The demand for vegetable oils in South Korea stood at 1.99 million metric tons in 2023. The actual data from 2014 to 2023 shows a consistent increase, with fluctuations in year-on-year growth rates ranging from -1.35% to 8.87%. Notably, the compound annual growth rate (CAGR) over the past five years is 0.65%, indicating a steady, albeit slow, growth. Projections from 2024 to 2028 suggest a continued upward trend with a forecasted five-year CAGR of 0.79%, leading to a total growth of 4.03% by 2028.
Future trends to watch for include the impact of health consciousness on vegetable oil choices, the rise of alternative oils, and potential supply chain disruptions. Monitoring these factors will provide insights into how demand may evolve further.
