South Korea Rice Bran Oil Market Outlook
According to a new report by Expert Market Research titled, “South Korea Rice Bran Oil Market Size, Share, Analysis, Report and Forecast 2024-2032″, reached a volume of more than 84.3 KMT in 2023. Aided by the escalating demand for health-beneficial cooking oils and the diverse applications of rice bran oil in various sectors, the market is expected to grow at a CAGR of 2.1% between 2024 and 2032, reaching a value of 93.5 KMT by 2032.
Rice bran oil, a by-product obtained from the rice milling process, is increasingly being recognised for its high nutritional value. It is a rich source of vitamins, antioxidants, and omega-3 and omega-6 fatty acids. Beyond its nutritional value, rice bran oil has an ideal balance of saturated, monounsaturated, and polyunsaturated fats, making it a perfect choice for a healthy lifestyle, propelling the South Korea rice bran oil market growth.
Due to its mild flavour and high smoke point, rice bran oil is frequently used in a range of food applications, such as salad dressings, mayonnaise, margarine, and snack foods. Additionally, it is used in many cosmetics and haircare products due to its anti-ageing qualities.
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The growing consumer preference for healthy and natural food products is propelling the South Korea rice bran oil market growth. The demand for rice bran oil products has increased as a result of a considerable movement towards healthier cooking oils as awareness of the health advantages of rice bran oil use grows. The rise in popularity of rice bran oil is also attributed to the health and wellness trend.
Also, the expanding applications of rice bran oil in diverse industries is significantly increasing the South Korea rice bran oil market demand. In the cosmetics industry, rice bran oil is leveraged for its skin-enhancing and anti-ageing properties, which are crucial in the formulation of various skincare products. Moreover, due to its high smoke point and mild flavour, rice bran oil is becoming an increasingly popular choice in the culinary world.
Furthermore, the escalating demand for natural and plant-based ingredients in the food and beverage industry has resulted in an increased focus on rice bran oil. The rise of veganism and the growing popularity of plant-based diets have established rice bran oil as a key ingredient in the creation of several food products, thereby bolstering the South Korea rice bran oil market expansion.
South Korea Rice Bran Oil Market Segmentation
The market can be divided based on type, application, and end use.
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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
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