Between 2014 and 2023, the production of rapeseed oil and mustard oil in South Korea demonstrated a notable upward trend. Starting from a low of 1.0 Thousand Metric Tons in 2014, production steadily increased to 3.0 Thousand Metric Tons in 2023, showing a significant rise over the decade. Noteworthy year-on-year growth included a 100% increase in 2015 and a 50% increase in 2018. Despite a brief decline in 2020 with a –5% drop, the production soon stabilized back to 3.0 Thousand Metric Tons by 2021 and maintained this level until 2023. Over the last five years, the average annual growth (CAGR) was 2.55%, indicating a period of steady production levels.
Future trends to watch for in the forecasted period from 2024 to 2028 suggest moderate growth in production, with projected increases to 3.59 Thousand Metric Tons by 2028. An average yearly increase of about 0.3 Thousand Metric Tons is expected, marking a CAGR of 2.55% over the next five years. The overall growth expectation for this period is 13.42%, reflecting continued stability and modest expansion in production capacities.