Whole dried milk production in South Korea displayed a mixed trend over the past decade. Production started at 4.8 thousand metric tons in 2013, experiencing both declines and growth in subsequent years. The production reached 5.13 thousand metric tons in 2023, reflecting a CAGR of 0.46% over the last five years. This modest growth is indicative of a stable yet slow-moving industry.
Year-on-year variations showed fluctuations: a significant increase in 2015 at 12.09%, and notable declines in 2014 and 2020 at -2.08% and -4.55%, respectively. Recent years indicate stability with minor variations: 0.45% in 2022 and 0.43% in 2023. Forecast data suggests gradual growth with a forecast 5-year CAGR of 0.36%, projecting industry steadiness.
Future trends to watch for:
- Technological advancements in dairy processing impacting production efficiency.
- Demand shifts due to changes in consumer dietary preferences and health trends.
- Impact of global trade policies on export dynamics.
