The apple market in South Korea displayed fluctuating volume trends between 2014 and 2023, peaking at 107 thousand metric tons in both 2015 and 2016, before experiencing subsequent declines. Notably, the market contracted notably by 12.62% in 2018. In recent years, from 2022 to 2023, the volume stabilized with no year-on-year variation, staying at 93 thousand metric tons in 2023. This consistent volume indicates a stabilization phase following previous volatility.
Looking forward, the forecast suggests a marginal decline with a Compound Annual Growth Rate (CAGR) of -0.22% over the next five years, leading to a projected volume of 92 thousand metric tons by 2028. This represents an overall decrease of 1.08% over the period from 2023 to 2028.
Future trends to watch for include potential impacts of climate change on apple production, shifts in consumer preferences towards locally grown produce, and variations in agronomic practices. Additionally, the influence of economic conditions on consumer spending power could further shape the market's trajectory.
