In South Korea, the production of food products has shown steady growth from 2013 to 2023. In 2023, the total production value stood at 121.83 trillion South Korean Wons. Over the period from 2013 to 2023, the sector experienced various fluctuations, with notable year-on-year growth in years such as 2021, where there was a 7.92% increase, and 2017, with a 4.92% rise. Despite some setbacks like the slight decline in 2020 with a -2.49% year-on-year variation, the overall trend has been upward.
Looking at the last two years, production grew by 2.41% in 2022 and 2.3% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years stood at 2.4%. Future forecasts for the period from 2024 to 2028 suggest a continued increase with a projected average annual growth rate of 1.75%, culminating in a 9.07% overall growth by 2028.
Future trends to watch for include technological advancements in food production, shifts in consumer preferences towards healthier options, and potential impacts of global economic conditions on supply chains. Additionally, sustainability and regulatory changes will likely play crucial roles in shaping the industry's evolution.