The vegetable oils production in South Korea has experienced fluctuating trends over the past decade. In 2023, the production stood at 309.0 thousand metric tons, marking a marginal year-on-year increase of 0.32%. The average annual growth rate (CAGR) over the last five years has been approximately 0.66%. Examining historical data, significant changes included an 8.65% increase in 2015, a smaller 1.59% increase in 2016, and more substantial fluctuations like a 5.08% decline in 2018 and a 5% decrease in 2020. Looking forward to the forecasted data, the annual growth rate is projected to slow to an average of 0.2% from 2024 to 2028, with an overall 5-year growth rate of just 1%.
Future trends to watch for:
• Advances in agricultural technology and practices could significantly influence production efficiency.
• Global economic conditions and trade policies may impact import/export balance.
• Consumer shifts towards plant-based diets and sustainable products could affect market dynamics.
• Climate change and environmental regulations may pose challenges to production stability.
