Over the period from 2013 to 2023, the import of provitamins and vitamins to South Korea exhibited significant variability. Starting with a decline in the early years, the trend reversed and showed a steady increase, peaking in 2021 at 258.74 million USD. Despite a slight dip in 2022 to 243.71 million USD, the imports increased again by 3.41% in 2023, reaching 252.03 million USD.
In terms of recent performance, the year-on-year growth rate varied notably:
- 2022: -5.81% decline
- 2023: 3.41% increase
Looking at the compound annual growth rate (CAGR) from 2018 to 2023, it averaged out to 2.26%. This shows a relatively stable growth in the mid-term context.
Forecasts project a continued upward trend, with the CAGR for the five-year period from 2024 to 2028 expected at 2.22%, resulting in an overall growth rate of 11.6% by 2028.
Future trends to watch for include potential impacts from global supply chain shifts, regulatory changes in health and wellness sectors, and evolving consumer preferences towards nutritional products. Additionally, monitoring economic conditions and trade policies will be crucial in forecasting import behaviors accurately.
