The demand for Cassava in South Korea has shown a significant declining trend from 2014 through 2023, with values falling from 547.0 thousand metric tons in 2014 to 128.0 thousand metric tons in 2023. The data for 2023 indicates a year-on-year decrease of 15.23% and a compound annual growth rate (CAGR) of -11.06% over the last five years. Previous years also illustrate a consistent decline, especially notable between 2015 and 2016 with a drop of 38.21%, followed by a decrease of 19.15% in 2017. The negative trend is evident annually, culminating in the projected significant reductions through 2028.
Future trends to watch for include continued decreases in demand, potentially reaching just 10.0 thousand metric tons by 2028. This represents a forecasted five-year CAGR of -37.28% and an overall growth rate reduction of 90.29% from 2024 to 2028. Companies should monitor consumer behavior changes, potential new market opportunities, and consider diversification or innovation strategies to mitigate the impact of declining demand.
