Based on the actual and forecasted data, the production of cow milk butter in South Korea was standing at 72.0 thousand metric tons in 2023. The actual data from 2013 to 2023 shows fluctuations with significant growth in 2014 but a general trend of stabilization with minor variations. The production declined between 2015 and 2017 but saw a recovery from 2018 onwards. The year-on-year variation shows peaks and troughs, highlighting sensitivity to short-term factors. Over the last two years (2022-2023), the production increase was modest at around 0.98% to 1.01%. The 5-year CAGR leading up to 2023 was approximately 1.04%, indicating a stable but slow growth trend.
Looking forward, the forecast data from 2024 to 2028 expects a consistent increase, projecting a 2028 production level of 75.65 thousand metric tons. The forecasted 5-year CAGR is expected to be around 0.78%, resulting in a cumulative growth of 3.96% over the period. This points to steady and modest growth in the cow milk butter production in the foreseeable future.
Future trends to watch for:
- Changes in domestic and international demand for cow milk butter.
- Impact of agricultural policies and support for the dairy sector in South Korea.
- Technological advancements in dairy farming and butter production.
- Shifts in consumer preferences towards alternative butter substitutes or health-related trends.
- Effects of climate change on dairy farming and overall agricultural output.
