Forecasted domestic wheat consumption in South Korea indicates a positive trend from 2024 to 2028. In 2024, expected consumption is 4.14 million metric tons, increasing annually to reach 4.3 million metric tons by 2028. Comparing 2023 actual consumption to this forecasted series shows a consistent annual growth rate. The year-on-year variations reflect an approximate growth rate of around 1% annually. Over the last five years, the Compound Annual Growth Rate (CAGR) is estimated to be in the range of 1% per annum, indicating steady and continuous growth in wheat consumption.
Future trends to watch for include changes in consumer dietary preferences, potential policy shifts related to agricultural imports, and fluctuations in global wheat prices. Additionally, advancements in wheat production technology and potential impacts of climate change could affect domestic consumption patterns.
