Republic of Korea: Feedstuff Preparing Machinery Market 2024

Feedstuff Preparing Machinery Market Size in Republic of Korea

The South Korean feedstuff preparing machinery market totaled $X in 2023, therefore, remained relatively stable against the previous year. In general, consumption continues to indicate a noticeable setback. The growth pace was the most rapid in 2016 with an increase of X%. Feedstuff preparing machinery consumption peaked at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Feedstuff Preparing Machinery Production in Republic of Korea

In value terms, feedstuff preparing machinery production rose to $X in 2023 estimated in export price. Overall, production continues to indicate a noticeable downturn. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Feedstuff Preparing Machinery Exports

Exports from Republic of Korea

Feedstuff preparing machinery exports from South Korea dropped to X units in 2023, waning by X% on the previous year. Overall, exports recorded a abrupt decrease. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked at X units in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, feedstuff preparing machinery exports shrank to $X in 2023. Over the period under review, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

China (X units) was the main destination for feedstuff preparing machinery exports from South Korea, accounting for a X% share of total exports. Moreover, feedstuff preparing machinery exports to China exceeded the volume sent to the second major destination, Germany (X units), threefold. Myanmar (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Myanmar (X% per year).

In value terms, China ($X) emerged as the key foreign market for machinery for preparing animal feedstuffs exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with a X% share of total exports. It was followed by Myanmar, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Myanmar (X% per year).

Export Prices by Country

In 2023, the average feedstuff preparing machinery export price amounted to $X per unit, rising by X% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2021 an increase of X%. The export price peaked at $X per unit in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Japan ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (X.9%), while the prices for the other major destinations experienced more modest paces of growth.

Feedstuff Preparing Machinery Imports

Imports into Republic of Korea

Feedstuff preparing machinery imports into South Korea shrank to X units in 2023, waning by X% against the previous year's figure. Overall, imports showed a mild contraction. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2023, the growth of imports remained at a lower figure.

In value terms, feedstuff preparing machinery imports declined to $X in 2023. Over the period under review, imports, however, posted slight growth. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X units) constituted the largest feedstuff preparing machinery supplier to South Korea, with a X% share of total imports. Moreover, feedstuff preparing machinery imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), twofold. France (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and France (X% per year).

In value terms, China ($X), the Netherlands ($X) and the United States ($X) were the largest feedstuff preparing machinery suppliers to South Korea, with a combined X% share of total imports. Singapore, Germany, France, Italy, Israel and Canada lagged somewhat behind, together accounting for a further X%.

France, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average feedstuff preparing machinery import price amounted to $X per unit, increasing by X% against the previous year. Overall, the import price, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2017 when the average import price increased by X%. The import price peaked at $X per unit in 2019; however, from 2020 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Italy (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform