Republic of Korea: Chemically Modified Oils Market 2025

Chemically Modified Oils Market Size in Republic of Korea

The South Korean chemically modified oils market shrank to $X in 2022, which is down by -12.5% against the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Chemically modified oils consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chemically Modified Oils Production in Republic of Korea

In value terms, chemically modified oils production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, posted a temperate increase. The pace of growth was the most pronounced in 2016 with an increase of 42%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Chemically Modified Oils Exports

Exports from Republic of Korea

In 2022, approx. X tons of animal or vegetable fats and oils chemically modified were exported from South Korea; picking up by 8.6% against 2021. Overall, exports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 418%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, chemically modified oils exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed strong growth. The pace of growth was the most pronounced in 2020 when exports increased by 285%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Singapore (X tons), Malaysia (X tons) and the Netherlands (X tons) were the main destinations of chemically modified oils exports from South Korea, with a combined 95% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +195.4%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from South Korea, comprising 59% of total exports. The second position in the ranking was held by Malaysia ($X), with a 29% share of total exports. It was followed by the Netherlands, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value to Singapore amounted to +46.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+45.7% per year) and the Netherlands (+254.3% per year).

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, surging by 21% against the previous year. Overall, the export price, however, recorded a perceptible setback. The pace of growth appeared the most rapid in 2021 an increase of 54% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Netherlands ($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 Italy (+55.8%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Republic of Korea

After three years of growth, overseas purchases of animal or vegetable fats and oils chemically modified decreased by -23% to X tons in 2022. Overall, total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 43%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank significantly in the following year.

In value terms, chemically modified oils imports stood at $X in 2022. Over the period under review, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 59% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of chemically modified oils imports to South Korea, with a combined 79% share of total imports. Indonesia, Vietnam, the Philippines, Russia, Thailand, Australia and Canada lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +29.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the largest chemically modified oils suppliers to South Korea, with a combined 79% share of total imports. Indonesia, Vietnam, Russia, the Philippines, Thailand, Canada and Australia lagged somewhat behind, together accounting for a further 17%.

In terms of the main suppliers, Russia, with a CAGR of +48.1%, saw 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 chemically modified oils import price stood at $X per ton in 2022, with an increase of 38% against the previous year. In general, the import price showed noticeable growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Canada ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+29.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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