The data on soybean oil production in South Korea from 2013 to 2023 indicates a fluctuating trend with notable increases and decreases over the years. In 2023, the production value stood at 199.4 thousand metric tons. Year-on-year variation highlights significant spikes in earlier years, such as a 16.93% increase in 2014, followed by more modest gains and declines. The average annual growth rate (CAGR) over the last five years was approximately 0.99%, indicating a slow but steady upward trend.
Looking towards the future, forecasts suggest a consistent but moderate increase in production, with a five-year CAGR of 0.54% and an overall growth rate of 2.74% by 2028. Key trends to watch include technological advancements in soybean cultivation and oil extraction processes, potential shifts in domestic and international demand, and policy changes affecting agriculture and trade.
