The domestic industrial consumption of soybean oil in South Korea in 2024 is forecasted to be 41.0 thousand metric tons, maintaining the same level in 2025. A slight increase is predicted in 2026 with a value of 42.0 thousand metric tons, followed by another incremental rise to 43.0 thousand metric tons by 2027 and stabilizing at 43.0 thousand metric tons in 2028. Given that the values for the previous years (2022-2023) were not provided, the analysis focuses on forecasted future trends based on the given data.
The year-on-year variation for 2025 compared to 2024 shows no change (0.0%), while 2026 expects a modest increase of approximately 2.4%. And from 2026 to 2027, another 2.4% increase is observed. However, the expected growth from 2027 to 2028 stabilizes, representing no change (0.0%). Considering the span of 2024 to 2028, the compound annual growth rate (CAGR) stands modestly at around 1.4%, indicating a steady but slow growth trajectory.
Future trends to watch include potential regulatory changes impacting industrial usage of soybean oil, developments in alternative oils and biofuels, and economic factors that might affect the industrial demands in South Korea. A consistent rise in demand may be influenced by industrial sectors' continued reliance on soybean oil for various applications, though market dynamics could alter these projections.
