In 2023, the total value of agricultural production at the farm gate in South Korea stood at 44.97 billion US dollars. From 2024 to 2028, a steady upward trend is forecasted with values reaching 49.07 billion US dollars by 2028.
The year-on-year variations are as follows:
- From 2024 to 2025: 1.81% increase
- From 2025 to 2026: 1.78% increase
- From 2026 to 2027: 1.72% increase
- From 2027 to 2028: 1.66% increase
The compound annual growth rate (CAGR) from 2024 to 2028 is approximately 1.75%.
Future trends to watch for include technological advancements in farming practices, shifts in governmental agricultural policies, climate change impacts, and evolving consumer preferences toward sustainable and organic produce. These factors may significantly influence the overall value of agricultural production in the coming years.
