Republic of Korea: Albumins And Albuminates Market 2024

Albumins And Albuminates Market Size in Republic of Korea

In 2021, the South Korean albumins and albuminates market increased by 44% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption showed a buoyant expansion. Albumins and albuminates consumption peaked in 2021 and is likely to continue growth in the immediate term.

Albumins And Albuminates Exports

Exports from Republic of Korea

In 2021, shipments abroad of albumins, albuminates and other derivatives (excluding egg albumin) decreased by -36.3% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, exports, however, posted modest growth. The most prominent rate of growth was recorded in 2017 with an increase of 301%. The exports peaked at X tons in 2020, and then fell dramatically in the following year.

In value terms, albumins and albuminates exports declined significantly to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 90% against the previous year. The exports peaked at $X in 2020, and then contracted remarkably in the following year.

Exports by Country

Cambodia (X tons) was the main destination for albumins and albuminates exports from South Korea, with a 59% share of total exports. Moreover, albumins and albuminates exports to Cambodia exceeded the volume sent to the second major destination, Italy (X tons), twofold. The third position in this ranking was held by Vietnam (X tons), with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia amounted to +81.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (0.0% per year) and Vietnam (0.0% per year).

In value terms, Cambodia ($X), Italy ($X) and Vietnam ($X) were the largest markets for albumins and albuminates exported from South Korea worldwide, together comprising 83% of total exports.

In terms of the main countries of destination, Cambodia, with a CAGR of +64.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average albumins and albuminates export price stood at $X per ton in 2021, with an increase of 6.1% against the previous year. Overall, the export price, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2015 when the average export price increased by 48%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.1%), while the prices for the other major destinations experienced a decline.

Albumins And Albuminates Imports

Imports into Republic of Korea

In 2021, overseas purchases of albumins, albuminates and other derivatives (excluding egg albumin) increased by 23% to X tons, rising for the fourth consecutive year after two years of decline. Overall, imports showed a prominent expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 75%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, albumins and albuminates imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a resilient expansion. The growth pace was the most rapid in 2015 when imports increased by 57%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of albumins and albuminates to South Korea, with a 72% share of total imports. Moreover, albumins and albuminates imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), sevenfold. Denmark (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+6.2% per year) and Denmark (+0.4% per year).

In value terms, the United States ($X) constituted the largest supplier of albumins, albuminates and other derivatives (excluding egg albumin) to South Korea, comprising 65% of total imports. The second position in the ranking was held by Denmark ($X), with a 12% share of total imports. It was followed by New Zealand, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (-0.5% per year) and New Zealand (+4.5% per year).

Import Prices by Country

The average albumins and albuminates import price stood at $X per ton in 2021, rising by 23% against the previous year. Overall, the import price, however, recorded a noticeable decrease. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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