South Korea's beef meat production has experienced a consistent decline over the past decade, dropping from 335 thousand metric tons in 2014 to 260 thousand metric tons in 2023. Year-on-year variations indicate a generally downward trend, with notable decreases in 2015 (-3.58%) and 2016 (-14.24%). In recent years, production continued to decrease, although at a slower rate, with a -1.52% change noted in 2023. Over the last two years, the production volume has decreased by approximately 1.52% each year. The compound annual growth rate (CAGR) over the last five years is -1.61%, reflecting a steady decline.
Looking forward to the forecast period from 2024 to 2028, the beef production trend is expected to continue its downward trajectory, with a forecasted CAGR of -1.33% and an overall 6.49% decrease in production. By 2028, production is projected to reach 239 thousand metric tons.
Future trends to watch for:
- Changes in domestic demand for beef and potential shifts towards alternative proteins.
- Impact of government policies and subsidies on the beef production sector.
- Emerging technological advancements in livestock management and breeding.
- Global market dynamics, including trade agreements and import/export fluctuations.
