South Korea: Edible Oils Market Brief-Palm and Soy Oils Lead the Way

In MY 2015/16, 37 percent of the total South Korean edible oil supply was palm oil, 35 percent was soybean oil, 9 percent was rapeseed oil and 20 percent was an assortment of other oils. While South Korea predominantly used soybean oil and corn oil throughout the 1970s and 80s, the industry has shifted to meet the changing demands of the country’s cosmetic, food and biofuel industries. Palm oil is the cheapest available edible oil. Industry experts estimated that in 2016, 55 percent of palm oil was used for biofuels. However, consumption of palm oil for biofuels is limited by its high freezing point which prohibits its usage between October and February. In 2016, about half of the total food industry usage of palm oil was for instant noodle production.  

South Korea: Edible Oils Market Brief-Palm and Soy Oils Lead the Way