USSEC hosted a two-day soybean oil marketing roundtable in Busan, South Korea on April 29 and 30.
The objective of the roundtable was to determine opportunities for and threats to soybean oil and to discuss the U.S. Soy Sustainability Assurance Protocol (SSAP) as a tool to differentiate soybean oil produced from U.S. soybeans.
Participants included eight soybean purchasing, soybean oil production, and marketing staff from two local crushing companies and their association.
USSEC delivered information on the nutritional benefits of soybean oil with a focus on fatty acid profile; the changing dietary habits of Korean public consumers as family size shrinks; and soybean oil promotional activities in other regions of the world. Attendees also heard a presentation about the benefits of the SSAP in its marketing effort for soybean oil. Participants heard key messages including soybean oil’s health benefits, including an ideal ratio of poly- vs. mono- vs. saturated fatty acid (P:M:S) and omega 6 vs. omega 3 fatty acid (ω-6:ω-3). The home meal replacement (HMR) sector is potentially a promising market for soybean oil because of the increase of people who are eating out and ordering take out as family size shrinks.