From 2014 to 2023, South Korea's production in prepared animal feeds experienced fluctuations, with notable declines in 2015 and 2016 before trends showed gradual increases. Production stood at 3.5316 trillion South Korean Wons in 2023. During the last two years, growth was at 1.14% in 2022 and 1.11% in 2023. The last calculated CAGR over the past five years (2018-2023) was 0.63%. The forecast indicates a steady increase, expecting the production to reach 3.7334 trillion South Korean Wons by 2028, with a projected 5-year CAGR of 0.88% and a total growth rate of 4.46%.
Future trends to watch for include:
• Technological advancements in feed production.
• Market reactions to global economic changes.
• Dietary shifts in animal husbandry practices.
• Regulatory changes affecting the feed industry.
