In 2023, the production of food and beverages in South Korea reached 136.03 trillion South Korean Wons. Over the last two years, the year-on-year variation showed a noticeable growth, with 2.42% in 2022 and 2.32% in 2023. The compound annual growth rate (CAGR) over the last five years averaged at 2.43%, illustrating a steady growth pattern despite fluctuations in certain years.
Looking ahead, the forecasted data indicates a continuous upward trajectory, reaching 152.12 trillion South Korean Wons by 2028. The forecasted five-year compound annual growth rate is expected to be 1.76%, signifying a moderate yet stable growth rate with a cumulative growth of 9.12% over the period.
Future Trends to Watch For:
- Emerging trends in health-conscious food and beverage products.
- Impact of technological advancements in food production.
- Potential market shifts due to changing consumer preferences.
- Influence of government policies and regulations on the industry.