Crude Soybean Oil Market Revenue was valued at USD 31.5 Billion in 2024 and is estimated to reach USD 45.2 Billion by 2033, growing at a CAGR of 4.5% from 2026 to 2033.
South Korea's Crude Soybean Oil Market: Navigating Industrial Demand and Import Dynamics
In 2023, South Korea's crude soybean oil imports totaled approximately $410.9 million, with Argentina leading as the primary supplier, contributing over $303 million. This reliance on imports underscores the nation's dependency on external sources to meet its industrial and consumer demands.
Despite domestic soybean production reaching a 20-year peak, South Korea continues to depend on imports for 89% of its soybean supply. This is largely due to underutilized crushing facilities operating at 15–20% below capacity, limiting local oil production capabilities.
Industrial Applications Driving Demand
Food Industry: Crude soybean oil remains a staple in Korean cuisine, favored for its neutral flavor and health benefits, including high unsaturated fat content and absence of trans fats.
Biodiesel Production: The push for renewable energy sources has positioned soybean oil as a key feedstock for biodiesel, aligning with global efforts to reduce carbon emissions.
Animal Feed: Used as an energy-rich supplement, soybean oil enhances livestock nutrition, supporting the country's meat production sectors.
Industrial Manufacturing: Its versatility extends to the production of soaps, lubricants, and bio-based plastics, catering to the growing demand for sustainable materials.
Market Dynamics and Pricing
Retail prices for soybean oil in South Korea range between $8.63 and $11.25 per kilogram, while wholesale prices fluctuate from $6.04 to $7.88 per kilogram. These prices reflect global market trends and the nation's import reliance.
Future Outlook
With stable consumption patterns and a continuous need across various industries, South Korea's crude soybean oil market is poised for sustained import activity. The nation's commitment to renewable energy and sustainable industrial practices will likely further influence market dynamics.
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Cargill
ADM
Bunge
DuPont
Wilmar International
Louis Dreyfus Company
CME Group
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 Crude Soybean Oil Market
Food Industry
Biodiesel Production
Cosmetics and Personal Care Products
Industrial Applications
Foodservice Sector
Culinary Uses
Industrial Uses
Health Supplements
Preservatives and Emulsifiers
Animal Feed
Refined Soybean Oil
Crude Soybean Oil
Deodorized Soybean Oil
Cold-Pressed Soybean Oil
Organic Soybean Oil
Bottles
Cans
Bulk Containers
Drums
Pouches
Online Retailers
Supermarkets and Hypermarkets
Convenience Stores
Wholesale Distributors
Specialty Food Stores
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Crude Soybean Oil 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 Crude Soybean Oil Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Crude Soybean Oil Market, By Type
6. South Korea Crude Soybean Oil Market, By Application
7. South Korea Crude Soybean Oil Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Crude Soybean Oil Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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