2024 Korea Food Industry Production Performance Report

1. Overview

In 2024, the total production value of Korea’s food industry reached KRW 114.8252 trillion, marking a 5.8% increase compared to the previous year (KRW 108.4875 trillion).
Exports also recorded growth, reaching USD 7.25915 billion, up 10% from the previous year (USD 6.60121 billion).

By sector, the production value was distributed as follows:

• Food and related sectors (food, food additives, packaging, etc.): KRW 74.2920 trillion (64.7%)
• Livestock products: KRW 37.7714 trillion (32.9%)
• Health functional foods: KRW 2.7618 trillion (2.4%)

The relative proportions across sectors remained similar to the previous year.

A key observation in 2024 was the growing consumer demand for products that combine health and enjoyment, reflecting consumption trends such as Healthy-Pleasure and Well-Aging. This shift has driven the development and production of new products across the food industry.

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2. Key Features of 2024 Production Performance

2.1 Food and Related Sectors

• Strong growth driven by the Healthy-Pleasure trend emphasizing both health and enjoyment of meals.
• Production increases (YoY):
  • Sugar-free products: +20.1%
  • Plant-based products: +500% (5x increase)
  • High-protein products: +24.0%

2.2 Livestock Products

• Expansion of consumption emphasizing health and eco-friendliness.
• Production increases (YoY):
  • Low-sugar, low-salt, low-fat products: +21.3%
  • High-protein, low-fat cuts: +7.3%
  • Antibiotic-free and animal welfare-certified products: Average annual growth of +11.9% over 3 years

2.3 Health Functional Foods

• Vitamins and minerals overtook red ginseng as the top-selling category.
• Products supporting blood circulation and memory improvement ranked No.1 and No.2 in sales for the fourth consecutive year.

2.4 Top Producers by Production Value

• 10 companies recorded production values exceeding KRW 1 trillion in 2024.

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3. Implications

The 2024 results demonstrate a sustained upward trajectory of Korea’s food industry, fueled by evolving consumer preferences for health-conscious and value-driven consumption. The rapid rise of plant-based, functional, and clean-label products reflects not only domestic trends but also a growing competitiveness of Korean food products in the global market.