the edible oil market in south korea is expected to see buoyant growth over the next decade. edible oil is one of the basic condiments used in the korean diet. growing demand from the health-conscious consumer for healthier and more natural products has been driving sales of edible oil in south korea. additionally, a number of dietary guidelines released in 2020 by the korean government have put increased emphasis on consuming healthier food products such as edible oil. this favorable outlook for the south korean edible oil market is supported by the healthy growth in the country’s population. korea’s population is projected to increase by around 4.7 million individuals by 2032. this increased demand for food products, in turn, is expected to fuel the growth of the edible oil market. apart from population, the ongoing demand for premium products in south korea, such as olive oil, is expected to drive the market. an increase in the spending power of the consumer, coupled with growing awareness about the benefits of different types of edible oils, is expected to drive further growth in the edible oil market. this has encouraged an influx of foreign edible oil brands such as bertolli, and has helped to create an increased diversification of offerings for the consumer. in addition, the development of highly advanced food processing technology is expected to support the growth of the edible oil market. this is because edible oil can be used to apply diverse textures to a variety of food products. consumers are increasingly seeking out a diverse range of textures and flavors that can only be achieved through the use of edible oil. thus, manufacturers of edible oil in south korea are able to capitalize on this trend to drive further market growth. overall, driven by the growth in population, income levels, and the continual adoption of advanced food processing technology, the edible oil market in south korea is projected to grow healthily over the forecast period of 2018-2032.
