The quality-price ratio of Spanish EVOO is beginning to attract the South Korean consumer

The South Korean olive oil market is of great interest to Spanish exporting companies given the specific weight that the Spanish product has, in terms of quantity and value, in Korean olive oil imports. In fact, Spain's market share was 71.4% in 2022. Given the lack of local olive oil production in Korea, Spain's dominant role as the main supplier country in this market is clear, as noted. in the report prepared by the Economic and Commercial Office of the Spanish Embassy in Seoul, on the olive oil market in this Asian country. Growing market According to Spanish statistical data, olive oil exports to South Korea represented revenues worth more than 85.7 million euros in 2022, which represented 2.1% of total Spanish exports of this product ( Estacom). According to this latest data, Spain's oil imports have experienced a cumulative growth rate (CAGR) of 15.9% since 2017, compared to a 14.8% increase in total Korean imports. On the other hand, we are faced with a market that has ...