The import of frozen vegetable mixtures to South Korea has demonstrated steady growth over the past decade. Standing at 5.6683 million kilograms in 2023, the year-on-year growth rate has gradually decelerated from double-digit increases to 4.1% in the recent year. The compound annual growth rate (CAGR) over the last five years is 4.57%, indicating a consistent upward trend albeit at a slower pace compared to earlier periods.
For the years 2024 through 2028, the forecasted data suggests a continued increase in imports, with the total volume reaching 6.7198 million kilograms by the end of the forecast period. The forecast 5-year CAGR is projected at 2.68%, reflecting a moderate but persistent growth rate. The overall 5-year growth rate is projected at 14.14%.
Future trends to watch for include:
- Potential market saturation leading to slower growth rates.
- Impact of dietary trends and health consciousness on consumer demand.
- Influence of local agricultural policies and imports regulations.
- Competition from domestic frozen vegetable producers.
- Potential shifts in trade agreements affecting import volumes.