Key regions: South Korea, United Kingdom, United States, Philippines, China
The Edible Oils Market in South Korea has seen negligible growth, influenced by factors such as shifting consumer preferences towards healthier options, increased competition from alternative fats, and economic challenges affecting purchasing power among consumers.
Customer preferences: Consumers in South Korea are increasingly prioritizing health-conscious choices in the Edible Oils Market, reflecting a growing awareness of nutrition and wellness. This shift is evident as individuals gravitate towards oils rich in omega-3 fatty acids and those derived from plant sources, such as avocado and olive oil. Additionally, younger demographics, influenced by global trends and social media, are exploring gourmet and organic options. These changes are further propelled by a busy lifestyle, prompting a preference for convenient, ready-to-use oil products that align with their health goals.
Trends in the market: In South Korea, the Edible Oils Market is experiencing a notable shift towards health-oriented products, with consumers increasingly favoring oils high in omega-3 fatty acids and those sourced from plants, such as avocado and olive oil. The trend is fueled by younger generations influenced by global health narratives and social media, leading to a rising interest in gourmet and organic oils. Additionally, the demand for convenient, ready-to-use oil products is growing, driven by fast-paced lifestyles. These trends are significant for industry stakeholders, as they must adapt product offerings and marketing strategies to cater to the evolving preferences of health-conscious consumers.
Local special circumstances: In South Korea, the Edible Oils Market is significantly influenced by traditional culinary practices and the country's unique geographical landscape. The prominence of Korean cuisine, which often employs sesame oil and perilla oil, shapes consumer preferences towards these local oils. Additionally, strict food safety regulations and labeling requirements enhance the focus on quality and health benefits, pushing brands to emphasize transparency and sourcing practices. This regulatory environment, combined with a cultural inclination towards wellness and balanced diets, drives the demand for premium, health-oriented oils, distinguishing the market from others.
Underlying macroeconomic factors: The Edible Oils Market in South Korea is shaped by several macroeconomic factors, including the country's economic stability, consumer spending habits, and global trade dynamics. As South Korea's economy continues to recover post-pandemic, increased disposable income allows consumers to prioritize quality and health in their food choices. Furthermore, fluctuations in global oil prices and supply chain disruptions can impact local oil production costs and availability. National policies promoting sustainable agriculture also encourage the adoption of eco-friendly practices in oil production, influencing consumer preferences towards organic and premium oils. Together, these factors create a dynamic environment for the edible oils market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
