The wheat market size volume in South Korea showed a stable trend from 2014 to 2023, standing at 2.65 million metric tons in 2023. This value is based on a consistent growth pattern with a year-on-year variation in 2023 at 0.11%. Over the last five years, the market exhibited a compound annual growth rate (CAGR) of 0.16%, indicating minor but steady increases.
Historical data shows brief periods of fluctuation, for instance, a notable rise in 2015 with a 2.55% growth, and slight decline in 2017 by -1.86%. Yet, from 2018 to 2023, the market maintained stability, frequently returning to minor growth ranging from 0.076% to 0.38% year-on-year. This trend of stability suggests that the wheat market has matured.
For future trends, forecasts predict minimal growth with a five-year CAGR of 0.08%, leading to a projection of 2.66 million metric tons by 2028. This indicates a continuing steady market with slight growth expected. Factors to watch include potential shifts in domestic wheat consumption patterns, import policies, and global supply chain disruptions.
