The rice and products production in South Korea has experienced fluctuations between 2014 and 2023, with a notable decline overall. In 2023, the production stood at 5.06 million metric tons, marking a year-on-year decrease of 0.71%. Over the last two years, production decreased by an average of 0.71% per year, while the five-year compound annual growth rate (CAGR) was -0.51%, indicating a general downward trend.
Between 2014 and 2018, production saw a mixed pattern of growth and decline, with the sharpest drop of 6.03% occurring in 2017. This declining trend continued into the following years, interspersed with occasional increases, such as in 2021, where there was a 4.51% rise. However, the overall trend has been downward, with a 5.69% drop in 2020 as a significant point of decline. The forecast from 2024 to 2028 predicts a continued decrease, with a five-year forecasted CAGR of -0.59%, indicating a further reduction to 4.88 million metric tons by 2028. The five-year forecasted growth rate is estimated to be -2.92%, continuing the downward trend.
Future trends to watch for include potential impacts of climate change on rice production, technological advancements in agriculture that might improve yields, and shifts in domestic consumption patterns. Market analysts and stakeholders should closely monitor these factors, as they could influence production trends significantly in the coming years.
