Based on the data, the import of olive oil to South Korea stood at 85.043 million US dollars in 2023. Over the last two years, the import has shown a consistent year-on-year increase: 3.17% in 2022 and 3.01% in 2023. The CAGR over the past five years is 4.66% (2018-2023). Looking forward, the forecast indicates a steady growth with a five-year CAGR of 2.03%, predicting a 10.59% growth rate by 2028, reaching 96.746 million US dollars. Longer-term trends showcase a maturing market with slower year-on-year growth rates compared to the earlier years. Anticipate watching for:
- Changes in consumer preferences towards healthier oils.
- Fluctuations in global olive oil prices.
- Trade regulations impacting import and export dynamics.
- Sustainability and environmental considerations in olive oil production.
