The demand for bananas in South Korea increased from 359.0 thousand metric tons in 2014 to 454.0 thousand metric tons by 2023, showing a steady growing trend. The highest year-on-year increase was 19.73% in 2017, while 2018 experienced a slight decline of 2.29%. The average growth rate (CAGR) from 2019 to 2023 was 1.23%.
Projected future demand from 2024 onwards shows a steady increase, with forecasts indicating a growth to 480.0 thousand metric tons by 2028, at a forecast 5-year CAGR of 0.85%, contributing to an overall 4.35% growth over this period.
Future trends to watch for include potential shifts in consumer preferences, increased imports due to trade policies, and the impact of environmental changes on banana production and supply chains. Monitoring these trends will be crucial for accurate future demand forecasting.
