The budgetary expenditure on agricultural product safety and inspection in South Korea has shown a steady increase from 2013 to 2023, with a value of 131.27 million Euros in 2023. Over the last two years, the year-on-year variations were 2.28% in 2022 and 2.22% in 2023. When examining the five-year CAGR leading up to 2023, the average annual growth rate stood at 2.26%. Forecasts from 2024 to 2028 suggest continued growth, albeit at a slightly lower CAGR of 1.62%, resulting in an overall increase of 8.36% over that period.
Future trends to watch for include potential shifts in agricultural policies, advancements in food safety technologies, and the impact of international trade agreements on budget allocation. Additionally, societal concerns over food safety and environmental sustainability may further influence budgetary decisions in this sector.
