Between 2013 and 2023, South Korea's milk production showed a fluctuating trend with an overall decline. The highest production was observed in 2014 at 2.2219 million metric tons, while the lowest was in 2023 with 1.7369 million metric tons. From 2022 to 2023, production decreased slightly by 1.39%, continuing a slight downward trend reflected in the 5-year CAGR of -1.09%.
In the forecasted period from 2024 to 2028, production is projected to continue decreasing, with an average annual decline of 1.21% as per the forecasted CAGR. By 2028, the production is expected to shrink to 1.609 million metric tons, marking a total decrease of approximately 5.91% from 2023 to 2028.
Future trends to watch for:
- Technological advancements in dairy farming could mitigate declines.
- Policy changes and subsidies from the government might impact production.
- Shifts in consumer demand towards alternative milk products.
- Environmental factors and climatic conditions influencing dairy farming.
