Republic of Korea: Biological Product Market 2024

Biological Product Market Size in Republic of Korea

The South Korean biological product market expanded notably to $X in 2022, picking up by X% against the previous year. In general, consumption, however, saw a strong expansion. Biological product consumption peaked in 2022 and is likely to see gradual growth in the near future.

Biological Product Production in Republic of Korea

In value terms, biological product production totaled $X in 2022 estimated in export price. Over the period under review, production, however, saw a strong expansion. The growth pace was the most rapid in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Biological Product Exports

Exports from Republic of Korea

In 2022, overseas shipments of biological products decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The exports peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, biological product exports declined rapidly to $X in 2022. In general, exports, however, posted a significant increase. The growth pace was the most rapid in 2020 when exports increased by X%. The exports peaked at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Germany (X tons) was the main destination for biological product exports from South Korea, accounting for a X% share of total exports. Moreover, biological product exports to Germany exceeded the volume sent to the second major destination, the United States (X tons), twofold. Italy (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Germany totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Italy (X% per year).

In value terms, the largest markets for biological product exported from South Korea were the United States ($X), Germany ($X) and Turkey ($X), together comprising X% of total exports. Italy, Japan, Brazil, Singapore, Vietnam, Taiwan (Chinese), China, Malaysia, Canada and Mexico lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Italy, with a CAGR of X%, recorded 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

In 2022, the average biological product export price amounted to $X per ton, surging by X% against the previous year. In general, the export price showed a strong increase. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X,473 per ton), while the average price for exports to Mexico ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Republic of Korea

After six years of growth, overseas purchases of biological products decreased by X% to X tons in 2022. Over the period under review, imports, however, showed perceptible growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then contracted dramatically in the following year.

In value terms, biological product imports contracted remarkably to $X in 2022. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of $X, and then contracted significantly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest biological product supplier to South Korea, with a X% share of total imports. Moreover, biological product imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

In value terms, the largest biological product suppliers to South Korea were the United States ($X), Turkey ($X) and Germany ($X), together accounting for X% of total imports.

In terms of the main suppliers, Turkey, with a CAGR of X%, saw 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 biological product import price amounted to $X,866 per ton, increasing by X% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2022: its price 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, biological product import price increased by X% against 2015 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X,743 per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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