A Study of Canola Oil Market Opportunities in South Korea Executive Summary Korea is a huge edible oil market with growth opportunities for Canadian canola oil producers and exporters. Canola oil was introduced to the Korean market in 1991. Since then, Korea imported 8,500 to 12,000 tons of canola oil each year until 1997 and around 5,400 tons in 1998. Canola oil imports represent 1.5 to 2.5 percent of Korea's domestic consumption of edible oils and fats each year. Canada dominated Korea's import market for canola oil up until 1997, but Australian imports slightly surpassed Canada's in 1998.
Consumers largely use soya oil and, to a lesser extent, corn oil.
Most consumers are unfamiliar with canola oil, although two major edible oil processors offer rape seed oil products for retail sale. In most cases, consumers choose soya oil or corn oil from habit. Nutritional attributes or health benefits appear to be less important than price or taste in their purchase decisions for edible oil. The consumer market does not appear to be ripe for any significant expansion in canola oil use, at least in the near future. Soya oil is widely used by food service businesses for frying and cooking purposes.