Analysis of the poultry meat demand in South Korea reveals a steady upward trend. The demand in 2023 stood at 879.0 thousand metric tons. The year-on-year growth rates show a consistent but modest increase, averaging around 0.46% over the past two years. Between 2014 and 2023, the average compound annual growth rate (CAGR) has been approximately 0.32%, indicating sustained but slow growth in poultry meat consumption.
From 2019 to 2023, the year-on-year growth rates have varied slightly, ranging from 0% in 2019 to 0.46% in 2023. The forecasted data for 2024 and beyond suggest that this modest growth trend will continue, with a forecast CAGR of 0.29% and an overall growth rate of 1.47% over the next five years, reaching 895.0 thousand metric tons by 2028.
Future trends to watch for include potential impacts of changes in dietary preferences, import policies, and the influence of health trends on poultry consumption. Additionally, any shifts due to economic conditions and price fluctuations will be critical factors affecting demand.
Key points:
- Demand in 2023: 879.0 thousand metric tons
- Year-on-year growth has averaged 0.46% over the past two years
- 2014-2023 CAGR: 0.32%
- Forecast 2024-2028 CAGR: 0.29%
- Expected demand in 2028: 895.0 thousand metric tons
