The data on beef meat slaughtering in South Korea shows a significant decline from 2013 to 2023, with the number of heads decreasing from 1.071 million in 2013 to 0.852 million in 2023. The year-on-year percentage change highlights periods of sharp drops, such as in 2016 with a -14.41% variation, as well as gradual declines and occasional increases like in 2021 with a 5.1% rise. Over the last five years up to 2023, the CAGR is marked by a slight decrease of -0.32% annually.
Forecasted data from 2024 to 2028 suggests a steady but gradual decline in beef meat slaughtering, with the CAGR projected to be -0.13% over the next five years. This indicates a persistent downward trend, albeit at a slower rate than observed historically.
Future trends to watch for include shifts in consumer preferences towards plant-based diets, government regulations affecting livestock farming, and potential impacts of environmental and animal welfare concerns. Additionally, technological advancements in the beef production process and potential changes in trade policies may also influence the market dynamics.
