South Korea Soybean Oil Market Outlook, 2028

Soybean oil occupies a central place in South Korea's rich culinary heritage, deeply rooted in tradition and culinary practices that span centuries. Renowned for its nutritional benefits, soybean oil is revered as a heart-healthy cooking medium, owing to its low saturated fat content and high levels of unsaturated fats, including omega-3 fatty acids. Its significance is most pronounced in the realm of fermentation, as it is a key ingredient in iconic Korean fermented foods like doenjang (fermented soybean paste) and ganjang (soy sauce). These traditional Korean condiments are the foundation of countless dishes, including the beloved bibimbap, bulgogi, and japchae, which incorporate soybean oil in their preparation. Beyond its use in traditional recipes, soybean oil plays a vital role in the cultural tradition of hanjeongsik, a full-course Korean meal known for its balance and variety. Temple cuisine, or temple food, often relies on soybean oil due to its plant-based nature, in harmony with Buddhist dietary restrictions. South Korea's vibrant street food culture further showcases soybean oil, with street vendors using it to fry popular snacks such as tteokbokki, twigim, and mandu, creating delicious and crispy treats that are savored by locals and tourists alike. As South Koreans become increasingly health-conscious, soybean oil's heart-healthy attributes align perfectly with modern dietary preferences. Cultural celebrations, including Lunar New Year (Seollal) and Chuseok (Korean Thanksgiving), often feature soybean oil and soy-based dishes, emphasizing their cultural significance. Regional variations in culinary traditions add depth to South Korea's diverse culinary landscape, with each region incorporating soybean oil in unique ways. In contemporary kitchens, soybean oil remains a prominent cooking medium, adapting to evolving dietary preferences and culinary innovations, ensuring that this culturally significant ingredient continues to be a staple in Korean cuisine. Culinary education institutions in South Korea actively emphasize the importance of using traditional ingredients like soybean oil to preserve and promote the country's culinary heritage. According to the research report, “South Korea Soybean Oil Market Overview, 2028" published by Bonafide Research, the market is expected to witness significant growth during the forecast period. Rapid urbanization and changing lifestyles have led to an increased reliance on convenience foods and dining out. Soybean oil remains a key cooking medium in commercial kitchens and restaurants. South Korea's growing economy and rising disposable income levels have enabled consumers to explore premium cooking oils, including specialty soybean oils such as cold-pressed and organic varieties. Increasing health consciousness among South Korean consumers has driven the demand for healthier cooking oils. Soybean oil, known for its heart-healthy properties, is favored as a nutritious option, particularly among health-conscious individuals. Economic factors, including income levels and consumer spending, play a pivotal role in driving the demand for soybean oil. As South Korea's economy continues to grow, more consumers have the purchasing power to opt for quality cooking oils like soybean oil. The growing popularity of vegetarian and vegan diets has led to increased use of soybean oil as a plant-based cooking oil option, accommodating dietary preferences and restrictions. Continuous investments in research and development contribute to product innovation and the improvement of soybean oil's quality, nutritional content, and overall appeal to consumers. Government-led public health campaigns and initiatives raise awareness about the health benefits of using soybean oil, especially in terms of heart health and overall well-being. The availability of premium and specialty soybean oils, such as cold-pressed, organic, and unrefined varieties, caters to consumers seeking unique and high-quality options. Demographic shifts, such as an aging population and changing family structures, influence cooking oil preferences and consumption patterns, impacting the soybean oil market.

South Korean consumers are increasingly health-conscious and seeking healthier food options. Organic soybean oil is perceived as a healthier choice compared to conventional soybean oil due to the absence of synthetic pesticides and genetically modified organisms (GMOs). This aligns with the prevailing health and wellness trends. There is growing awareness of environmental sustainability and the impact of agricultural practices on the environment. Organic farming methods prioritize soil health, biodiversity, and reduced chemical usage, which resonate with environmentally conscious consumers. South Korean consumers are showing a preference for products with clean and transparent labels. Organic soybean oil, often accompanied by organic certifications, meets these clean label expectations as it is free from synthetic additives and chemicals. Organic soybean oil may contain higher levels of certain nutrients, such as antioxidants and phytochemicals, due to the organic farming practices that promote soil health and nutrient retention in crops. Health-conscious consumers value these nutritional benefits. Well-established organic certification programs, both domestic and international, provide assurance to consumers regarding the authenticity and quality of organic soybean oil products. Trust in certified products supports the organic segment's growth. The organic segment often caters to specialty and niche markets, such as gourmet cooking, health-focused diets (e.g., vegan and vegetarian), and baby food production. These niche markets drive demand for organic soybean oil. South Korea's food processing industry is a major consumer of soybean oil. Soybean oil is used in various food processing applications, such as frying, baking, and as an ingredient in snack foods, sauces, and dressings. Its neutral flavor and high smoke point make it suitable for a wide range of food products. Soybean oil is a common choice for frying snack foods like potato chips, fried snacks, and crackers. The popularity of snack foods contributes to the demand for soybean oil in the industrial segment. Soybean oil is used in the production of bakery and confectionery items, including cakes, cookies, pastries, and chocolates. It helps achieve the desired texture and flavor while maintaining product quality. The presence of international fast-food chains and restaurants in South Korea relies on soybean oil for deep frying and cooking. It is used for frying items like French fries, fried chicken, and other fast-food menu items. Restaurants, cafeterias, and foodservice establishments use soybean oil extensively for cooking and frying. Its affordability and performance characteristics make it a preferred choice in the foodservice sector. Soybean oil is a crucial ingredient in the production of a wide range of processed foods, including frozen meals, ready-to-eat products, sauces, and marinades. The processed food industry's demand for soybean oil remains steady. Industrial users typically buy soybean oil in bulk quantities, ensuring a consistent demand for the product. Bulk purchases are common in the food processing and manufacturing sectors. South Korea is highly urbanized, and many people have busy lifestyles. Convenience stores are strategically located in urban areas, making them easily accessible to consumers who are looking for quick and convenient shopping options. Convenience stores typically operate 24/7 or have extended hours compared to other retail outlets. This makes them a go-to choice for consumers who need to purchase soybean oil and other essentials at any time of day or night. Consumers often make impulse purchases at convenience stores, and soybean oil is a common kitchen staple. Its presence in convenience stores allows consumers to pick up soybean oil conveniently while buying other items. Convenience stores are usually located close to residential neighborhoods, ensuring that consumers can easily access soybean oil without having to travel to larger supermarkets or grocery stores. Convenience stores typically carry soybean oil in various packaging sizes, catering to different consumer needs. This includes small and medium-sized bottles for convenience and larger containers for households. Many consumers prefer to make single-stop shopping trips, and convenience stores provide this convenience by offering a mix of products, including soybean oil, that can fulfill immediate needs. Convenience stores accept various payment methods, including cash, credit cards, and mobile payment options. This flexibility makes it easy for consumers to complete their purchases. Convenience stores in South Korea are known for offering quality and trustworthy products. Consumers have confidence in the products available in these stores, including soybean oil.

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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 Soybean Oil 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 Nature • Conventional • Organic

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By End User • Household • Industrial • Food Service Distribution Channel • Convenience store • Hypermarket/Supermarket • Direct Sales • Online • Others 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 Soybean 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.