Specialty Fats-Oils Market size is estimated to be USD 4.2 Billion in 2024 and is expected to reach USD 6.8 Billion by 2033 at a CAGR of 5.5% from 2026 to 2033.
The Specialty Fats-Oils Market in South Korea is experiencing significant growth, driven by diverse industrial requirements and evolving consumer preferences. In 2022, the market generated a revenue of approximately USD 14.4 billion, with projections indicating a rise to USD 24.2 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.7%.
Key Industry Requirements:
Food Processing Industry: The demand for specialty oils like palm, soybean, and rapeseed oils is high due to their applications in frying, baking, and as ingredients in processed foods. Palm oil, in particular, is favored for its cost-effectiveness and high smoke point.
Cosmetics and Pharmaceuticals: Oils such as olive, coconut, and rice bran are integral in producing skincare products, soaps, and dietary supplements, owing to their beneficial properties.
Biodiesel Production: Approximately 20% of the vegetable oil market is dedicated to biodiesel, with soybean and palm oils being primary feedstocks, aligning with South Korea's renewable energy initiatives.
Market Dynamics:
Import Dependency: South Korea heavily relies on imports to meet its oil demands, sourcing primarily from Indonesia, Malaysia, and the United States. In 2022, imports amounted to $3.15 billion, highlighting the country's dependence on foreign supply.
Consumer Trends: There's a growing inclination towards health-conscious choices, leading to increased consumption of oils rich in monounsaturated fats and free from trans fats. This shift is influencing product offerings in both retail and foodservice sectors.
Commercial Sector Demand: The foodservice industry, including restaurants and fast-food chains, accounts for a significant portion of oil consumption, with bulk purchases in 18-liter cans being common practice.
Having observed the market firsthand, it's evident that the Specialty Fats-Oils Market in South Korea is adapting to both global trends and local preferences. The balance between meeting industrial requirements and catering to health-conscious consumers is shaping the future trajectory of this sector.
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Bunge
Cargill
D&L Industries
Fuji Oil
IoI Group
Manildra Group
Musim Mas Group
Mewah International
Wilmar International
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The Nisshin Oillio Group
Gold Coast Commodities
Oleofats
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Specialty Fats-Oils Market
Food & Beverages
Confectionery
Dairy Products
Bakery Products
Frying & Cooking Oils
Saturated Fats
Unsaturated Fats
Trans Fats
Hydrogenated Fats
Fractionated Oils
Plant-Based Oils
Animal Fats
Marine Oils
Emulsification
Texturizing
Thickening
Flavor Delivery
Liquid
Solid
Powdered
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Specialty Fats-Oils Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Specialty Fats-Oils Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Specialty Fats-Oils Market, By Type
6. South Korea Specialty Fats-Oils Market, By Application
7. South Korea Specialty Fats-Oils Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Specialty Fats-Oils Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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