In 2023, South Korea's soybean oil production stood at 191.0 thousand metric tons. Forecasted data from 2024 to 2028 shows a steady annual increase of 1.0 thousand metric tons, reaching 196.0 thousand metric tons by 2028. This consistent rise indicates an annual growth rate of approximately 0.52% year-over-year. Examining a more extended period, the average annual growth rate (CAGR) over the last five years is projected to be around 0.52%.
Future trends to watch for include:
• Potential shifts in domestic and international demand for soybean oil due to changing consumer preferences or health trends.
• Variations in soybean crop yields influenced by climate change and agricultural practices.
• Trade policies and tariffs that may affect soybean imports used for oil production.
