Korea
Market Snapshot
Coarse Grain S&D
- Nearly completely reliant on foreign suppliers for feed grains.
- Negligible domestic grain production (producing less than 3% of total demand).
- GSM-102 program ensures U.S. market share in Korea.
Market Overview
- Population: 49 million
- Asia’s fourth largest economy (GDP of $986 billion).
- GDP growth: 6.1%
- Very high per capita purchasing power.
- Consumers moving away from cereal grains to diets higher in animal protein (outside of fish).
- Very low unemployment rate helping to lead Korea out of global recession faster than most of the region.
Market Growth Potential
- Stagnant population growth and aging.
- Net population loss by 2018 as families are having less than 2.1 children per household.
- Will always be a net importer of food/agricultural products.
- Domestic agriculture competing with service and manufacturing industries.
- Farm land competing with housing.
- Economy still growing 5% a year on average.
