South Korea domestic milk production forecast to decline - GAIN report
Dairy farms decreasing, milk demand declinings
4 November 2022
1 minute read
By: Domestic milk production in South Korea is forecast to decrease to 2 million tons in 2023, according to a recent USDA GAIN report.
2022 milk production is projected to drop to 2.01 million tons after reaching 2.34 million tons in 2021.
Milk production is expected to show a decreasing trend due to the decreasing number of dairy farms and falling demand for milk. Cheese consumption, in contrast, is gradually increasing.
However, imports in 2022 may experience an unusual drop due to the weakening Won exchange rate, particularly against the US dollar.
