Over the last decade, the meat market size volume in South Korea has shown a steady upward trend from 3.12 million metric tons in 2014 to 3.79 million metric tons in 2023, marking a gradual rise. The period between 2014 and 2023 witnessed variable annual growth rates, starting with a notable increase of 5.32% in 2015 and stabilizing around an average CAGR of 0.83% by 2023. The last two years of actual data show modest year-on-year increases of 1.02% in 2022 and 1.01% in 2023. The forecasted data from 2024 to 2028 indicates a continued but slower growth rate, with a forecasted 5-year CAGR of 0.73% and overall growth of 3.68% by 2028.
As we move forward, future trends to watch for in the South Korean meat market include:
- Changes in consumer behavior towards plant-based and alternative proteins which could impact meat consumption volumes.
- The influence of economic factors like inflation and income levels on meat consumption patterns.
- Laws and regulations on animal welfare and sustainability affecting meat production and supply chains.
- The potential effects of advancements in meat production technologies, such as lab-grown meat.
