The import of frozen vegetables to South Korea has experienced consistent growth over the past decade, with the value standing at 301.12 million US dollars in 2023. Year-on-year variations indicate a steady increase with slight fluctuations, with the most notable growth occurring in 2016 at 12.34%. Over the last two years, the year-on-year variations were 3.46% in 2022 and 3.28% in 2023. The compound annual growth rate (CAGR) over the last five years averaged at 3.51%, suggesting a moderate growth trend.
Future forecasts indicate that the upward trend is expected to continue, albeit at a slower pace, with a forecasted 5-year CAGR of 2.2%, leading to an overall 11.47% growth by 2028.
Future trends to watch for:
- Increasing demand for convenience foods.
- Potential impacts of global trade policies.
- Advancements in freezing technology improving product quality.
- Shifting consumer preferences towards healthier, plant-based diets.
- Macroeconomic factors such as currency exchange rates and inflation.
