Republic of Korea: Buckwheat Market 2025

Buckwheat Market Size in Republic of Korea

The South Korean buckwheat market surged to $X in 2022, rising by 34% against the previous year. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +84.9% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Buckwheat Production in Republic of Korea

In value terms, buckwheat production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a mild downturn. The pace of growth was the most pronounced in 2018 with an increase of 76% against the previous year. Buckwheat production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

In 2022, the average yield of buckwheat in South Korea expanded slightly to X kg per ha, increasing by 2% on the year before. In general, the yield indicated mild growth from 2012 to 2022: its figure increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buckwheat yield decreased by -18.4% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the yield increased by 34%. Over the period under review, the average buckwheat yield attained the peak level at X tons per ha in 2019; however, from 2020 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the buckwheat harvested area in South Korea fell modestly to X ha, which is down by -4.4% compared with the year before. In general, the harvested area continues to indicate a deep reduction. The pace of growth was the most pronounced in 2015 with an increase of 29%. The buckwheat harvested area peaked at X ha in 2016; however, from 2017 to 2022, the harvested area failed to regain momentum.

Buckwheat Exports

Exports from Republic of Korea

In 2022, overseas shipments of buckwheat decreased by -67.7% to X kg, falling for the second consecutive year after three years of growth. In general, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 641% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, buckwheat exports surged to $X in 2022. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 255% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for buckwheat exports from South Korea, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +70.3%.

In value terms, the United States ($X) also remains the key foreign market for buckwheat exports from South Korea.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +84.4%.

Export Prices by Country

The average buckwheat export price stood at $X per ton in 2022, growing by 344% against the previous year. Over the period under review, the export price recorded a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +34.8% per year.

Buckwheat Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in purchases abroad of buckwheat, which increased by 27% to X tons in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +79.4% against 2019 indices. The growth pace was the most rapid in 2016 when imports increased by 42% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, buckwheat imports surged to $X in 2022. In general, imports posted a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 58%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

China (X tons), Poland (X tons) and the United States (X tons) were the main suppliers of buckwheat imports to South Korea, with a combined 92% share of total imports. Latvia and Lithuania lagged somewhat behind, together accounting for a further 6.1%.

From 2012 to 2022, the biggest increases were recorded for Latvia (with a CAGR of +11,483,700.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Poland ($X) and the United States ($X) appeared to be the largest buckwheat suppliers to South Korea, together accounting for 91% of total imports. Latvia and Lithuania lagged somewhat behind, together comprising a further 7%.

In terms of the main suppliers, Latvia, with a CAGR of +1,103,521.4%, 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

The average buckwheat import price stood at $X per ton in 2022, increasing by 20% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buckwheat import price increased by +78.0% against 2017 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 32% against the previous year. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Latvia ($X per ton) and Lithuania ($X per ton), while the price for the United States ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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