Republic of Korea - Oil Crops - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Oil Crops Market 2024
Oil Crops Market Size in Republic of Korea
The South Korean oil crops market expanded significantly to $X in 2022, growing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Oil crops consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.
Oil Crops Production in Republic of Korea
In value terms, oil crops production skyrocketed to $X in 2022 estimated in export price. In general, production, however, recorded a modest expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. Oil crops production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.
In 2022, the average oil crops yield in South Korea fell to X tons per ha, waning by X% compared with the previous year. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the yield increased by X%. Over the period under review, the average oil crops yield attained the maximum level at X tons per ha in 2013; however, from 2014 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
The oil crops harvested area in South Korea expanded to X ha in 2022, surging by X% against 2021 figures. In general, the harvested area, however, showed a slight curtailment. The pace of growth appeared the most rapid in 2019 with an increase of X%. The oil crops harvested area peaked at X ha in 2014; however, from 2015 to 2022, the harvested area stood at a somewhat lower figure.
Oil Crops Exports
Exports from Republic of Korea
In 2022, overseas shipments of oil crops (primary) decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2018 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted rapidly in the following year.
In value terms, oil crops exports reduced to $X in 2022. Overall, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.
Exports by Country
Japan (X tons) was the main destination for oil crops exports from South Korea, with a X% share of total exports. Moreover, oil crops exports to Japan exceeded the volume sent to the second major destination, China (X tons), more than tenfold.
From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Vietnam (X% per year).
In value terms, Japan ($X) remains the key foreign market for oil crops (primary) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by China ($X), with an X% share of total exports.
From 2012 to 2022, the average annual growth rate of value to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Vietnam (X% per year).
Export Prices by Country
In 2022, the average oil crops export price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced mixed trend patterns.
Oil Crops Imports
Imports into Republic of Korea
In 2022, the amount of oil crops (primary) imported into South Korea expanded to X tons, growing by X% against the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2016; afterwards, it flattened through to 2022.
In value terms, oil crops imports skyrocketed to $X in 2022. Overall, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
Imports by Country
The United States (X tons), Brazil (X tons) and China (X tons) were the main suppliers of oil crops imports to South Korea, with a combined X% share of total imports. Australia, India, Canada and Paraguay lagged somewhat behind, together accounting for a further X%.
From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, the largest oil crops suppliers to South Korea were the United States ($X), Brazil ($X) and China ($X), together comprising X% of total imports. India, Canada, Australia and Paraguay lagged somewhat behind, together comprising a further X%.
In terms of the main suppliers, Canada, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
The average oil crops import price stood at $X per ton in 2022, surging by X% against the previous year. In general, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in years to come.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Paraguay ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (X%), while the prices for the other major suppliers experienced more modest paces of growth.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the oil crops market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 249 - Coconuts
- FCL 236 - Soybeans
- FCL 242 - Groundnuts, in shell
- FCL 333 - Linseed
- FCL 270 - Rapeseed or colza seed
- FCL 267 - Sunflower seed
- FCL 289 - Sesame seed
- FCL 292 - Mustard seed
- FCL 296 - Poppy seed
- FCL 265 - Castor Beans
- FCL 336 - Hempseed
- FCL 277 - Jojoba Seeds
- FCL 310 - Kapok fruit
- FCL 263 - Karite Nuts (Sheanuts)
- FCL 299 - Melonseed
- FCL 254 - [Oil palm fruit]
- FCL 339 - Oilseeds nes
- FCL 280 - Safflower seed
- FCL 305 - Tallowtree Seeds
- FCL 275 - Tung Nuts
- FCL 311 - Kapokseed in shell
- FCL 312 - Kapokseed, shelled
- FCL 329 - Cottonseed
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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