The import of sugars and sugar confectionery to South Korea has seen moderate fluctuations over the last decade. From a value of 1.2958 billion USD in 2013, it dropped to 1.0741 billion USD in 2018, showing significant annual variability. Notably, 2018 experienced the largest year-on-year decline of 16.74%. More recently, imports stabilized and grew slightly, reaching 1.1995 billion USD in 2023, a data point that represents the latest known actual figure before forecasted values. The average yearly variation from 2019 to 2023 (CAGR) was 2.23%, indicating a return to moderate growth.
Looking forward, the forecast for 2024 onwards shows continued, albeit slow, growth. By 2028, imports are expected to reach 1.2544 billion USD, with a forecasted 5-year CAGR of 0.71%, translating to an overall 3.59% growth. This suggests a stable but sluggish increase in imports, hinting at a mature market with limited expansion potential.
Future trends to watch for include potential shifts in consumer behavior towards healthier alternatives, regulatory changes affecting sugar imports, and competitive dynamics with local sugar producers. Additionally, global sugar price fluctuations and trade policies may significantly impact these forecasts.
