The value added of chemical and pharmaceutical products in South Korea stood at 56.387 trillion South Korean Wons in 2023. Observing the historical data, there was a notable growth trajectory from 2013 to 2019, with increases varying between 0.62% and 6.79% annually. The five-year CAGR from 2018 to 2023 was 2.82%, demonstrating steady, albeit moderate, growth.
Looking ahead, the forecast from 2024 to 2028 predicts continued yet decelerating growth, with a five-year CAGR of 1.67%. Key future trends to watch for include:
- Advancement in pharmaceutical technologies and innovations.
- Increase in export demand due to global health crises and medicinal needs.
- Potential regulatory changes impacting production and distribution.
- Rising environmental concerns potentially affecting chemical production processes.