Based on the provided data, South Korea's sorghum demand is expected to grow consistently over the forecasted period from 2024 to 2028. In 2023, the demand for sorghum stood at 65.0 Thousand Metric Tons. From 2024 to 2028, the year-on-year growth rates are projected to be as follows: 5.92% in 2024, 5.71% in 2025, 4.05% in 2026, 5.19% in 2027, and 3.70% in 2028. Over the five-year period, this results in an average annual compound growth rate (CAGR) of approximately 4.91%.
Future trends to watch for include:
- Increasing consumer awareness about the health benefits of sorghum may drive demand further.
- Potential trade policies and agreements affecting sorghum imports and exports.
- Advances in agricultural technology that could influence domestic sorghum production levels.
- Economic factors such as currency fluctuations and inflation rates that could impact overall market dynamics.