Forecast: Food, Beverages and Tobacco Value Added in South Korea

The Food, Beverages, and Tobacco Value Added sector in South Korea experienced fluctuations in growth from 2013 to 2023. The sector saw positive gains with a peak increase of 7.42% in 2019, followed by minor contractions in recent years, including a 0.68% decrease in 2023. The average annual growth rate (CAGR) over the last five years stood at 1.05% as of 2023. From 2024 onward, the expected CAGR is -0.46%, indicating a marginal decline in the sector's performance over the next five years, with a forecasted overall decrease of 2.26% by 2028.

Future trends to watch for:

  • Technological advancements in food processing and manufacturing.
  • Shifts in consumer preferences towards healthier and sustainable options.
  • Impact of global supply chain disruptions on local production and value.
  • Regulatory changes and trade policies affecting import and export markets.

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