-sports golf integration to add 500 billion KRW by 2026.
- Youth programs to double junior players to 1.3M by 2027.
- Premium club sales growth at 12% CAGR to 2028.
- Membership digitization 95% by 2025.
- Overseas expansion of Korean screen golf: 2,000 venues by 2027.
- VR golf experiences to generate 300 billion KRW by 2026.
- Corporate wellness golf programs up 25% by 2028.
- Public course expansions: 100 new by 2030.
- Apparel market to 2.5 trillion KRW by 2027.
- Metaverse golf platforms users: 2 million by 2026.
- Carbon-neutral courses target: 50% by 2030.
- Lesson market via apps: 1.5 trillion KRW by 2028.
- Export growth to 800 billion KRW annually by 2027.
- Indoor-outdoor hybrid facilities: 500 by 2026.
- Senior market segment to grow 20% CAGR to 2030.
- Tournament prize funds double to 200 billion KRW by 2028.
- Data analytics adoption in 90% facilities by 2027.
- Wellness-integrated resorts: 50 new by 2028.
- Used gear market to 600 billion KRW by 2026.
- Blockchain for memberships: 40% adoption by 2027.
- Regional development focus: Jeju courses double by 2030.
Future Projections and Trends Interpretation
Market Size and Growth
- In 2023, the South Korean golf industry generated total revenues of 18.7 trillion KRW, reflecting a 12.3% year-over-year growth driven by post-pandemic recovery.
- The golf service sector in Korea accounted for 62% of the industry's total market value in 2022, amounting to 10.1 trillion KRW.
- Screen golf facilities contributed 4.2 trillion KRW to the market in 2023, up 15% from 2022 due to urban demand.
- Traditional golf course green fees generated 5.8 trillion KRW in South Korea in 2023, a 9.2% increase.
- The overall golf market CAGR in Korea from 2019-2023 was 7.8%, reaching 17.5 trillion KRW by end-2023.
- Equipment sales in the Korean golf market hit 2.9 trillion KRW in 2023, boosted by premium club demand.
- Apparel and footwear segment of Korea's golf market was valued at 1.4 trillion KRW in 2023.
- Korea's golf industry export value reached 450 billion KRW in 2023, mainly clubs and apparel.
- Indoor golf simulator market in Korea grew to 3.1 trillion KRW in 2023, with 12,500 facilities.
- Total golf-related investments in Korea surged to 1.2 trillion KRW in 2023 for new facilities.
- The premium golf resort segment in Korea valued at 2.5 trillion KRW in 2023.
- Golf membership fees across Korea totaled 3.4 trillion KRW in 2023.
- E-commerce golf sales in Korea hit 850 billion KRW in 2023, up 22%.
- Corporate golf event spending reached 1.1 trillion KRW in Korea 2023.
- Golf lesson and academy revenues in Korea were 920 billion KRW in 2023.
- Korea's golf industry market share of leisure sector was 8.2% in 2023 at 18.7 trillion KRW.
- Public golf course revenues grew 11.4% to 1.6 trillion KRW in 2023.
- Private golf club revenues in Korea reached 4.2 trillion KRW in 2023.
- Golf travel packages sold in Korea generated 650 billion KRW in 2023.
- Digital golf app revenues in Korea totaled 180 billion KRW in 2023.
- Korea golf franchise market expanded to 750 billion KRW in 2023.
- Used golf equipment market in Korea valued at 320 billion KRW in 2023.
- Golf insurance premiums collected 250 billion KRW in Korea 2023.
- Korea's golf media and broadcasting rights worth 420 billion KRW in 2023.
- Sponsorship deals in Korean golf industry totaled 890 billion KRW in 2023.
- Golf real estate developments contributed 1.8 trillion KRW in 2023.
- Korea golf R&D spending reached 150 billion KRW in 2023.
- Import value of golf goods to Korea was 380 billion KRW in 2023.
- Golf food and beverage sales at courses hit 560 billion KRW in 2023.
- Pro shop revenues across Korea golf facilities totaled 720 billion KRW in 2023.
Market Size and Growth Interpretation
Participation Rates
- In 2023, 6.8 million South Koreans participated in golf at least once, representing 13.2% of the population.
- Screen golf participation reached 4.2 million players in Korea in 2023, up 18% from 2022.
- Traditional outdoor golf rounds played totaled 52 million in Korea 2023.
- Female golfers in Korea numbered 2.9 million in 2023, comprising 42.6% of total players.
- Golf participation among 20-39 year olds was 28.5% in Korea 2023.
- Corporate golfers accounted for 1.8 million participants in Korea 2023.
- Junior golfers under 19 reached 650,000 in Korea 2023, a 14% rise.
- Senior golfers over 60 participated at a rate of 22.1% in Korea 2023.
- Average annual golf rounds per player in Korea was 12.4 in 2023.
- Urban dwellers' golf participation rate hit 16.8% in Seoul metro 2023.
- Weekend golfers made up 68% of total participants in Korea 2023.
- First-time golfers in Korea numbered 890,000 in 2023.
- Golf club memberships held by individuals reached 3.2 million in 2023.
- App-based golf booking users totaled 2.1 million monthly in Korea 2023.
- Group golf outings participated by 2.4 million Koreans in 2023.
- Solo golf play rate increased to 15.2% among young players in 2023.
- Night golf participation grew to 1.1 million sessions in 2023.
- Female beginner classes enrolled 180,000 women in Korea 2023.
- High-income earners (over 100M KRW) golf participation at 45.3% in 2023.
- Regional participation highest in Gyeonggi at 18.4% of population 2023.
- Golf app downloads reached 15 million in Korea by end-2023.
- Tournament amateur entries totaled 450,000 in Korea 2023.
- Family golf outings numbered 320,000 events in 2023.
- Overseas Korean golfers returning to play: 120,000 in 2023.
- Disabled golfers participated via adaptive programs: 45,000 in 2023.
- Student golfers in school clubs: 280,000 in Korea 2023.
- Monthly golf subscribers to indoor facilities: 1.9 million in 2023.
Participation Rates Interpretation
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