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Commodity Innovation Series - Snapshot of Opportunities in South Korea's Oilseed Sector

February 2017

Commodity Innovation Series - Snapshot of Opportunities in South Korea's Oilseed Sector (PDF Version, 625KB) | Help with downloadable formats

Market trends

Highly dependent on agri-food imports

Oilseed trade

90% of Canada's exports are duty free

Historic and forecast retail sales

Historic and forecast retail sales (US$ millions)
Category 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Edible oils 380.90 396.40 406.40 388.10 392.20 407.10 418.20 434.20 450.40 466.60 482.20
Source: Euromonitor

From 2011 to 2015, oilseed product sales grew at a rate of 1%.

Oilseed products sales are expected to increase to US$482.2 million by 2020 with a growth rate of 4%.

Oilseeds as ingredients

New products using oilseeds as ingredients are on a rise

South Korea's top companies to launch oilseed products with their leading brands from 2010 to 2015
Company (Brand) Number of products launched
Lotte Confectionery (Lotto) 255
Emart (Peacock Food Collection) 223
Samlip Food (Samlip) 221
Home Plus (Home Plus) 128
Haitai Confectionery & Foods (Haitai) 106
Source: Mintel

Greater price sensitivity due to the economic slowdown and high household debt

Top 5 growing claims:

  1. Economical
  2. Babies & toddlers (0-4 years old) oriented
  3. Seasonal
  4. Low/no/reduced fat
  5. No animal ingredients

Top 5 declining claims;

  1. Male oriented
  2. Portionability
  3. Low/no/reduced cholesterol
  4. Female oriented
  5. Halal

Growing demand for products in smaller and more convenient packaging

Top package type:

  1. Flexible
  2. Flexible sachet
  3. Tub
  4. Flexible stand-up pouch
  5. Tray

Top packaged materials:

  1. Plastic other (BPA, polycarbonate and lexan)
  2. Polypropylene plastic
  3. Metallised film
  4. Plastic unspecified
  5. Board plastic lined

Top innovative markets for oilseeds in Asia Pacific

Innovation markets: Description of this image follows.
Description
Product innovation rating scale
Innovation Criteria South Korea Thailand China Australia Vietnam India Malaysia Singapore Japan Taiwan
Relaunch 3 8 5 5 9 7 8 6 8 4
New product 18 14 16 16 12 14 13 16 13 17
Product line diversity 17 16 16 16 14 15 14 15 16 15
Health and wellness claims 19 19 19 19 20 19 20 18 17 18
Rating scale: Excellent (20-17), Very good (16-13), Good (12-9), Fair (8-5), Low (4-0)

South Korea is the most innovative market in Asia Pacific to launch products containing oilseeds.

Factors of consideration

Recommendations for entry

How can we help

We offer multiple programs and services to help you achieve your international business goals, such as the Agri-Food Trade Service, AgriMarketing Program, and Canada Brand.

International Trade Commissioners are also an excellent point of contact for export advice and can provide Canadian industry with on-the-ground expertise regarding market potential, current conditions, and local business contacts.

Have we piqued your interest?

For more information on opportunities in India or to join our distribution list, make suggestions, or request a report, contact the single window at aafc.mas-sam.aac@canada.ca.

Find out about our programs, services and tools to support your exporting efforts. Exporting from Canada

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