The production of cereals in South Korea has demonstrated a gradual decline over the past decade. From an initial value of 5.8105 million metric tons in 2013, there was intermittent growth till 2015. However, from 2016 onwards, the trend has largely been negative, with significant reductions observed in 2017 and 2020, marking year-on-year decreases of -5.88% and -6.01% respectively. By 2023, the production volume stood at 4.9558 million metric tons, indicating a minor year-on-year decrease of -1.61% from the previous year.
Looking at the average change over five years (CAGR), recent years highlight a persistent decline, with a CAGR of -1.77% for the years leading up to 2023. Forecasts for 2024 and beyond indicate a continuation of this downward trend, with the production expected to reach approximately 4.5317 million metric tons by 2028, reflecting a forecasted five-year CAGR of -1.42%.
Future trends to watch for include the impact of climatic changes on agricultural yields, advancements in farming technologies, and potential policy changes aimed at boosting local agricultural production. Additionally, the effect of global market dynamics and domestic consumption patterns on cereal production will be critical to monitor.
