Key Market Indicators
Korean spice consumption is projected to decline to approximately 22,000 metric tons by 2028, down from 23,000 metric tons in 2023. This reflects an average annual decrease of 0.9%. Since 2019, the country's demand for spices has consistently fallen at this rate. In 2023, South Korea ranked 35th in global spice consumption, with Brazil surpassing it at 23,000 metric tons. Bangladesh, Indonesia, and Thailand occupied the second, third, and fourth positions, respectively. On the production front, Korean spice output is expected to decrease to around 4,400 metric tons by 2028, from 5,000 metric tons in 2023, marking an annual decline of 1.7%. However, since 2019, Korea's spice supply had seen a steady annual increase of 4.6%. In 2023, the country was positioned 51st in global spice production, with Costa Rica ahead at 5,000 metric tons. China, Nigeria, and Indonesia were the second, third, and fourth largest producers, respectively.
