Key Market Indicators
Korean oilseeds consumption is projected to decline to approximately 456,000 metric tons by 2028, down from around 485,000 metric tons in 2023. This reflects an annual decrease of about 1%. The trend has been consistent since 2019, with a year-on-year decline of 1.1%. In 2023, South Korea ranked 16th globally in oilseeds consumption. The Philippines surpassed South Korea with the same consumption level of 485,000 metric tons. The top consumers in this ranking were India, Indonesia, and Brazil, taking the 2nd, 3rd, and 4th spots, respectively. On the production side, South Korean oilseeds output is forecasted to fall to around 35,100 metric tons by 2028 from 37,240 metric tons in 2023, marking an average annual decrease of 0.9%. This decline has been ongoing since 1966, with a slight annual drop of 0.1%. In 2023, South Korea was positioned at 103rd in global oilseeds production, just behind North Korea, which produced 37,240 metric tons. The leading producers were Brazil, Malaysia, and the United States, holding the 2nd, 3rd, and 4th positions, respectively.
