Import of cut flowers to South Korea valued at USD 44.261 million in 2023 has shown consistent growth over the years. The year-on-year growth rate started at a high of 55.1% in 2013, gradually stabilizing to a growth rate of 4.87% by 2023. The compound annual growth rate (CAGR) has similarly moderated, moving from a high of 50.33% early in the series to 4.94% in 2023.
In the recent past, specifically from 2021 to 2023, year-on-year growth varies modestly: 5.64% in 2021, 5.23% in 2022, and 4.87% in 2023. The CAGR over the last five years, from 2023 to 2028, is forecasted to steady further at 3.11%, with a total growth rate of 16.56% expected over this period.
Future trends to watch for: Market adaptation to consumer preferences including sustainability, potential impact of international trade policies, and economic fluctuations impacting import capacities. Monitoring these trends will provide insights into potential market adjustments and the need for strategic adaptation.
