Market Overview:
South Korean Vegetable Oil Market size was reasonably estimated to be approximately USD 530.89 Million in 2023 and is poised to generate revenue of over USD 833.47 Million by the end of 2030, projecting a CAGR of around 5.8% from 2023 to 2030.
Vegetable oil is a type of edible oil derived from various plant sources. It is extracted from a plant's seeds, fruits, or nuts through mechanical or chemical processes. Common plant sources include soybeans, sunflower seeds, canola, palm fruit, and olives. Vegetable oils are widely used in cooking and food preparation due to their neutral flavor and high smoke points, making them suitable for frying, sautéing, and baking.
Top Key Players Covered in The South Korean Vegetable Oil Market:
- Jangguri Cooperative (South Korea)
- Haeonfood (South Korea)
- Agricultural corporation Naepo Co.Ltd. (South Korea)
- Chung Yang Foods (South Korea)
- TAKII KOREA CO.LTD. (South Korea)
- NAM YUNG COMMERCIAL CO., LTD. (South Korea)
- DONGSUH FOODS CORPORATION (South Korea)
- Han Jin Industry (South Korea)
- CJ Corporation (South Korea)
- CROWNHAITAI Holdings (South Korea)
- LTD (South Korea)
- DAMYCHEMICAL CO LTD (South Korea), and Other Major Players
Market Dynamics and Factors:
Increasing health consciousness among consumers, as vegetable oils are perceived as healthier alternatives to animal fats. Additionally, the rising demand for biofuels and the growth of the food processing industry contribute to market expansion. Technological advancements in extraction methods also drive efficiency and production. Opportunities in the vegetable oil market lie in emerging economies where dietary shifts towards healthier options are occurring, presenting untapped consumer bases. Furthermore, the development of innovative products and the diversification of applications beyond cooking, such as in cosmetics and pharmaceuticals, offer avenues for growth. However, restraints exist, including price fluctuations of raw materials, which can affect profit margins. Environmental concerns regarding deforestation for oil palm plantations also pose challenges, leading to sustainability and ethical sourcing becoming increasingly important.
The South Korean Vegetable Oil Market Report Highlight:
- By type, Sunflower Oil perceived health benefits, such as being rich in Vitamin E and low in saturated fats, appeal to health-conscious consumers. Additionally, its versatility in cooking applications, from frying to baking, makes it a popular choice among households and foodservice industries. Furthermore, increasing awareness of its neutral flavor profile and suitability for various cuisines contributes to its expanding market share in South Korea.
- By Nature, the organic nature segment of the South Korean Vegetable Oil Market is experiencing rapid growth due to increasing consumer awareness and preference for healthier and environmentally sustainable options. With rising concerns about health and environmental impact, consumers are shifting towards organic vegetable oils, which are free from synthetic pesticides and chemicals. This trend is further bolstered by government initiatives promoting organic agriculture and heightened demand for organic products in the market.
Key Industry Development:
In March 2023, The oilseeds and products market in Korea reached a mature stage, experiencing minimal annual fluctuations due to steady consumer demand and stagnant domestic production. However, in the upcoming marketing year (MY) 2023/24, the market is anticipated to witness significant changes as a result of government policy adjustments affecting both production and consumption aspects.
In March 2023, CJ Freshway, a prominent South Korean food distributor and food service company, revealed its collaboration with S&D Company, the operator of the "Green Market" waste cooking oil collection platform. The partnership aims to collect waste cooking oil from CJ Freshway's food distribution clients and subsequently recycle it into eco-friendly raw material, promoting environmental sustainability.
The South Korean Vegetable Oil Market Segmentation:
By Type
- Palm Oil
- Soybean Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Others
By Nature
- Organic
- Conventional
By Packaging Type
- Cans
- Bottles
- Pouches
- Others
By Application
- Food Industry
- Pharmaceutical
- Cosmetics & Personal
- Animal Feed
- Industrial
By Distribution Channels
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retail
- Wholesale Distributors
- Specialty Stores
For this report, Pristine Intelligence has segmented the South Korean Vegetable Oil Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- The U.S.
- Canada
- Mexico
- Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
