Republic of Korea: Market for Bone Glues and Gelatin 2024

Market Size for Bone Glues and Gelatin in Republic of Korea

The South Korean bone glue and gelatin market dropped modestly to $X in 2022, shrinking by -4.9% against the previous year. Over the period under review, the total consumption indicated a noticeable increase from 2012 to 2022: its value 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, consumption increased by +3.7% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Bone Glues and Gelatin in Republic of Korea

In value terms, bone glue and gelatin production declined to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a slight expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 48%. Bone glue and gelatin production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Bone Glues and Gelatin

Exports from Republic of Korea

In 2022, the amount of bone glues and gelatin exported from South Korea dropped to X tons, waning by -6.5% against 2021 figures. Over the period under review, total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -25.9% against 2018 indices. The pace of growth was the most pronounced in 2015 when exports increased by 63%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, bone glue and gelatin exports rose rapidly to $X in 2022. The total export value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 when exports increased by 58%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for bone glue and gelatin exports from South Korea, with a 33% share of total exports. Moreover, bone glue and gelatin exports to the United States exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. The third position in this ranking was taken by New Zealand (X tons), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+6.6% per year) and New Zealand (-1.5% per year).

In value terms, the United States ($X) remains the key foreign market for bone glues and gelatin exports from South Korea, comprising 33% of total exports. The second position in the ranking was held by New Zealand ($X), with a 16% share of total exports. It was followed by Vietnam, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (-0.9% per year) and Vietnam (+7.9% per year).

Export Prices by Country

In 2022, the average bone glue and gelatin export price amounted to $X per ton, surging by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 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 Taiwan (Chinese) ($X per ton), while the average price for exports to China ($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 Russia (+21.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bone Glues and Gelatin

Imports into Republic of Korea

In 2022, purchases abroad of bone glues and gelatin decreased by -2.5% to X tons, falling for the second consecutive year after five years of growth. In general, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2019 when imports increased by 58%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, bone glue and gelatin imports stood at $X in 2022. Overall, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2019 with an increase of 62% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest bone glue and gelatin supplier to South Korea, with a 48% share of total imports. Moreover, bone glue and gelatin imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Vietnam (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.3% per year) and Vietnam (+374.0% per year).

In value terms, China ($X) constituted the largest supplier of bone glues and gelatin to South Korea, comprising 50% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 14% share of total imports. It was followed by France, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +24.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+382.8% per year) and France (+1.9% per year).

Import Prices by Country

In 2022, the average bone glue and gelatin import price amounted to $X per ton, growing by 6.5% against the previous year. Over the last decade, it increased at an average annual rate of +3.7%. The growth pace was the most rapid in 2013 an increase of 16%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Australia ($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 (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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