PROSPECTS AND OPPORTUNITIES
Cold-pressed oil products show potential, while refined oils need innovation
In the forecast period, edible oils in South Korea is expected to maintain the trend seen at the end of the review period, with falling retail volume sales, and rising retail current value sales. As consumer demand for health-related products grows, the growth of cold-pressed oil products is anticipated.
B2B retail volumes expected to increase more than B2C retail volumes
The proportion of single-person households is expected to continue rising in South Korea in the forecast period. As a result, the consumer preference for convenient meals, such as meals and soups and takeout/delivery, is likely to increase, which is expected to lead to a decline in retail volume sales of B2C edible oils.
Navigating and enhancing consumer understanding of edible oils is essential
Companies that produce edible oils need to continuously educate consumers about the various types of oils suited for specific TPO (time, place, occasion), and their appropriate uses, to strengthen engagement amongst South Korean consumers. While a wide variety of edible oils is available, many consumers still lack a clear understanding of the different types, and often do not know how to use them in various cooking situations.
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Overview:
Understand the latest market trends and future growth opportunities for the Edible Oils industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Edible Oils industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Edible Oils in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Edible Oils in South Korea?
- Which are the leading brands in Edible Oils in South Korea?
- How are products distributed in Edible Oils in South Korea?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Edible Oils?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in South Korea?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Edible Oils in South Korea - Category analysis
KEY DATA FINDINGS
Edible oils sees price stabilisation in 2024, excluding olive oil
Health-conscious consumers care about quality more than price
Overall edible oils sees volume sales shrink due to changes in consumer behaviour
Cold-pressed oil products show potential, while refined oils need innovation
B2B retail volumes expected to increase more than B2C retail volumes
Navigating and enhancing consumer understanding of edible oils is essential
Cooking Ingredients and Meals in South Korea - Industry Overview
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
The following categories and subcategories are included:
Edible Oils
- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
Edible Oils
This is the aggregation of olive oil and vegetable and seed oil (which comprises of corn oil, palm oil, rapeseed oil, soy oil, sunflower oil, and other edible oil). Please note blended oil that contain over 50% of one type of oil are categorised in that category, e.g. blended oil with 60% soy oil is categorised in soy oil; whereas blended oils with less than 50% of a specific type of oil are categorised in other edible oil. Includes: Pre-packaged edible oils products purchased by consumers through legally established retail channels. Excludes: Unpackaged/bulk oils, i.e. instances where consumers bring an empty container or plastic bag to be (re)filled with cooking oil. Example: Minyak curah in Indonesia.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Edible Oils research and analysis database.
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