The production value in South Korea's meat processing industry has seen significant declines since 2014, starting from KRW 96.11 billion to KRW 13.62 billion in 2023. Although there was a slight recovery in 2019, the overall trend remained downward. The industry's performance last year (2023) showed a -4.37% year-on-year change, highlighting a continued decline. Notably, the last 5-year CAGR stands at -4.32%, indicating an annual average decrease. Forecasts predict a decrease to KRW 10.37 billion by 2028, representing a five-year estimated CAGR of -4.32% and a total decline of -19.81% over this period.
Future trends to watch for:
- Technological advancements and their impact on production efficiency.
- Changes in consumer preferences towards plant-based alternatives.
- Government policy shifts affecting the meat processing industry.
- Global meat supply chain disruptions.
