The import of coffee to South Korea has shown different trends over the past years. Between 2013 and 2023, the import value increased from 415.48 million USD to 766.03 million USD. The import value grew substantially in 2014 by 26.91% and saw consistent, though fluctuating, growth patterns in subsequent years.
Notably, the import values dipped slightly in 2018 and 2020 by -2.76% and -1.5%, respectively. Over the last two years, the year-on-year growth rates were 3.3% in 2022 and 3.13% in 2023. The compound annual growth rate (CAGR) over the last five years is 3.75%, reflecting consistent growth momentum. Looking into the future, forecast data from 2024 to 2028 indicates a CAGR of 2.32%, suggesting a moderate growth rate with a projected increase of 12.13% over the next five years.
Future trends to watch for:
- The impact of global coffee prices on import values
- Pandemic-related disruptions and recovery in the supply chain
- Shifts in consumer preferences towards premium and specialty coffee
- Expansion of coffee-related businesses and culture in South Korea