The meat production volume in South Korea stood at 2.7879 million metric tons in 2023. Over the last two years, the year-on-year growth was 1.79% in 2022 and 1.72% in 2023, highlighting a relatively stable but modest increase. The compound annual growth rate (CAGR) over the past five years (2019-2023) was 1.97%, reflecting a steady but slow upward trend in meat production.
From 2013 to 2023, South Korea saw fluctuations in its meat production growth, with notable peaks like 2018's 5.16% rise and drops such as 2020's -3.68% decline. Despite these variations, the overall trend has been a consistent, albeit gradual, increase.
Future trends to watch for:
- The five-year forecast CAGR from 2024 to 2028 is predicted to be 1.33%, indicating continued growth but at a slightly slower pace.
- By 2028, South Korea's meat production is expected to reach 3.0342 million metric tons, with a forecasted five-year growth rate of 6.85% from 2023.
- Monitoring shifts in consumer preferences, technological advancements in meat production, and potential policy changes will be crucial for understanding future dynamics in the market.
