Over the past decade, South Korea's poultry meat production at the farm gate has exhibited significant fluctuations. From 2013 to 2018, the sector enjoyed consistent growth, peaking in 2018 with an impressive year-on-year increase of 11.39%. However, this was followed by a decline in 2019 and continued downturn in 2020. From 2021 to 2023, production stabilized slightly, growing marginally in 2023 to reach a value of $1.3 billion. Projections for 2024 to 2028 forecast modest growth with an average annual increase of 0.74%, culminating in a total growth rate of 3.77% by 2028.
Future trends to watch for include:
- Adoption of advanced farming techniques to boost production efficiency.
- Potential impacts of regulations around animal welfare and environmental sustainability.
- Shifts in consumer preferences towards alternative protein sources.
- Global supply chain factors and trade policies affecting import and export dynamics.