Key Market Indicators
Korea's soybean oil consumption is projected to reach around 464,000 metric tons by 2026. That's 0.1% higher than the 461,000 metric tons consumed in 2021. Since 2017, demand has grown by an average of 0.2% each year. In 2021, Indonesia overtook Korea to become the eighth-largest consumer, while China, India and Brazil were the top three. Meanwhile, Korean soybean oil production is expected to reach 203,450 metric tons in 2026, up 0.6% from 196,700 metric tons in 2021. Since 1976, supply has decreased by an average of 0.2% each year. South Africa overtook Korea in 2021 to become the 25th-largest producer, while the United States, Brazil and Argentina made up the top three.
