The import of chemically pure sugars to South Korea has seen consistent growth from 2013 to 2023. In 2023, the volume stood at 9.7166 million kg, representing a year-on-year increase of 3.7%. Over the past five years (2019-2023), the compound annual growth rate (CAGR) was 4.19%. Despite some fluctuations, such as the decline in 2017 and modest growth rates in 2020 and 2021, there has been a steady overall upward trend over the decade.
Looking ahead, forecast data suggest that the import volume will continue to grow, reaching 11.348 million kg by 2028. This represents a forecasted average CAGR of 2.45% over the next five years (2024-2028), with a total growth rate of 12.84% for the period.
Future trends to watch for include:
- Potential impact of global sugar market dynamics, including price fluctuations and supply chain disruptions.
- Changes in domestic demand driven by the food and beverage industry as well as health-conscious consumer trends.
- Regulatory changes, such as import tariffs and health regulations, that could affect import volumes.
- Technological advancements in the production and processing of chemically pure sugars.
