Groundnuts production in South Korea stood at 11.46 thousand metric tons in 2023. Historically, production has shown significant variability. Between 2013 and 2016, the growth rate varied greatly, peaking in 2016 with a remarkable 33.29% year-on-year increase and a CAGR of 7.43%. However, production declined sharply by 26.21% in 2018, after which it showed moderate fluctuations, including slight decreases in 2020 and 2022.
The year-on-year variation in 2022 was a marginal decrease of 0.19%, followed by a 0.18% decline in 2023. The CAGR over the last five years culminating in 2023 is 0.82%. Going forward, the forecast indicates a slight annual decline, with production expected to reach 11.35 thousand metric tons by 2028, representing a forecasted 5-year CAGR of -0.15% and an overall decline of 0.77% over this period.
Future trends to watch for:
- The impact of climatic changes on groundnut yields
- Technological advancements and agricultural practices improvements
- Market demand and price fluctuations
- Government policies and subsidies for groundnut farming
