South Korea Edible Oil Market Overview, 2028

South Korean consumers are increasingly health-conscious, leading to a preference for edible oils that are perceived as healthier options. Oils with low saturated fat content and beneficial fatty acid profiles, such as olive oil and canola oil, have gained popularity. South Korean cuisine encompasses a wide range of dishes, from traditional Korean barbecue to modern fusion cuisine. This diversity drives the demand for various types of cooking oils, including sesame oil, perilla oil, and vegetable oil, which are used in different recipes. Edible oils with specific health benefits, such as perilla oil, which is rich in omega-3 fatty acids, and sesame oil, which is known for its potential health advantages, are sought after by health-conscious consumers. South Korea produces some edible oils domestically, including sesame oil and perilla oil. These locally produced oils are known for their quality and authenticity. Edible oils are widely available in South Korean supermarkets, grocery stores, and online platforms, making it convenient for consumers to access a wide range of oil options. South Korea is known for its food trends and innovations. The edible oil industry adapts to these trends, with companies introducing new products and flavours to cater to evolving consumer tastes. South Korean cuisine has a rich and diverse heritage. Traditional dishes like kimchi, bulgogi, and bibimbap are celebrated for their unique flavours and preparation methods. Edible oils play a vital role in South Korean cooking, as they are used to season, fry, and enhance the taste of various dishes. South Koreans are increasingly health-conscious, and this awareness extends to their choice of edible oils. Oils perceived as healthier options, such as canola oil and olive oil, are favoured for their lower saturated fat content and heart-healthy attributes. According to the research report "South Korea Edible Oil Market Overview, 2028," published by Bonafide Research, the South Korea Edible Oil market is projected to reach a market size of more than USD 730 million by 2028. Health-conscious consumers in South Korea are increasingly seeking edible oils that offer health benefits. South Korean consumers value authentic and high-quality ingredients. They often choose locally produced edible oils known for their quality and authenticity. Furthermore, South Korea is known for its culinary trends and innovations. The edible oil industry adapts to these trends by introducing new products, such as flavoured and infused oils, to cater to changing tastes. Restaurants play a significant role in shaping culinary preferences. The use of specific edible oils in restaurant dishes can influence consumer choices and drive demand. Traditional South Korean festivals and special occasions often involve the preparation of elaborate dishes that require specific edible oils. For example, sesame oil is used in various dishes prepared for Chuseok, the Korean harvest festival. During the hot summer months, South Koreans prefer lighter cooking oils like vegetable oil or canola oil for stir-frying and grilling. These oils have a higher smoke point and are suitable for outdoor barbecues. With the warmer weather, salads have become more popular. Olive oil, often perceived as a healthier option, is used for making salad dressings. The South Korean government has stringent regulations in place to ensure the safety and quality of edible oils. This includes monitoring and regulating the use of additives, contaminants, and labelling standards. The government adjusts import tariffs and quotas to control the importation of edible oils. These measures are often used to support domestic producers and maintain a balance in the market.

Based on the product type, they include soybean oil, palm oil, rapeseed oil, mustard oil, sunflower oil, olive oil, groundnut oil, coconut oil, corn oil, rice bran oil, sesame oil, cottonseed oil, and others (apricot, hazelnut, almond, macadamia, walnut, avocado, grape seed, cashew, Brazil nuts, canola, etc.). In South Korea, soybean oil leads the market with the highest market share. Soybean oil has a long history of use in South Korean cuisine. It is a versatile oil that can be used for various cooking methods, including frying, stir-frying, and sautéing. It forms the base for many traditional Korean sauces and marinades. Soybean oil has a high smoke point, which means it can withstand high cooking temperatures without breaking down and producing smoke. This makes it ideal for frying and deep-frying, which are common cooking methods in South Korea. Soybean oil has historically been an affordable option for both households and the foodservice industry in South Korea. Its affordability makes it a practical choice for everyday cooking. Furthermore, palm oil is the second-growing market in South Korea after soybean oil. Palm oil is often more cost-effective than some other edible oils, making it an attractive option for both households and the foodservice industry. Its affordability can lead to increased use in various food products and cooking. Palm oil is produced in large quantities worldwide, and South Korea can source it consistently. The stable supply contributes to its use in the food industry. Palm oil is used in various processed food products, including baked goods, snacks, and margarine. As South Korea's processed food industry has grown, so has the use of palm oil in these products. Furthermore, with conventional and organic as types of nature, in South Korea, conventional is leading the market. Conventional edible oils are versatile and suitable for a wide range of cooking methods, from frying and sautéing to baking and salad dressings. This versatility makes them popular choices for Australian households and foodservice establishments. Many conventional edible oils have a neutral or mild flavour, which allows them to complement a variety of dishes without overpowering the natural flavours of the ingredients. Australia produces several types of oilseeds, including canola and sunflower, domestically. Locally sourced oils are preferred by consumers for their quality and support of the domestic agricultural industry. Furthermore, based on the end user, which includes domestic, industrial, and food service, among them the food service will grow at the highest rate. South Korea has seen a shift in dining habits with an increasing number of people dining out or ordering food from restaurants. This trend is driven by busy lifestyles, urbanisation, and a desire for convenience. South Korea is a popular tourist destination, and tourists often dine out to experience Korean cuisine. The tourism industry contributes to the growth of the food service sector. Based on the distribution channel, which includes online and offline, in South Korea, the offline segment leads the market; further offline channels include convenience stores, hypermarkets, supermarkets, direct sales, and others; among them, the hypermarkets have a significant market share. Hypermarkets and supermarkets offer a one-stop shopping experience for consumers. Shoppers can find a wide range of products, including edible oils, in a single location, which is convenient for busy individuals and families. These retail outlets provide a diverse selection of edible oils, including various brands, types (such as vegetable oil, canola oil, and olive oil), and sizes. This extensive product variety allows consumers to choose oils that best suit their cooking needs and preferences. These retail giants frequently run promotions, discounts, and loyalty programmes that attract consumers. Special offers on edible oils can influence purchasing decisions.

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Manmayi Raval

Research Consultant

Considered in this report: • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report: • South Korea Edible Oils market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type: • Soybean Oil • Palm Oil • Rapeseed Oil • Mustard Oil • Sunflower Oil • Olive Oil • Ground nut Oil • Coconut Oil • Corn Oil • Rice bran Oil • Sesame Oil • Cottonseed Oil • Others (apricot, hazelnut, almond, macadamia, walnut, avocado, grape seed, cashew, brazil nuts, canola etc)

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By Nature: • Conventional • Organic By End-User: • Domestic • Industrial • Food Service By Distribution Channel: • Offline • Convenience store • Hypermarket/Supermarket • Direct Sales • Others • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Edible Oil industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.