Based on the provided data, South Korea's wheat feed volume stood at 2.06 million metric tons in 2023. Over the ten-year period from 2014 to 2023, the wheat feed experienced mixed trends, showing initial growth, a drop around 2018, and stabilization from 2019 onwards. The most recent variations indicate an annual decrease of 0.15% for both 2022 and 2023. The Compound Annual Growth Rate (CAGR) over the past five years stands at 0.81%.
Future forecasts from 2024 to 2028 predict a slight decline, with a negative five-year CAGR of 0.13%, resulting in a forecasted wheat feed of 2.04 million metric tons by 2028. The overall growth rate from 2024 to 2028 is projected to be -0.63%.
Future trends to watch for include:
- Impact of global wheat prices on import volumes.
- Government policies affecting grain importation and use in feed.
- Developments in alternative feed sources that may reduce reliance on wheat.
- Domestic agricultural productivity improvements.
