Korean Food Processor Launches High Oleic Soybean Oil
Lotte Food, a leading Korean food processor announced on November 11 that it has launched a high oleic soybean oil line. The company partnered with Bunge USA to import oil from the United States. Lotte Food points out that high oleic soybean oil has many benefits over conventional products, including 1.5 times more antioxidants. While the company’s initial launch is limited to foodservice packages (18 liter cans), it plans to launch consumer packages soon.
“Korea is one of USSEC’s target markets for high oleic soybean oil exports,” says USSEC Director of Oil and Human Protein Will McNair, “so it’s exciting to see high oleic taking root here.”
The check off program had an instrumental role in helping to make this a reality. Top leadership from Lotte participated in the Korean Oil CEO program where they met with U.S. exporter, also hosting USSEC staff; Indiana Soybean Alliance (ISA) farmers and staff, including David Howell, a farmer from Middletown, Indiana and Ed Ebert, ISA Senior Director of Grain Production and Utilization; representatives from Purdue University, including Executive Chef Bruce Haumesser; and Corteva leadership, namely, Senior Vice President, Enterprise Operations for Corteva Agriscience Susan Knowlton at their office for private meetings to discuss the high oleic market. Lotte staff also participated in the Korean Soybean Oil masters program that traveled to the U.S. to meet with stakeholders and exporters. Program support came from the United Soybean Board as well as the Indiana Soybean Alliance.
“I have to admit that I continued to be surprised by this market’s insistence on sustainability and conservation – this is deeply important to them,” says Mr. Howell, who hosted the 2018 Korea Soybean Oil Masters team at his farm this past June. “If they’re doing business with you, they very much assume that sustainability is a given. It’s good to know that the sustainability of U.S. products and the work that we growers put into conservation practices are so appreciated in Korea,”
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