The demand for vegetables in South Korea is forecasted to see a gradual decline over the next five years. In 2023, the actual demand was 11.42 Million Metric Tons. The current year, 2024, is projected to maintain this level at 11.39 Million Metric Tons, which is a slight decrease of approximately 0.26% compared to 2023. For the years following, the year-on-year demand is expected to consistently decline: 0.26% in 2025, 0.26% in 2026, 0.26% in 2027, and 0.27% in 2028. The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is expected to be approximately -0.27%.
Future trends to watch for include:
- Changes in consumer behavior towards healthier diets, potentially mitigating the decline.
- Impact of agricultural policies and food security measures by the government.
- Technological advancements in farming practices that could boost production efficiency and possibly invigorate demand.
- Macroeconomic factors, such as changes in disposable income and demographic shifts.
