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.