The import value of virgin olive oil to South Korea has displayed a consistent upward trend from 2013 to 2023. In 2023, the value stood at $73.843 million, showcasing a steady annual increase. The year-on-year variation in 2023 was 3.02%, while the Compound Annual Growth Rate (CAGR) over the past five years stabilized at 2.7%. Forecasts indicate this trajectory will continue, with values reaching $84.034 million by 2028. This forecast reflects an average annual growth rate of 2.04% over the next five years, amounting to an overall increase of 10.62%.
Future trends to watch:
- Increasing consumer awareness and demand for healthier cooking oils.
- Potential trade agreements influencing import tariffs and pricing.
- Fluctuations in global olive oil production impacting supply and prices.
- Changes in South Korean dietary preferences and food industry developments.
