From 2015 to 2023, the output of Food, Beverages, and Tobacco in South Korea exhibited a general upward trajectory, notwithstanding a notable dip in 2020. The value in 2023 stood at 131.99 trillion South Korean Wons. The year-on-year growth fluctuated, with exceptional growth noted in 2017 at 4.53% and a sharp decline in 2020 by -5.22%. In 2023, the year-on-year growth was 0.92%, indicating slower but consistent gains. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) averaged at 0.65%, highlighting overall stable yet modest growth in the sector.
Future trends to watch for:
- Continued moderate growth: Forecasts indicate a CAGR of 0.73% from 2024 to 2028, with an overall growth rate of 3.72% during this period.
- Potential market disruptions: Consider potential impacts from global supply chain shifts, regulatory changes, and evolving consumer preferences.
- Sustainability and innovation: Increasing focus on sustainable practices and innovative product offerings could shape future industry performance.