From 2014 to 2023, South Korea's non-food uses of palm oil have shown a consistent upward trend, starting from 274.0 thousand metric tons in 2014 and reaching 438.0 thousand metric tons in 2023. Notably, the most significant growth occurred between 2017 and 2018, with a year-on-year increase of 26.61%. The compound annual growth rate (CAGR) over the past five years stands at a modest 1.13%, reflecting steady, albeit slower, growth in recent years.
The annual growth rate variation indicates periods of fluctuation, with the most substantial decline occurring in 2019 at -4.11%, likely driven by market adjustments. From 2020 onwards, the market sees more stable increments with year-on-year growth remaining around 2-3%.
Looking forward, forecasts predict the upward trend to continue. By 2028, the volume is expected to reach 485.0 thousand metric tons, driven by a forecasted five-year CAGR of 1.6%, and a total growth rate of 8.26% over this period.
Future trends to watch for include shifts in regulatory frameworks, sustainability practices, and technological advancements impacting the non-food uses of palm oil. Keeping an eye on these factors will be crucial for stakeholders navigating this evolving market.
