Looking at the forecast for domestic corn consumption in South Korea, we see a consistent year-on-year increase from 2024 to 2028. In 2023, the actual domestic consumption stood at 11.84 million metric tons. The projected values indicate moderate growth with consumption expected to rise to 12.41 million metric tons by 2028. The annual growth rates for the upcoming years are as follows: 2024 by 0.93%, 2025 by 1.00%, 2026 by 0.91%, 2027 by 0.98%, and 2028 by 0.89%. Over the five-year period from 2023 to 2028, the compound annual growth rate (CAGR) is projected to be approximately 0.94%.
Future trends to watch for in the South Korean corn market include potential shifts in dietary preferences and changes in biofuel policies, which could impact domestic consumption rates. Additionally, global market fluctuations and trade policies may also play critical roles in shaping future demand.
