The import of cocoa beans to South Korea showed substantial fluctuations from 2013 to 2023. In 2023, the import value stood at 19.659 million US dollars. Year-on-year percentage changes reveal considerable volatility, with significant peaks and troughs: highs of over 70% increase in 2016 and lows of more than 56% decrease in 2018. The average annual growth (CAGR) over the last five years stands at 8.83%. Forecasted data from 2024 to 2028 suggest a slower average annual growth of 1.25%, with an overall growth rate of 6.4% over these five years.
Future trends to watch:
- Potential impacts of climate change on cocoa production regions.
- Shifts in consumer preferences towards sustainable and ethically sourced cocoa.
- Trade policy changes impacting import tariffs and regulations.
- Technological advancements in cocoa farming and processing.
