From 2014 to 2016, the demand for coconut oil in South Korea saw a significant decline, dropping by 26.79% in 2016. After a recovery period until 2018 with an 18.75% increase, the demand stabilized with minor fluctuations. By 2023, the demand remained steady at 52.0 thousand metric tons, reflecting a 5-year CAGR of -1.82%. Forecasts from 2024 to 2028 suggest a further slight decline with a forecasted 5-year CAGR of -0.78%, indicating a modest 3.85% decrease overall by 2028.
Future trends to watch for include potential shifts in consumer preferences towards healthier oils, changes in import policies, and market influence from substitutes. Monitoring these factors will be critical for predicting future demand.
