In 2023, the import volume of bananas in South Korea stood at 454 thousand metric tons, reflecting a year-on-year growth of 1.11%. Over the past five years, the import volume has experienced a compound annual growth rate (CAGR) of 1.23%. Historical data show varying trends: from a substantial surge in 2017 with a year-on-year growth of 19.73% to a slight decline in 2018 by 2.29%, followed by steady increases each subsequent year.
Future trends suggest a continued rise in banana imports, with projections indicating a volume of 480 thousand metric tons by 2028. The forecasted five-year CAGR stands at 0.85%, with an overall growth rate of 4.35% over this period.
Key future trends to watch for:
- Impact of fluctuating global banana supply and prices
- Changes in consumer preferences and dietary trends in South Korea
- Potential trade policy adjustments and their effects on import volumes
- Advancements in storage and transportation affecting import logistics and costs
