Based on the historical and forecasted data for the output of food in South Korea, expressed in Trillion South Korean Wons, a distinct trend is observed. As of 2023, the food output stood at 115.01 trillion wons. From 2015 to 2019, there was a steady growth with notable year-on-year increases, ranging from 0.38% to 4.92%. A dip was recorded in 2020 with a 5.27% decrease, followed by a strong rebound in 2021 with a 6.3% increase.
In the subsequent years, the output showed a modest increment, with a 0.96% increase in 2022 and a 0.93% increase in 2023. Over the last two years, the CAGR reflects a consistent growth rate of 0.96% (2022) and 0.93% (2023). The forecasted data from 2024 to 2028 predicts a steady growth with an average annual increase of 0.74%, culminating in a total growth of approximately 3.77% over this period.
Future trends to watch for include:
- Continued moderate growth in the food sector influenced by advancements in agricultural technology and sustainable practices.
- Potential impacts of climate change on food production and the need for adaptive measures.
- Shifts in consumer preferences towards healthier and locally-sourced food products.