Republic of Korea: Animal Fats Market 2024

Animal Fats Market Size in Republic of Korea

The South Korean animal fats market fell markedly to $X in 2021, which is down by -21.1% against the previous year. Overall, the total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +39.0% against 2019 indices. As a result, consumption reached the peak level of $X, and then shrank significantly in the following year.

Animal Fats Production in Republic of Korea

In value terms, animal fats production reduced remarkably to $X in 2021 estimated in export price. Over the period under review, the total production indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +34.3% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 69%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Animal Fats Exports

Exports from Republic of Korea

Animal fats exports from South Korea surged to X tons in 2021, jumping by 16% against 2020 figures. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 9,217%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, animal fats exports skyrocketed to $X in 2021. In general, exports, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 244% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons) was the main destination for animal fats exports from South Korea, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Philippines stood at +27.6%.

In value terms, the Philippines ($X) also remains the key foreign market for animal fats and oils exports from South Korea.

From 2012 to 2021, the average annual growth rate of value to the Philippines amounted to +18.1%.

Export Prices by Country

The average animal fats export price stood at $X per ton in 2021, surging by 19% against the previous year. In general, the export price, however, continues to indicate a sharp slump. The most prominent rate of growth was recorded in 2016 an increase of 1,478% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the Philippines.

From 2012 to 2021, the rate of growth in terms of prices for the Philippines amounted to -7.4% per year.

Animal Fats Imports

Imports into Republic of Korea

In 2021, purchases abroad of animal fats and oils increased by 105% to X tons, rising for the second consecutive year after two years of decline. In general, imports posted a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 185%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, animal fats imports surged to $X in 2021. Over the period under review, imports saw a significant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 189%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The United States (X tons), Chile (X tons) and the Netherlands (X tons) were the main suppliers of animal fats imports to South Korea, together comprising 86% of total imports. Germany, Spain, Colombia, Norway and Japan lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +494.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest animal fats suppliers to South Korea were the United States ($X), Chile ($X) and Spain ($X), with a combined 86% share of total imports. These countries were followed by the Netherlands, Norway, Colombia, Japan and Germany, which together accounted for a further 7.8%.

Among the main suppliers, Norway, with a CAGR of +530.8%, recorded the highest rates of growth with regard to 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 animal fats import price stood at $X per ton in 2021, reducing by -29.3% against the previous year. Overall, the import price, however, posted a strong expansion. The pace of growth was the most pronounced in 2019 an increase of 128% against the previous year. The import price peaked at $X per ton in 2020, and then reduced sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+44.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :