Boston, MA -- (ReleaseWire) -- 06/09/2014 -- In 2013, oils and fats grew by 4% in retail value terms, to reach sales of Won535 billion. Although volume growth has stayed at 1-2% year on year, local consumers' willingness to afford the premium prices for healthy oils and fats is growing faster as premium products have recently led in oils and fats. In order to capture these market opportunities, manufacturers are now trying to meet consumers' needs for healthy products through general premiumisation. That is, they are attempting to expand the overall premium market with prices not too high rather than focus on a few super-premium products.
CJ Cheiljedang Corp stayed in the leading position in oils and fats with a 34% retail value share in 2013 as it performed well in both vegetable and seed oil and olive oil. After it renewed the brand identity of Beksul in 2011, its previously stagnating market share growth bounced back and the company continued to expand its prominence in the overall food materials business. CJ Cheiljedang Corp launched Beksul Sunflower Oil in 2012, attracting more consumers with strong brand loyalty. According to a company source, the main reason for consumers' good responses to the new product may lie in the rising sun image, which appeals to consumers with the strong and vibrant concept of the sunflower.
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Oils and fats is expected to grow by a CAGR of 3% in constant retail value terms over the forecast period. Vegetable and seed oil will achieve 3% CAGR in the forecast period whilst olive oil will continue its negative growth in the forecast years at -3% CAGR in constant retail value terms. Those products seem to be used for same purpose and olive oil is perceived to be a more premium healthy product with higher price. However, as more varied products are launched containing healthy vegetables or seeds, more consumers are likely to choose them instead of vegetable and seed oils. Through experience, local consumers have learned that olive oil burns more easily and can be replaced by canola oil or other vegetable and seed oils with lower price.
Discover the latest market trends and uncover sources of future market growth for the Oils and Fats industry in South Korea with research from Euromonitor's team of in-country analysts.
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The Oils and Fats in South Korea market research report includes:
- Analysis of key supply-side and demand trends
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