In 2023, total production of fluid milk in South Korea stood at approximately 2.03 million metric tons. Forecasts indicate a slight decline in production over the next five years, decreasing to 2.02 million metric tons in 2024, 2.01 million metric tons in 2025, and stabilizing at around 2.0 million metric tons from 2026 to 2027, before a minor drop to 1.99 million metric tons by 2028.
Key trends:
- The year-on-year percentage variation shows a consistent but marginal decline.
- The compound annual growth rate (CAGR) reflects a slight decrease in average annual production over the five-year period.
Future trends to watch for:
- Potential impacts of changing consumer preferences towards plant-based alternatives.
- Technological advancements in dairy farming that could boost efficiency and production.
- Economic factors and trade policies influencing dairy import-export dynamics.
