Analyzing the maize feed volume in South Korea, we observe a varied trend from 2014 to 2023. In 2014, the volume stood at 7.07 million metric tons, experiencing minor fluctuations with a slight overall decrease in subsequent years, reaching 6.82 million metric tons in 2023. Year-on-year variations showed a maximum decline of 5.41% in 2016 and a notable increase of 9.1% in 2018. From 2019 onwards, the market has generally shown a consistent minute downward trend with variations ranging from -0.18% to -0.16%.
Looking at the data, the Compound Annual Growth Rate (CAGR) between 2019 and 2023 is -0.61%, which reflects a slow decline in maize feed volumes. Forecast data from 2024 to 2028 predicts this trend continuing albeit at a diminished pace, with a forecasted 5-year CAGR of -0.14% and an overall expected growth rate of -0.69% by 2028.
Future trends to watch for include changes in global maize prices, advancements in agricultural technology, potential shifts in livestock production, and government policies affecting maize import tariffs or subsidies which could alter demand dynamics.
