Sesame oil and fractions market in South Korea

Earlier Report Observations

From 2018 to 2021, the sesame oil market in South Korea experienced steady, albeit slow, growth, with consumption volume rising from 18,914 tons to 19,208 tons. This expansion was primarily fueled by the COVID-19 pandemic, which led to a prolonged eat-at-home trend, boosting demand for cooking oils like sesame oil. Online sales channels saw significant growth, with revenue increasing by approximately 50% in 2021 compared to the previous year. Major manufacturers, such as CJ CheilJedang, responded to this demand by renewing their products to enhance quality and taste. Concurrently, the market faced challenges from a declining domestic sesame seed self-sufficiency rate and ongoing issues with counterfeit oil, though these did not prevent the overall increase in consumption.

After peaking in 2021, the market contracted to 18,011 tons in 2022 and further to 15,194 tons in 2023. During this period, consumer preferences continued shifting toward organic and premium products, while the government's tariff-rate quota (TRQ) policy for sesame imports had a minimal effect on price stabilization. The market remained dominated by large companies like Ottogi, which has maintained the top market share for decades. Reports indicated rising sesame oil exports contributing to price increases, although export volumes actually declined in 2023.

Production sesame oil and fractions in South Korea

In kind, 2017-2020, t

From 2017 to 2020, South Korea ranked 14th globally in the production of sesame oil and fractions.

Top producers of sesame oil and fractions, 2017-2020

World map of production of sesame oil and fractions, 2017-2020

South Korea's production of sesame oil and fractions grew for the second year in a row. In 2020, the country produced 19 400 tonnes, marking a slight increase of 1.6% from 2019. Over the 2017-2020 period, production fell by 11%, with an average annual decline of 3.8%. The lowest output was in 2018 at 19 000 tonnes, which also saw the sharpest drop of 12.9%.

Annual dynamics of production in South Korea in kind, 2017-2020, t

In value, 2017-2020, M $ US

In 2020, the value of sesame oil and fractions produced in South Korea was 165.3 million US dollars, showing little change from the previous year. From 2017 to 2020, production value decreased by 11%, averaging a 3.8% annual decline. The lowest value was recorded in 2018 at 150.7 million US dollars, which experienced the largest drop of 18.9%. In contrast, 2019 saw the biggest increase of 9.9%.

Annual dynamics of production in South Korea in value, 2017-2020, M $ US

Exports sesame oil and fractions from South Korea

Exports in kind, t

South Korea's exports of sesame oil and fractions rose for the third consecutive year. In 2020, exports reached 966.2 tonnes, surging by 57.4% compared to 2019. Between 2017 and 2020, exports more than doubled, increasing by 100.7%, which translates to an average annual growth rate of 26.1%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, t

From 2017 to 2020, the United States, Australia, and Canada were the key export partners for sesame oil and fractions in volume terms. The United States accounted for 36.5% of exports, Australia for 9.0%, and Canada for 7.9%, together making up 53.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, K $ US

South Korea's exports of sesame oil and fractions in value terms grew for the third year in a row. In 2020, exports were valued at 8 233 thousand US dollars, up by 54.7% from 2019. Over the 2017-2020 period, export value more than doubled, increasing by 100.8%, with an average annual rise of 26.2%.

Annual dynamics of product's exports from South Korea in value, 2017-2020, K $ US

Between 2017 and 2020, South Korea's exports of sesame oil and fractions in value terms were distributed across numerous countries. The United States, Australia, and Canada were the top partners, with shares of 33.5%, 9.6%, and 6.2%, respectively, collectively accounting for 49.3% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports sesame oil and fractions to South Korea

Imports in kind, t

South Korea's imports of sesame oil and fractions increased for the second consecutive year. In 2020, imports totaled 707.6 tonnes, rising by 38.8% compared to 2019. Over the 2017-2020 period, imports grew by 3%, with an average annual increase of 1.0%. The lowest volume was in 2018 at 497.1 tonnes, which also saw the largest decline of 27.6%.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, t

From 2017 to 2020, China and Vietnam dominated South Korea's imports of sesame oil and fractions in volume terms, together accounting for 87.8% of total import flows, while other markets made up the remainder.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, K $ US

South Korea's imports of sesame oil and fractions in value terms rose for the second year in a row. In 2020, imports were valued at approximately 2 441 thousand US dollars, reflecting a 17.2% increase from the previous year. The lowest value was recorded in 2018 at 2 001 thousand US dollars, which experienced the sharpest drop of 16.9%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, K $ US

Between 2017 and 2020, China, Vietnam, and Singapore were the main sources for South Korea's imports of sesame oil and fractions in value terms. China accounted for 48.2% of imports, Vietnam for 26.6%, and Singapore for 12.8%, together comprising 87.6% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020