The sweeteners production in South Korea has shown a general upward trend from 2014 to 2023, starting at 1.29 million metric tons in 2014 and reaching 1.68 million metric tons in 2023. Significant growth was observed between 2014 and 2019, with a peak year-on-year increase of 9.64% in 2016. However, production decreased by 3.63% in 2020, before picking up again. The year-on-year variations for 2022 and 2023 were 1.34% and 1.33% respectively. The Compound Annual Growth Rate (CAGR) from 2019 to 2023 stands at 1.2%. Production is forecasted to continue its growth trajectory, reaching 1.79 million metric tons by 2028, with a forecasted 5-year CAGR of 1.03% and an overall 5-year growth rate of 5.27%.
Future trends to watch for:
- Emerging sustainable production methods driven by environmental policies.
- Increasing consumer demand for low-calorie and natural sweeteners influencing production outputs.
- Technological advancements in sweetener extraction and refinement processes.
- Potential impact of international trade policies and tariffs on import/export dynamics.
