In 2023, the soybean demand in South Korea stood at 1.32 million metric tons. The forecasted data for the upcoming years indicate a slight downward trend, with demand decreasing to 1.31 million metric tons in 2025 and 2026, and further to 1.3 million metric tons by 2027 and 2028. This represents a modest year-on-year variation of approximately -0.76% from 2024 to 2025. Over the next five years, the compounded annual growth rate (CAGR) suggests an average decline of about 0.38% per year.
Future trends to watch for:
- Influence of domestic policies on soybean imports.
- Impact of technological advancements in agriculture.
- Fluctuations in global soybean prices.
- Shift in consumer dietary preferences and demand.
- Impact of trade agreements on import volumes.
