Republic of Korea: Market for Animal Or Vegetable Fertilisers 2024

Market Size for Animal Or Vegetable Fertilisers in Republic of Korea

The South Korean animal or vegetable fertilisers market totaled $X in 2022, standing approx. at the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2022: its value 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, consumption decreased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Animal Or Vegetable Fertilisers in Republic of Korea

In value terms, animal or vegetable fertilisers production totaled $X in 2022 estimated in export price. Overall, the total production indicated a temperate increase from 2012 to 2022: its value 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, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2013 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Animal Or Vegetable Fertilisers

Exports from Republic of Korea

After three years of growth, shipments abroad of animal or vegetable fertilisers decreased by X% to X tons in 2022. Overall, exports, however, showed prominent growth. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then fell modestly in the following year.

In value terms, animal or vegetable fertilisers exports contracted to $X in 2022. Over the period under review, exports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for animal or vegetable fertilisers exports from South Korea, with a X% share of total exports. Moreover, animal or vegetable fertilisers exports to Vietnam exceeded the volume sent to the second major destination, Japan (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at X%.

In value terms, Vietnam ($X) and Japan ($X) appeared to be the largest markets for animal or vegetable fertilisers exported from South Korea worldwide.

Among the main countries of destination, Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average animal or vegetable fertilisers export price amounted to $X per ton, falling by X% against the previous year. Overall, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Animal Or Vegetable Fertilisers

Imports into Republic of Korea

In 2022, supplies from abroad of animal or vegetable fertilisers decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, animal or vegetable fertilisers imports shrank to $X in 2022. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of animal or vegetable fertilisers to South Korea, accounting for a X% share of total imports. Moreover, animal or vegetable fertilisers imports from Japan exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was held by China (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and China (X% per year).

In value terms, Japan ($X), China ($X) and the Netherlands ($X) appeared to be the largest animal or vegetable fertilisers suppliers to South Korea, with a combined X% share of total imports. Italy, Vietnam and Indonesia lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Italy, with a CAGR of X%, 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 or vegetable fertilisers import price amounted to $X per ton, picking up by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

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

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :