From 2014 to 2023, the oilseeds market volume in South Korea exhibited a declining trend, starting at 601.0 thousand metric tons in 2014 and decreasing to 485.0 thousand metric tons by 2023. Notable variations include a significant year-on-year decrease of 16.81% in 2015 and a modest recovery of 10.02% in 2017. However, the market generally declined, with minor year-on-year reductions, reflecting a 1.22% decrease in 2023. Over the last five years, the average annual contraction (CAGR) was 1.12%.
The forecast from 2024 to 2028 predicts a continued decline, with the market expected to contract at an average annual rate (forecasted 5-year CAGR) of 0.98%, leading to a cumulative decrease of 4.8% by 2028.
Future trends to watch include potential changes in agricultural practices, shifts in dietary preferences, and international trade policies that could impact the oilseeds market in South Korea. Environmental sustainability initiatives and technological advancements in crop production may also influence market dynamics.
