In 2023, South Korea's oil crops production stood at an actual value of 154.75 thousand metric tons. Based on the forecasted data, the production value is expected to be 152.52 thousand metric tons in 2024, declining to 143.99 thousand metric tons by 2028. This trend indicates a consistent year-on-year decrease in production, with the following percentage variations anticipated:
- Year-on-year decrease from 2024 to 2025: 1.44%
- Year-on-year decrease from 2025 to 2026: 1.43%
- Year-on-year decrease from 2026 to 2027: 1.43%
- Year-on-year decrease from 2027 to 2028: 1.41%
Over the last two years, South Korea witnessed a decline in oil crops production. From 2023 to 2024, the production decreased by approximately 1.44%, and from 2022 to 2023, there was a comparable decline. The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is expected to be a steady decline of about 1.42% per annum.
Future trends to watch for include potential impacts of climate change on crop yields, shifts in domestic agricultural policy, and fluctuations in global oil crop market prices. Additionally, advancements in agricultural technology and sustainable farming practices may play a critical role in mitigating the declining production trend.