The consumption of orange juice in South Korea saw significant fluctuations from 2013 to 2023. Starting at 11.53 thousand metric tons in 2013, it reached its highest point in 2022 at 17.8 thousand metric tons before dipping to 15.8 thousand metric tons in 2023. Notably, the year-on-year variation for 2023 shows a decline of -11.25%, marking a notable downturn after several years of stability. The CAGR for the five years leading up to 2023 was -0.87%, indicating a marginal decline overall.
Future trends suggest a continuous downward trajectory for orange juice consumption. The forecasted values show a sharp decline, plummeting to 6.13 thousand metric tons by 2028. The five-year forecasted CAGR of -15.02% and an overall growth rate decline of -55.68% from 2023 to 2028 indicate significant reductions in consumption.
Trends to watch for:
- Market Shifts: Potential shifts toward alternative beverages or changing consumer preferences.
- Health Trends: The impact of increasing health consciousness and dietary changes.
- Supply Chain Factors: Impacts of global supply chain disruptions and agricultural trends.
