The production of chemical and pharmaceutical products in South Korea has shown considerable fluctuations between 2013 and 2023, reaching 215.72 trillion South Korean Wons in 2023. While the period experienced notable declines in certain years, such as 2015 and 2020, a strong recovery was evident in 2021 with a 35.92% year-on-year increase. Over the past five years, the Compound Annual Growth Rate (CAGR) stood at 2.09%, demonstrating moderate growth during this period.
Forecasts from 2024 to 2028 predict a steady upward trend, with production values expected to grow from 222.59 trillion South Korean Wons in 2024 to 242.68 trillion South Korean Wons in 2028. The forecasted 5-year CAGR stands at 1.74%, translating into an overall growth rate of 9.02% over these five years. Key future trends to monitor include advances in biotechnology, increased demand for pharmaceuticals due to an aging population, and potential impacts from global trade dynamics and environmental regulations.
