Key regions: United States, Brazil, Germany, Italy, Spain
South Korea, a country known for its advanced technology and innovative industries, has also been making strides in the agriculture market.
Customer preferences: South Korean consumers have been showing a growing interest in locally sourced and organic produce. This trend is driven by a desire for healthier and safer food options, as well as a desire to support local farmers. In addition, there has been an increased demand for convenience foods, such as pre-cut fruits and vegetables and ready-to-eat meals, due to the busy lifestyles of many South Koreans.
Trends in the market: One of the major trends in the South Korean agriculture market is the adoption of smart farming technologies. These technologies, such as precision agriculture and automated farming equipment, are being used to improve efficiency and reduce labor costs. Another trend is the increasing use of hydroponic and vertical farming methods, which allow for year-round production and maximize space utilization.
Local special circumstances: South Korea's geography and climate present unique challenges for agriculture. The country has a mountainous terrain and limited arable land, which has led to a focus on high-value crops such as fruits and vegetables. In addition, the country experiences harsh winters, which has led to the development of greenhouse cultivation and other protected agriculture methods.
Underlying macroeconomic factors: The South Korean government has been actively promoting the agriculture industry as a key growth area. This has included investments in research and development, as well as subsidies for farmers. In addition, the country's free trade agreements with other countries have opened up new markets for South Korean agricultural products. However, the industry still faces challenges such as an aging farming population and competition from cheaper imports.
Data coverage:
The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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