Forecast: Value Added of Chemical and Pharmaceutical Products in South Korea

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.