South Korea's domestic consumption of coconut oil stood at 54.0 thousand metric tons in 2023. The forecast for 2024 indicates a slight increase to 55.0 thousand metric tons, with a stable trend through 2025. A modest rise to 56.0 thousand metric tons is projected from 2026 to 2028.
Year-on-year variation:
- 2023-2024: +1.85%
- 2024-2025: 0.00%
- 2025-2026: +1.82%
- 2026-2027: 0.00%
- 2027-2028: 0.00%
The last 5-year CAGR shows a consistent and minimal growth pattern of approximately +1.36% per year from 2023 to 2028.
Future trends to watch for:
- Potential shifts in consumer preferences towards healthier oils or plant-based alternatives, which could impact coconut oil demand.
- Changes in trade policies or import tariffs which might affect supply levels and prices.
- Environmental regulations impacting coconut oil production and its sustainability footprint.
- Market innovations and product diversification within the coconut oil industry could drive new consumption patterns.
