In 2023, South Korea's domestic food consumption of olive oil was recorded at 25.0 Thousand Metric Tons. The forecasted data indicates steady growth in this sector over the next five years, with the consumption projected to reach 29.0 Thousand Metric Tons by 2028. The year-on-year variation indicates a consistent increase, averaging around 3.6% annually. When examining recent trends, the consumption grew by approximately 4.0% from 2023 to 2024 and is expected to maintain a similar growth rate through 2028.
Over the last two years, the annual growth exhibits around 3.8%, suggesting a positive and steady trend in olive oil consumption. The Compound Annual Growth Rate (CAGR) over the next five years stands at approximately 3.6%, pointing to a reliable upward trend in the use of olive oil within the country.
Future trends to watch for include increasing consumer awareness about the health benefits of olive oil, potential fluctuations in olive oil prices due to global supply chain dynamics, and shifts in culinary preferences towards more Mediterranean diets.
