Beef meat production in South Korea has shown a notable downtrend from 2013 to 2020, with the lowest point in 2016 at 277.0 thousand metric tons. In 2023, the production stands at 287.58 thousand metric tons, showing a slight recovery. Despite the fluctuations, from 2021 onward, production has stabilized with minimal year-on-year changes.
Noteworthy trends from 2022 to 2023 show a very slight increase of approximately 0.24%. The annual compound growth rate (CAGR) for the last five years up to 2023 is around 0.61%. This signals a period of relative stability after previous years of decline.
Future trends to watch for:
- Projected steady growth with a 5-year forecast CAGR of 0.2%.
- Potential impacts from technological advancements in meat production.
- Changes in domestic demand and consumer preferences.
- Global economic conditions affecting import-export dynamics.
