The sales of avocado oil in Korea are likely to exhibit a CAGR of 5.1% through 2033. Avocado oil in Korea is poised to witness significant opportunities with a valuation of USD 2.2 million in 2023. Cosmetics manufacturers across the country are increasingly seeking natural ingredients for their products.
Health-conscious consumers and a trend toward a healthy lifestyle are influencing the demand for avocado oil in Korea. With avocados becoming more affordable and health concerns associated with other cooking oils, avocado consumption is expected to rise. By 2033, adoption of avocado oil in Korean countries is likely to secure USD 3.6 million.
Key Highlights to Understand Emerging and Fast-growing Opportunities
| Attributes | Details |
|---|---|
| Industry size of Korea in 2023 | USD 2.2 million |
| Expected Industry Size of Korea by 2033 | USD 3.6 million |
| Forecasted CAGR between 2023 to 2033 | 5.1% |
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Changing dietary trends are likely to influence South Gyeongsang residents' eating habits and their quest for alternative cooking oils, including avocado oil. In an era where health-conscious individuals are increasingly focused on monounsaturated fats in their diet, avocado oil emerges as an appealing choice.
As a superfood, avocado, which yields avocado oil, is commonly used in salads, sandwiches, and various other dishes. With consumers seeking natural and healthier alternatives, the popularity of avocado oil may increase. Various diet trends, such as paleo, low-carb, and keto, contribute to avocado oil's popularity among individuals adhering to these diets.
Avocado oil is often promoted as a health-promoting ingredient, particularly for its ability to support heart health, which can pique consumer interest. As consumers grow more environmentally aware and health-conscious, natural, plant-based products are gaining increasing popularity. Hence, the increasing consumer awareness is driving the demand for innovative avocado oil in this area.
Avocado oil demand has experienced significant growth in South Jeolla. Mayonnaise and sauces, which are high in calories, are increasingly being flavored with avocado oil, leading to a rise in demand. The demand for avocado oil is anticipated to continue to grow considerably in during the forecast period, attributed to its content of fiber and beneficial vitamins for humans.
The popularity of avocado-based dishes and products likely contributed to the use of avocado oil in South Jeolla. Avocado is becoming an increasingly popular and versatile ingredient in various cuisines. With an increase in safety regulations in the country, there is a rising demand for higher-quality avocado oil products.
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Extra virgin oil holds a larger industry share in the Korean avocado oil industry. Increased consumption of personal care and purchasing power has likely increased demand for extra virgin oil in the future years.
| Korea Avocado Oil Industry Based on Product Type | Extra Virgin |
|---|---|
| Industry Share in 2023 | 47.6% |
Korea’s avocado oil industry is projected to be dominated by extra virgin oil until 2033 with an industry share of 47.6%. Various food industries are becoming increasingly concerned about the safety and health of the food they serve. Various studies about how these oils can benefit skin are driving the business. The emergence and increasing popularity of Korean skincare is likely to be influenced by social trends.
The Hass segment is likely to be dominant in 2023 holding 81.5% industry share. Hass-based avocado oil enjoys immense popularity in Korea due to its exceptional nutritional profile, particularly prized for enriching salads and sandwiches. This variant of avocado is widely accessible in both fresh and frozen forms through prominent retail outlets and online marketplaces.
| Korea Avocado Oil Industry Based on Variety | Hass |
|---|---|
| Industry Share in 2023 | 81.5% |
In Korea, the production of premium extra virgin avocado oil primarily relies on the robustly aromatic Hass and Fuerte varieties, known for their superior quality. This highly sought-after oil finds extensive applications in both the cosmetics and food and beverage industries, cementing its status as the preferred choice for health-conscious consumers and discerning culinary enthusiasts.
Companies producing avocado oil actively contribute to expansion through their expertise, resources, and commitment to sustainability. Avocado oil manufacturers also engage in strategic collaborations with influential social media users, cultivating long-term relationships for future business opportunities. Mergers and acquisitions serve as a strategy employed by many large companies to extend their geographic reach and bolster revenue.
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| Attributes | Details |
|---|---|
| Estimated Industry Size in 2023 | USD 2.2 million |
| Projected Industry Valuation by 2033 | USD 3.6 million |
| Value-based CAGR 2023 to 2033 | 5.1% |
| Historical Analysis of the Avocado Oil in Korea | 2018 to 2022 |
| Demand Forecast for Avocado Oil in Korea | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing Avocado Oil in Korea Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers |
| Key Cities Analyzed While Studying Opportunities in Avocado Oil in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled | Sabrina Cho; Vaga Trading & Services Corp.; Mayak Inc; SOLMOI FG CO LTD; KWANGCHEONKIM CO LTD; KMARTGROUP CO LTD |
The avocado oil industry in Korea is currently valued at USD 2.2 million by 2023.
By 2033, avocado oil sales in Korea is estimated to reach a value of USD 3.6 million.
Between 2023 and 2033, avocado oil industry is expected to increase by 5.1% in Korea.
Based on product type, the demand for extra virgin oil is likely to increase in the coming years.
1. Executive Summary 2. Market Overview 3. Market Background 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Extra Virgin Oil 5.2. Virgin Oil 5.3. Refined 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Variety 6.1. Hass 6.2. Fuerte 6.3. Zutano 6.4. Bacon 6.5. Lamb Hass 6.6. Gwen 6.7. Others 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Nature 7.1. Organic 7.2. Conventional 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Personal Care and Cosmetics 8.1.1. Skin Care 8.1.2. Hair Care 8.1.3. Bath Care 8.2. Food and Beverage Processing 8.3. Functional Food and Dietary Supplements 8.4. Foodservice 8.5. Retail 9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 9.1. Direct Sales 9.2. Indirect Sales 9.2.1. Hypermarket/Supermarket 9.2.2. Convenience Stores 9.2.3. Independent Small Stores 9.2.4. Online Retailing 9.2.5. Others 10. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. South Gyeongsang 10.2. North Jeolla 10.3. South Jeolla 10.4. Jeju 10.5. Rest of Korea 11. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 15. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 16. Market Structure Analysis 17. Competition Analysis 17.1. AVO F&C 17.2. Crofts Ltd. 17.3. H&K Co., Ltd. 17.4. Nobel Foods 17.5. Spectrum Organics Products, LLC 17.6. Bella Vado Inc. 17.7. The Village Press 17.8. La Tourangelle, Inc. 17.9. Proteco Gold Pty Ltd. 17.10. Sesajal S.A de C.V. 17.11. Grupo Industrial Batellero 17.12. Grove Avocado Oil 17.13. Cibaria International 17.14. Olivado USA 18. Assumptions & Acronyms Used 19. Research Methodology
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Demand and Trend Analysis of Avocado Oil in Korea
