In 2023, the volume of soybean feed in South Korea stood at 9.0 thousand metric tons, representing a year-on-year decline of 10% and a five-year CAGR of -5.59%. Looking at the historical data, there have been significant fluctuations: a sharp drop of 64.29% in 2016, a 150% increase in 2017, and a notable decrease of 52% in 2018. More recently, declines have been consistent, with a significant reduction of 14.29% in 2020 and a continuous drop leading to the forecasted value of 3.0 thousand metric tons by 2028. The five-year forecast CAGR is -17.81%, indicating a substantial decline over the forecast period, with an overall reduction in volume by 62.5% from 2023 to 2028.
Future trends to watch for include shifts in agricultural practices, potential increases in alternative feed sources, and economic impacts on the livestock industry. Monitoring policy changes and international trade agreements may also shed light on future movements in the soybean feed market.
