Forecast: Agriculture, Forestry and Fishing Value Added in South Korea

The agriculture, forestry, and fishing value-added sector in South Korea has shown a consistent decline from 2013 to 2023. The value added in the industry was 2.29 in 2013, gradually lowering to 1.46 by 2023. Year-on-year variation rates indicate fluctuations, with the most notable drop occurring in 2021 and 2022, and the sector experiencing a growth spurt of 9.92% in 2020 amid the pandemic. The compound annual growth rate (CAGR) over the last five years stands at -5.26%. Moving forward, the forecast over the next five years predicts a steep decline with a CAGR of -10.8%, leading to a projected value of 0.73 by 2028.

Future trends to watch for include:

• Technological advancements in agriculture, forestry, and fishing aimed at increasing efficiency and sustainability.
• Impact of climate change and government policies on agricultural production.
• Shifts in consumer preferences toward sustainable and organic products.
• Potential rise in imports due to decreasing domestic output.