Veal and beef production at the farm gate in South Korea stood at $5.79 billion USD in 2023. The data portrays a generally increasing trend from 2013 with notable year-on-year variations. For instance, after a dip in 2015, the market exhibited steady growth and in 2020, a substantial spike was seen. The most recent two years recorded moderate year-on-year growth rates of 1.68% in 2022 and 1.64% in 2023. Over the past five years, the compound annual growth rate (CAGR) was 2.54%, indicating a steady upward trend.
Looking ahead, the forecast indicates continued growth in veal and beef production, reaching approximately $6.25 billion USD by 2028. The projected average annual growth rate is expected to decelerate slightly with a 1.2% CAGR over the next five years.
Future trends to watch for include:
- Potential impacts of global meat consumption patterns.
- Effects of trade policies and international demand shifts.
- Technological advancements in farming practices.
- Regulatory changes and sustainability initiatives.
