As of 2024, the forecasted corn consumption in South Korea stands at 2.37 million metric tons. Looking back, consumption in 2023 was recorded at 2.35 million metric tons, indicating a slight year-on-year increase of approximately 0.85%. Analyzing the two-year variation from 2024 to 2025 shows a growth rate of around 0.84%, with a continued gradual increase in the subsequent years.
From 2024 to 2028, the projected consumption figures signify an average compound annual growth rate (CAGR) of about 0.84%. The year-on-year variation in percentage from 2024 to 2028 points to a steady rise in corn consumption, with consistent increments observed each year.
Future trends to watch for:
- Potential shifts in domestic agricultural policies impacting corn imports and consumption.
- Adoption of alternative feed ingredients in livestock farming, which may affect corn demand.
- Fluctuations in international corn prices and their influence on South Korea's import volumes.
- Developments in biofuel production that could alter corn utilization patterns.
