The demand for beef meat in South Korea has steadily increased from 2014 to 2023, growing from 699.0 thousand metric tons to 889.0 thousand metric tons. Year-on-year variations from 2014 to 2023 showed a general upward trend, with notable growth periods, including a 6.66% increase in 2016 and a 5.09% rise in 2018. The last two years displayed consistent growth of approximately 1.25% annually. The Compound Annual Growth Rate (CAGR) over the past five years stood at an average of 1%. Projections from 2024 to 2028 forecast a further increase, reaching 940.0 thousand metric tons by 2028, with a forecasted average annual growth rate of 0.87% and an overall growth rate of 4.44% over five years.
Trends to watch for include the impact of ongoing consumer preference shifts towards healthier and premium protein sources, potential fluctuations in beef import policies, and economic factors influencing disposable income and consumption patterns in South Korea.
