The value added of agricultural products and livestock in South Korea exhibited fluctuations between 2015 and 2023, with values generally hovering around 27 trillion South Korean Wons. The highest recorded value was in 2017 at 27.99 trillion Wons and the lowest in 2016 at 26.879 trillion Wons. From 2022 to 2023, the value decreased by 0.23%, continuing a trend of marginal declines. The compound annual growth rate (CAGR) over the last five years leading up to 2023 was -0.082%, indicating a nearly stable but slightly downward trend.
From 2024 onwards, forecasts suggest a continuing decline in value, with a five-year CAGR of -0.17% by 2028, amounting to a 0.86% overall decrease in the period. This indicates a persistent, albeit mild, downtrend in the sector's economic contribution.
Future trends to watch for include:
- Technological advancements in agriculture that could potentially reverse the declining trend.
- Government policies aimed at bolstering the agricultural sector.
- Climate change impacts that could either exacerbate or mitigate the sector's performance depending on adaptation measures.
- Market demand shifts both domestically and internationally for South Korea's agricultural and livestock products.
