The rice production at farm gate in South Korea has experienced fluctuations over the past decade. In 2023, the value stood at 6.75 billion Euros, showing a slight increase from the previous year. The year-on-year growth from 2022 to 2023 was 0.28%, while the compound annual growth rate (CAGR) for the past five years stood at 0.31%. Notably, there were significant dips in production in 2016 and 2017, followed by a period of recovery and stabilization.
For the forecasted period of 2024 to 2028, a steady but modest growth is expected with a forecasted 5-year CAGR of 0.22%, translating to an overall growth rate of 1.08% by 2028.
Future trends to watch for:
- Impact of climate change on rice yield and farming practices.
- Technological advancements in agriculture improving efficiency.
- Government policies and subsidies affecting rice production.
