Rice bran oil finds application in Korean cooking as it is enriched with Vitamin B Vitamin E, oryzanol and antioxidants. The rising health consciousness among Koreans and healthy eating trend support the South Korea rice bran oil market expansion. Popular Korean street foods such as bibimbap and tteokbokki often include rice bran oil.
Rice bran oil is also used by pharmaceutical companies like LG Chem (KRX: 051910) and Pfizer (NYSE: PFE), among others, to develop ointment bases. As it contains oleic and linoleic acids, rice bran oil can help in weight loss and the management of obesity. Compared to 54.6% of males, 62.9% of Korean women with a BMI of 25 or above attempted to reduce weight between 2019 and 2021. This is driving the demand for weight management products like rice bran oil.
The expansion of certified products supports the market growth. In March 2023, an important public health and safety organisation, NSF, announced that its first Asian client, Serim Hyunmi Co., Ltd. (Serim Hyunmi), a South Korean rice bran oil company, successfully obtained certification to the BeVeg Vegan standard for its manufacturing facility and four of its rice bran products. The certificate validates that the company’s rice bran oil products are vegan, free of animal ingredients, and cruelty-free.
In order to obtain Vegan certification, Serim Hyunmi, the first Asian client in the Asia Pacific region, had to go through a five-step process and attest that all of its rice bran products are cruelty-free and are made in a facility that has undergone an audit to ensure appropriate controls, including the prevention of cross-contamination. Additionally, each product must not contain any animal ingredients, by-products, or genetically modified organisms during the manufacturing or sourcing stages.
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Market Analysis by Type, Application, and End Use:
- The market, on the basis of type, can be divided into refined and non- refined.
- Based on application, the market can be divided into food processing, pharmaceuticals, and cosmetics, among others.
- The various end uses for rice bran oil include industrial and edible.
Key Findings of the Report:
- Rice bran oil finds application in salad dressing. Around 32.5% of Korean adults were classified as either overweight or obese. As a result, the country is witnessing weight loss and healthy eating trends, which propel the South Korea rice bran oil market growth.
- Rice bran oil is used as a key ingredient in the skincare and cosmetics market due to its anti-ageing properties and its ability to reduce puffiness and wrinkles. South Korea is regarded as one of the prominent skincare markets globally, driving the market expansion.
- As plant-based, vegan, and flexitarian diets gain popularity in South Korea, businesses are pursuing independent verification for their vegan product claims to offer high-quality products with authentication and gain a competitive edge in the market.
- The growth in the food processing sector due to its convergence with other fields such as high-tech, culture, and tourism, drives the rice bran oil market in South Korea.
Key Offerings of the Report:
- The EMR report gives an overview of the South Korea rice bran oil market for the periods (2018-2023) and (2024-2032).
- The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, applications, and end uses of rice bran oil in South Korea.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.
The major players in the South Korea rice bran oil market are Cargill Incorporated, Ricela Health Foods, and King Rice Oil Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Key Highlights of the Report
| REPORT FEATURES |
DETAILS |
| Base Year |
2023 |
| Historical Period |
2018-2023 |
| Forecast Period |
2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
- Food Processing
- Pharmaceuticals
- Cosmetics
- Others
|
| Breakup by End Use |
|
| Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
| Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
| Companies Covered |
- Cargill Incorporated
- Ricela Health Foods
- King Rice Oil Group
- Others
|
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