Wheat demand in South Korea has experienced fluctuations over the past decade, with notable variations in annual growth rates. For example, demand grew significantly in 2015 and 2016, with year-on-year increases of 4.13% and 4.67%, respectively. However, this was followed by a period of decline and stagnation, as illustrated by the 2017 (-2.27%) and 2018 (-5.87%) drops. The most recent years, including 2023, saw minimal growth with a 0.063% increase year-on-year. This stabilizing trend is reflected in the 0.48% CAGR over the past five years.
Key future trends to watch for include:
- Stable demand projections, with annual changes averaging around 0.04% CAGR for the next five years.
- The effect of global market conditions, including grain prices and trade policies, on South Korean wheat imports.
- Alterations in domestic dietary preferences that may influence future wheat consumption patterns.
