In 2023, the import value of cocoa and cocoa preparations to South Korea stood at $463.88 million. Over the past decade, the import has shown periodic fluctuations with some periods of decline, such as in 2015 by -3.35% and 2017 by -4.19%. However, overall there has been a general upward trend, particularly from 2020 to 2023, where year-on-year variations were positive but modest. The compound annual growth rate (CAGR) for the past five years (2018-2023) was 3.25%. The forecast from 2024 onwards shows a continuous but moderate increase, with a five-year CAGR of 1.67% leading to a projected import value of $515.53 million in 2028.
- Import value in 2023: $463.88 million
- Recent positive trends: 2020 (+2.78%), 2021 (+2.66%), 2022 (+2.53%), 2023 (+2.42%)
- 5-year CAGR (2018-2023): 3.25%
- Forecasted 5-year CAGR (2024-2028): 1.67%
- Forecasted import value by 2028: $515.53 million
Future trends to watch for include potential impacts from global cocoa supply disruptions, changing consumer preferences towards healthier or alternative products, and South Korea's economic conditions that might affect consumption patterns.
