The rice and products market size volume in South Korea reached 6.06 million metric tons in 2023. Observing trends from 2014 through 2023, the market volume has seen fluctuations, experiencing slight declines from a peak value of 6.31 million metric tons in 2015. Notably, the year-on-year percentage change shows a consistent modest downward trend, with a -0.21% variation in 2023. Over the last five years, this market has experienced a compound annual growth rate (CAGR) of -0.18%. Forecasting into the future, the market is expected to continue its decline at an average annual rate of -0.17%, leading to a projected volume of 6.00 million metric tons by 2028.
Future trends to watch for include:
- Changing dietary preferences and increasing consumption of alternative grains or processed foods.
- Impact of advancements in agricultural technology on yield and production efficiency.
- Government policies aimed at maintaining rice self-sufficiency and supporting local farmers.
- Economic factors influencing consumer purchasing power and market demand.
- Climate change and its potential effects on rice production and supply chain sustainability.
