The production of food, beverages, and tobacco in South Korea has shown consistent growth from 2013 to 2023, standing at 140.09 trillion South Korean Wons in 2023. Year-on-year growth remained positive, albeit slowing from earlier years. The compound annual growth rate (CAGR) has progressively declined, from 5.52% in the earlier years to 2.43% by 2023.
Over the last two years (2022-2023), the sector witnessed moderate growth with year-on-year increases of 2.41% and 2.3%, respectively. The 5-year CAGR preceding 2023 reflects a moderate average annual growth of 2.43%. Future projections suggest a subdued growth trajectory with a 5-year forecast CAGR of 1.59%, and an overall 5-year growth rate of 8.21% by 2028.
Future trends to watch for:
- Shifts in consumer preferences towards healthier and organic products.
- Technological advancements enhancing production efficiency.
- Impact of regulatory changes and trade policies on production and distribution.
- Potential disruptions from global supply chain issues and economic fluctuations.