Republic of Korea: Non-Wheat Cereal Pellets Market 2024

Non-Wheat Cereal Pellets Market Size in Republic of Korea

The South Korean non-wheat cereal pellets market rose slightly to $X in 2021, with an increase of 1.8% against the previous year. Over the period under review, the total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -1.9% against 2019 indices. Non-wheat cereal pellets consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Non-Wheat Cereal Pellets Production in Republic of Korea

In value terms, non-wheat cereal pellets production rose slightly to $X in 2021 estimated in export price. Overall, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.9% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 53%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Non-Wheat Cereal Pellets Exports

Exports from Republic of Korea

In 2021, shipments abroad of cereal pellets (excluding wheat) increased by 78% to X tons, rising for the second consecutive year after three years of decline. Overall, exports recorded significant growth. The pace of growth was the most pronounced in 2016 when exports increased by 107%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, non-wheat cereal pellets exports skyrocketed to $X in 2021. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 89%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Poland (X tons) was the main destination for non-wheat cereal pellets exports from South Korea, with a 49% share of total exports. Moreover, non-wheat cereal pellets exports to Poland exceeded the volume sent to the second major destination, Germany (X tons), twofold. Canada (X tons) ranked third in terms of total exports with a 7% share.

From 2012 to 2021, the average annual growth rate of volume to Poland totaled +33.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+36.5% per year) and Canada (+24.9% per year).

In value terms, Poland ($X), Singapore ($X) and Germany ($X) were the largest markets for non-wheat cereal pellets exported from South Korea worldwide, together comprising 53% of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +76.3%, 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 2021, the average non-wheat cereal pellets export price amounted to $X per ton, waning by -11.2% against the previous year. Overall, the export price showed a noticeable curtailment. The most prominent rate of growth was recorded in 2017 when the average export price increased by 13% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (-1.7%), while the prices for the other major destinations experienced a decline.

Non-Wheat Cereal Pellets Imports

Imports into Republic of Korea

In 2021, purchases abroad of cereal pellets (excluding wheat) was finally on the rise to reach X kg after eight years of decline. Over the period under review, imports, however, recorded a precipitous setback. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, non-wheat cereal pellets imports totaled $X in 2021. In general, imports, however, showed a dramatic curtailment. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Australia (X kg) constituted the largest non-wheat cereal pellets supplier to South Korea, accounting for a 72% share of total imports. Moreover, non-wheat cereal pellets imports from Australia exceeded the figures recorded by the second-largest supplier, the United States (X kg), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia totaled -37.9%.

In value terms, Australia ($X) constituted the largest supplier of cereal pellets (excluding wheat) to South Korea, comprising 84% of total imports. The second position in the ranking was held by the United States ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Australia totaled -33.8%.

Import Prices by Country

In 2021, the average non-wheat cereal pellets import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2020 an increase of 6.7%. The import price peaked in 2021 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 Australia ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+6.7%).

Source: IndexBox Platform

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