South Korea's wheat production has seen significant fluctuations over the past decade. From a low of 19.06 thousand metric tons in 2013, production peaked at 38.71 thousand metric tons in 2016. However, the overall trend has been downward since 2018, with production standing at 17.17 thousand metric tons in 2023. This decline is connected to a combination of adverse weather conditions and shifting agricultural priorities. The year-on-year variation was -3.23% between 2022 and 2023. The Compound Annual Growth Rate (CAGR) for the last five years was -7.81%, indicating a continual decline in production volume.
Looking ahead, wheat production is forecasted to further decrease, reaching 14.49 thousand metric tons by 2028. The forecasted 5-year CAGR is -2.68%, translating to a total decline of approximately 12.71% from 2023. Future trends to watch for include the impact of climate change and potential shifts in government agricultural policies aimed at improving self-sufficiency, which could either mitigate or exacerbate this downward trend.
