The South Korea rice bran oil market has witnessed significant growth, reaching a volume of more than 84.3 KMT in 2023. A new market analysis projects a continuous upward trajectory, with the industry expected to grow at a Compound Annual Growth Rate (CAGR) of 2.1% between 2024 and 2032, ultimately reaching a value of 93.5 KMT by 2032.
Deep Analysis Outlook
The South Korea rice bran oil market has experienced remarkable growth over the past decade, owing to its increasing adoption in cooking and various industrial applications. This report provides a comprehensive analysis of the market, highlighting key trends, market overview, market size and share, industry segmentation, and the competitive landscape. Additionally, it offers a detailed forecast for the period from 2024 to 2032.
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South Korea Rice Bran Oil Market Overview
South Korea has emerged as a significant player in the global rice bran oil market, driven by the increasing demand for healthier cooking oils and rising awareness of the health benefits of rice bran oil. Rice bran oil is known for its high smoke point, making it suitable for various cooking methods, including deep frying, stir-frying, and sautéing.
South Korea Rice Bran Oil Market Size and Share
In 2023, the South Korea rice bran oil market reached a volume of over 84.3 KMT. This remarkable growth can be attributed to a shift in consumer preferences towards healthier cooking options. The market’s share in the South Korean edible oil industry has steadily increased over the years, and it is expected to continue on its growth trajectory.
South Korea Rice Bran Oil Market Trends
Several trends are driving the South Korea rice bran oil market, including:
- Health-Conscious Consumers: Increasing health consciousness has led to a growing preference for rice bran oil due to its low saturated fat content and heart-healthy properties.
- Expanding Food Industry: The food industry’s use of rice bran oil in various products such as snacks, baked goods, and salad dressings has surged, driving market growth.
- Promotional Campaigns: Numerous marketing and advertising campaigns promoting the benefits of rice bran oil have raised consumer awareness.
Industry Segmentation
South Korea Rice Bran Oil Market Segmentation
The market can be divided based on type, application, and end use.
Market Breakup by Type
- Refined
- Non- Refined
Market Breakup by Application
- Food Processing
- Pharmaceuticals
- Cosmetics
- Others
Market Breakup by End Use
- Industrial
- Edible
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the South Korea rice bran oil companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Cargill Incorporated
- Ricela Health Foods
- King Rice Oil Group
- Others
Forecast Period 2024-2032
The forecast for the South Korea rice bran oil market between 2024 and 2032 indicates steady growth at a CAGR of 2.1%. The market volume is projected to reach 93.5 KMT by 2032, driven by factors such as rising consumer awareness, health concerns, and the growing food industry.
Competitive Landscape
The South Korea rice bran oil market is highly competitive, with key market players including:
- CJ CheilJedang
- Daesang Corporation
- Hanil Foods
- Kukje Oil Industries
- Ottogi Corporation
- Sajo Haepyo Corporation
- Cargill Incorporated
- Ricela Health Foods
- King Rice Oil Group
- And many more.
These companies are focusing on product innovation, expanding their distribution networks, and increasing marketing efforts to maintain their market share. Collaboration with local rice producers and sustainable sourcing is becoming increasingly important in this competitive landscape.
In conclusion, the South Korea rice bran oil market is poised for significant growth over the coming years. As consumers become more health-conscious and the food industry continues to incorporate rice bran oil into various products, the market is expected to expand steadily, providing opportunities for both existing and new entrants in the industry.
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