Republic of Korea - Refined Soybean Oil and Its Fractions - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Refined Soybean Oil Market 2024
Refined Soybean Oil Market Size in Republic of Korea
The South Korean refined soybean oil market declined to $X in 2022, which is down by X% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.
Refined Soybean Oil Production in Republic of Korea
In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable decrease. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.
Refined Soybean Oil Exports
Exports from Republic of Korea
In 2022, shipments abroad of refined soybean oil and its fractions increased by X% to X tons, rising for the fourth consecutive year after six years of decline. Over the period under review, exports, however, showed a abrupt decrease. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.
In value terms, refined soybean oil exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a deep slump. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.
Exports by Country
Japan (X tons), Australia (X tons) and Russia (X tons) were the main destinations of refined soybean oil exports from South Korea, together accounting for X% of total exports. China, Indonesia, the Philippines and Mongolia lagged somewhat behind, together accounting for a further X%.
From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced a decline.
In value terms, the largest markets for refined soybean oil exported from South Korea were Japan ($X), China ($X) and Australia ($X), together comprising X% of total exports. Russia, Indonesia, the Philippines and Mongolia lagged somewhat behind, together comprising a further X%.
Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.
Export Prices by Country
In 2022, the average refined soybean oil export price amounted to $X per ton, surging by X% against the previous year. In general, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by X% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.
Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($X per ton) and Mongolia ($X per ton), while the average price for exports to Indonesia ($X per ton) and Russia ($X per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.
Refined Soybean Oil Imports
Imports into Republic of Korea
In 2022, imports of refined soybean oil and its fractions into South Korea stood at X tons, picking up by X% compared with 2021 figures. Overall, imports recorded a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.
In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports showed significant growth. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.
Imports by Country
Germany (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of refined soybean oil imports to South Korea, with a combined X% share of total imports. Vietnam, China, Taiwan (Chinese), Thailand and Malaysia lagged somewhat behind, together comprising a further X%.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Germany ($X), the United States ($X) and the Netherlands ($X) constituted the largest refined soybean oil suppliers to South Korea, together comprising X% of total imports. Vietnam, Taiwan (Chinese), China, Thailand and Malaysia lagged somewhat behind, together comprising a further X%.
Vietnam, 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
The average refined soybean oil import price stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price, however, saw a mild reduction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the refined soybean oil 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:
- Prodcom 10415100 - Refined soya-bean oil and its fractions (excluding chemically modified)
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
- 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 VOLUME AND VALUE
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
- 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
- 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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