Forecast: Coffee Demand in South Korea

The coffee demand in South Korea reached 97.0 thousand metric tons in 2023, reflecting a steady year-on-year increase of 2.11%. Over the last decade, demand has shown a consistent upward trend, with occasional dips in 2019 and 2020. Between 2018 and 2023, the CAGR was 1.06%, suggesting a gradual but stable growth.

From 2014 to 2023, notable year-on-year changes include a significant rise in 2016 (10.14%) and 2018 (16.46%), followed by mild declines in 2019 and 2020. The forecast data points to a continued increase, with the CAGR projected at 1.4% from 2024 to 2028, resulting in a 7.21% growth rate over the next five years.

Future trends to watch for:

- Increasing diversification of coffee products and premium offerings.- Expansion of specialty coffee shops and cafes.- Rising health consciousness influencing consumption patterns.- Potential impacts of global coffee supply fluctuations and climate change.