Yuwon Golf Foundation Publishes ‘Korea Golf Industry White Paper 2022’

• Korea’s Golf Market Reached About KRW 20.669 Trillion in 2022… Recording Steeper Growth Than Pre-Pandemic Rates
• Within Korea’s Golf Market, the Core Market Was KRW 8.3556 Trillion (40.4%) and the Derivative Market Was KRW 12.3134 Trillion (59.6%)

The Yuwon Golf Foundation (Chairman Young-chan Kim) announced that on Wednesday the 13th it held a publication ceremony for the ‘Korea Golf Industry White Paper 2022’ at the Korea Press Center, a white paper that analyzes the structure and scale of Korea’s golf market to present a direction for the development of the golf industry.

The Korea Golf Industry White Paper 2022 (hereinafter the ‘2022 Golf White Paper’) is a white paper that compiles, estimates, and analyzes the structure and scale of Korea’s golf industry based on three years of market data from 2020 to 2022. Since the first white paper was published in 2017, it had analyzed data on a two-year cycle; this edition carries significant meaning as the first to encompass a total of three years of research findings.

Spanning a total of 263 pages, the 2022 Golf White Paper documents the overall structure of the golf industry, the scale and characteristics of each market segment, key implications, and more, organized into six chapters. Covering the entire golf-related sports industry—including field golf, screen golf, professional and amateur tournaments, equipment, facilities, and broadcasting rights—the 2022 Golf White Paper focuses on offering forward-looking insights into the changes in the golf industry brought about by the COVID-19 pandemic and into future strategies.

According to the 2022 Golf White Paper, the size of Korea’s golf market in 2022 was found to be KRW 20.669 trillion, an increase of about KRW 5.854 trillion compared to its size in 2020. The years 2020 to 2022, during which COVID-19 spread in earnest, recorded an average year-over-year growth rate of 16.2%, far steeper than the pre-pandemic five-year average annual growth rate of 4.9%. The white paper’s research team explained that the introduction of social distancing was one of the main reasons demand surged for the golf industry, which has the characteristics of small groups and outdoor activity.

The 2022 Golf White Paper broadly divides the entire golf industry into a ‘core market’ and a ‘derivative market’ based on the concept of the sports market value network. The core market is the market in which the costs required to directly participate in golf rounds—the core product of the golf industry—or to spectate event tournaments are traded, while the ‘derivative market’ is the related market generated from the core market through various channels. As of 2022, the core market was KRW 8.3556 trillion, accounting for 40.4% of Korea’s total golf market, and the derivative market was about KRW 12.3134 trillion, accounting for 59.6%.

First, as of 2022, within the core market, the market for direct participation in field golf (participation non-event field) had the largest share at 61.3%, or KRW 5.12 trillion, followed by the market for direct participation in screen golf (participation non-event screen) at 26.2%, or KRW 2.1865 trillion.

The size of the field golf core market was provisionally tallied at about KRW 3.676 trillion in 2020, about KRW 4.6687 trillion in 2021, and about KRW 5.12 trillion in 2022. It continued its steady growth with year-over-year growth rates of 16%, 27%, and 10%, respectively. The size of the screen golf core market grew from about KRW 1.5304 trillion in 2020 to about KRW 1.8143 trillion in 2021 and about KRW 2.1865 trillion in 2022, with year-over-year growth of 6%, 19%, and 21%, respectively. The screen golf market was also shown to have a steadily rising growth rate. The white paper’s research team explained that field golf and screen golf appear to be driving the joint growth of the entire golf market, rather than being substitutes or complements.

The size of the derivative market was provisionally tallied at about KRW 8.736 trillion in 2020, about KRW 11.1197 trillion in 2021, and about KRW 12.3134 trillion in 2022, with the equipment market accounting for the largest share of the derivative market as of 2022 at 81%, or KRW 9.9365 trillion. The full contents of the ‘Korea Golf Industry White Paper 2022’ can be found on the Yuwon Golf Foundation website.

Young-chan Kim, Chairman of the Yuwon Golf Foundation, said, “We have now published the Golf Industry White Paper, which captures the market structure and scale of the golf industry, for the fourth time. I hope the Golf Industry White Paper proves of great help to Korea’s golf industry,” adding, “Going forward, the Yuwon Golf Foundation will continue its ongoing efforts, carrying out a wide range of activities across all dimensions of the golf industry to advance Korea’s golf industry and expand its base.”

Meanwhile, the publication ceremony that day was held with the attendance of about 100 people, including Young-chan Kim, Chairman of the Yuwon Golf Foundation, Deok-hyung Choi, CEO of GOLFZON Newdin Holdings, Kang-soo Park, CEO of GOLFZON, other executives of GOLFZON Newdin Group companies, and golf industry officials. Following welcoming remarks by Young-chan Kim, Chairman of the Yuwon Golf Foundation, and National Assembly Member Hyang-ja Yang, the event proceeded with an introduction of the white paper, a Q&A session, and a luncheon, concluding with great success.