South Korea: Dairy and Products Annual
Link to report:
Domestic production is projected to drop to 1.93 million tons in 2023 after reaching 1.98 million tons in 2021. Milk production is expected to show a downward trend due to the decreasing number of dairy farms, decreasing number of milk cows, and falling demand coinciding with the falling birth rate. On the other hand, cheese consumption, as well as demand for other dairy products such as cream and butter, is gradually increasing due to evolving tastes as well as increased awareness of the healthy proteins in dairy products. However, imports in 2023 may experience an unusual drop due to high inflation and the weakening Korean won exchange rate, particularly against the U.S. dollar.
