Republic of Korea: Market for Colouring Matter Of Vegetable Or Animal Origin 2024

Market Size for Colouring Matter Of Vegetable Or Animal Origin in Republic of Korea

The South Korean market for colouring matter of vegetable or animal origin was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption posted a buoyant increase. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Production of Colouring Matter Of Vegetable Or Animal Origin in Republic of Korea

In value terms, vegetable or animal colouring matter production rose slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 87% against the previous year. Vegetable or animal colouring matter production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Colouring Matter Of Vegetable Or Animal Origin

Exports from Republic of Korea

In 2021, the amount of colouring matter of vegetable or animal origin exported from South Korea soared to X tons, growing by 24% compared with the previous year. The total export volume increased at an average annual rate of +5.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, vegetable or animal colouring matter exports rose sharply to $X in 2021. Overall, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +32.7% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of 39%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

China (X tons) was the main destination for vegetable or animal colouring matter exports from South Korea, accounting for a 29% share of total exports. Moreover, vegetable or animal colouring matter exports to China exceeded the volume sent to the second major destination, Thailand (X tons), twofold. The third position in this ranking was taken by Ecuador (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+4.7% per year) and Ecuador (+17.3% per year).

In value terms, China ($X), Thailand ($X) and Ecuador ($X) appeared to be the largest markets for vegetable or animal colouring matter exported from South Korea worldwide, with a combined 49% share of total exports. These countries were followed by the UK, Vietnam, the United States, Norway and India, which together accounted for a further 21%.

Among the main countries of destination, the UK, with a CAGR of +36.1%, 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 export price for colouring matter of vegetable or animal origin amounted to $X per ton, falling by -9.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.7%. The growth pace was the most rapid in 2014 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, 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 India ($X per ton), while the average price for exports to Ecuador ($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 Uzbekistan (+97.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Colouring Matter Of Vegetable Or Animal Origin

Imports into Republic of Korea

In 2021, vegetable or animal colouring matter imports into South Korea expanded rapidly to X tons, growing by 13% on 2020. Over the period under review, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 54% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in years to come.

In value terms, vegetable or animal colouring matter imports declined modestly to $X in 2021. In general, imports posted a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 50% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then dropped slightly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest vegetable or animal colouring matter supplier to South Korea, with a 46% share of total imports. Moreover, vegetable or animal colouring matter imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Spain (X tons) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+33.3% per year) and Spain (+8.2% per year).

In value terms, the largest vegetable or animal colouring matter suppliers to South Korea were China ($X), India ($X) and Mexico ($X), together accounting for 65% of total imports.

Among the main suppliers, Mexico, with a CAGR of +68.0%, 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 2021, the average import price for colouring matter of vegetable or animal origin amounted to $X per ton, shrinking by -11.6% against the previous year. Overall, import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 an increase of 67% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+28.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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