South Korea's olive oil imports are poised to grow steadily over the coming years. In 2023, the import volume stood at 25.0 thousand metric tons. The forecasted data suggests an increase of 4% in 2024, growing to 26.0 thousand metric tons, followed by increments of 3.8% in 2025 and 3.7% in 2026, before stabilizing to a growth rate of around 3.6% and 3.4% in 2027 and 2028 respectively. Over a longer horizon, the compound annual growth rate (CAGR) indicates an average yearly increase of approximately 3.7% from 2023 to 2028.
Future trends to watch for:
- Increasing consumer health awareness driving the demand for healthier cooking oils.
- Potential trade agreements or tariffs impacting import volumes.
- Shifts in domestic production or changes in global supply chains affecting availability and pricing.
