Republic of Korea: Animal Feed Market 2024

Animal Feed Market Size in Republic of Korea

The South Korean animal feed market expanded to $X in 2022, picking up by 2.8% against the previous year. In general, consumption showed slight growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Animal Feed Production in Republic of Korea

In value terms, animal feed production reached $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 60% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Animal Feed Exports

Exports from Republic of Korea

After two years of growth, shipments abroad of animal and pet feed decreased by -33.5% to X tons in 2022. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 58%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, animal feed exports reduced to $X in 2022. Over the period under review, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 21%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons), Thailand (X tons) and Indonesia (X tons) were the main destinations of animal feed exports from South Korea, with a combined 78% share of total exports. China, the Philippines, Malaysia, Japan, Bangladesh and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +42.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Thailand ($X) and Indonesia ($X) constituted the largest markets for animal feed exported from South Korea worldwide, together comprising 59% of total exports. China, Bangladesh, the Philippines, Malaysia, Japan and Taiwan (Chinese) lagged somewhat behind, together comprising a further 28%.

In terms of the main countries of destination, Bangladesh, with a CAGR of +36.7%, 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 animal feed export price stood at $X per ton in 2022, with an increase of 30% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, animal feed export price decreased by -7.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 33% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Vietnam ($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 Japan (+19.1%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Feed Imports

Imports into Republic of Korea

In 2022, after four years of growth, there was decline in purchases abroad of animal and pet feed, when their volume decreased by -4% to X tons. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 41% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then declined modestly in the following year.

In value terms, animal feed imports expanded significantly to $X in 2022. In general, imports, however, posted a buoyant expansion. The growth pace was the most rapid in 2018 when imports increased by 29%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

The United States (X tons), Australia (X tons) and China (X tons) were the main suppliers of animal feed imports to South Korea, with a combined 76% share of total imports. Vietnam, Spain, the Philippines and the Netherlands lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +34.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Australia ($X) and China ($X) appeared to be the largest animal feed suppliers to South Korea, together comprising 65% of total imports.

In terms of the main suppliers, Australia, with a CAGR of +28.4%, 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

In 2022, the average animal feed import price amounted to $X per ton, rising by 12% against the previous year. Over the period under review, the import price, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2017 an increase of 14%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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