In 2023, South Korea's oilseeds processing stood at 1.32 Million Metric Tons. Moving forward, forecasted data for 2024 to 2028 show a gradual increase in volumes: 1.33 million tons in 2024, 1.34 million tons from 2025 to 2027, and reaching 1.35 million tons in 2028. Year-on-year variations exhibit marginal increments, with only about 0.75% increase from 2023 to 2024, less than 1% variations during the following years, and a cumulative average growth rate (CAGR) of roughly 0.45% per year over this five-year period.
Future trends to watch for in South Korea’s oilseeds processing include:
• Impact of technological advancements and efficiency improvements in processing.• Fluctuations in domestic and international oilseed prices.• Policies and incentives aimed at increasing domestic production versus reliance on imports.• Potential shifts in consumer demand for plant-based oils and related products.
