Republic of Korea: Casein And Caseinates Market 2024

Casein And Caseinates Market Size in Republic of Korea

In 2022, the South Korean casein and caseinates market increased by 7.5% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a slight decline. Casein and caseinates consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Casein And Caseinates Production in Republic of Korea

In value terms, casein and caseinates production dropped to $X in 2022 estimated in export price. Overall, production showed a abrupt decline. The pace of growth was the most pronounced in 2014 with an increase of 62%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Casein And Caseinates Exports

Exports from Republic of Korea

After two years of decline, overseas shipments of casein and caseinates increased by 0.1% to X tons in 2022. In general, exports showed mild growth. The most prominent rate of growth was recorded in 2018 with an increase of 630% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, casein and caseinates exports skyrocketed to $X in 2022. Over the period under review, exports showed notable growth. The pace of growth was the most pronounced in 2018 with an increase of 431%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons), Sri Lanka (X tons) and Mongolia (X kg) were the main destinations of casein and caseinates exports from South Korea, with a combined 97% 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 Mongolia (with a CAGR of +59.7%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for casein and caseinates exports from South Korea, comprising 56% of total exports. The second position in the ranking was held by Japan ($X), with a 24% share of total exports. It was followed by Sri Lanka, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam totaled +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+78.1% per year) and Sri Lanka (-0.3% per year).

Export Prices by Country

In 2022, the average casein and caseinates export price amounted to $X per ton, increasing by 37% against the previous year. Over the period under review, the export price recorded a moderate expansion. The growth pace was the most rapid in 2014 an increase of 218%. The export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Sri Lanka ($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 Japan (+51.0%), while the prices for the other major destinations experienced more modest paces of growth.

Casein And Caseinates Imports

Imports into Republic of Korea

In 2022, approx. X tons of casein and caseinates were imported into South Korea; standing approx. at the previous year. The total import volume increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 21%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, casein and caseinates imports skyrocketed to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +91.4% against 2016 indices. The pace of growth appeared the most rapid in 2013 with an increase of 29%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

New Zealand (X tons), France (X tons) and Ireland (X tons) were the main suppliers of casein and caseinates imports to South Korea, with a combined 74% share of total imports. The United States, Germany and Poland lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +130.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest casein and caseinates suppliers to South Korea were New Zealand ($X), France ($X) and Ireland ($X), together accounting for 74% of total imports. The United States, Germany and Poland lagged somewhat behind, together accounting for a further 23%.

The United States, with a CAGR of +138.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average casein and caseinates import price stood at $X per ton in 2022, with an increase of 24% against the previous year. In general, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, casein and caseinates import price increased by +83.8% against 2016 indices. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from New Zealand ($X per ton) and the United States ($X per ton), while the price for France ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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