Report Update Nov 1, 2024

Republic of Korea - Crude Rape, Colza or Mustard Oil - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Republic of Korea

The South Korean crude rapeseed oil market rose modestly to $X in 2022, picking up by 2.5% against the previous year. In general, consumption, however, continues to indicate a resilient expansion. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in years to come.

Crude Rapeseed Oil Production in Republic of Korea

In value terms, crude rapeseed oil production dropped remarkably to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 247% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Crude Rapeseed Oil Exports

Exports from Republic of Korea

In 2022, overseas shipments of crude rape, colza or mustard oil decreased by -97% to X kg for the first time since 2019, thus ending a two-year rising trend. In general, exports showed a dramatic decrease. The growth pace was the most rapid in 2013 with an increase of 80% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, crude rapeseed oil exports reduced notably to $X in 2022. Over the period under review, exports recorded a sharp reduction. The growth pace was the most rapid in 2017 when exports increased by 92% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X kg) was the main destination for crude rapeseed oil exports from South Korea, with a 91% share of total exports. Moreover, crude rapeseed oil exports to Vietnam exceeded the volume sent to the second major destination, China (X kg), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at +58.4%.

In value terms, China ($X) and Vietnam ($X) appeared to be the largest markets for crude rapeseed oil exported from South Korea worldwide.

Among the main countries of destination, Vietnam, with a CAGR of +43.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average crude rapeseed oil export price amounted to $X per ton, rising by 131% against the previous year. Over the period under review, the export price showed a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+26.7%), while the prices for the other major destinations experienced a decline.

Crude Rapeseed Oil Imports

Imports into Republic of Korea

Crude rapeseed oil imports into South Korea reduced to X tons in 2022, with a decrease of -13.7% compared with the previous year's figure. Over the period under review, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +32.0% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of 53%. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, crude rapeseed oil imports rose sharply to $X in 2022. In general, imports, however, posted a prominent expansion. The growth pace was the most rapid in 2021 when imports increased by 108%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Canada (X tons) was the main crude rapeseed oil supplier to South Korea, with a 90% share of total imports. Moreover, crude rapeseed oil imports from Canada exceeded the figures recorded by the second-largest supplier, Australia (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +7.4%.

In value terms, Canada ($X) constituted the largest supplier of crude rape, colza or mustard oil to South Korea, comprising 89% of total imports. The second position in the ranking was taken by Australia ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada totaled +10.5%.

Import Prices by Country

In 2022, the average crude rapeseed oil import price amounted to $X per ton, with an increase of 27% against the previous year. Over the period under review, the import price recorded a moderate increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 66%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.4%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude rape, colza or mustard oil in the world?

The countries with the highest volumes of in 2021 were China, Canada and Germany, together accounting for 43% of global consumption. These countries were followed by India, Poland, France, the United States, Japan, Belgium, the UK, Mexico, Pakistan and the Czech Republic, which together accounted for a further 42%.

What are the largest producers of crude rape, colza or mustard oil in the world?

The countries with the highest volumes of in 2021 were Canada, Germany and China, with a combined 43% share of global production. These countries were followed by India, France, Poland, Japan, the United States, the UK, Belgium, Russia, Mexico and the Czech Republic, which together accounted for a further 42%.

What are the leading suppliers of crude rape, colza or mustard oil to Republic of Korea?

In value terms, Canada constituted the largest supplier of crude rapeseed oil to South Korea, comprising 91% of total imports. The second position in the ranking was occupied by Australia, with a 4.1% share of total imports. It was followed by the United States, with a 2.7% share.

What are the leading importers of crude rape, colza or mustard oil from Republic of Korea?

In value terms, the Philippines emerged as the key foreign market for crude rapeseed oil exports from South Korea, comprising 79% of total exports. The second position in the ranking was occupied by China, with a 15% share of total exports.

What is the average export price for crude rape, colza or mustard oil in Republic of Korea?

The average crude rapeseed oil export price stood at $1,856 per ton in 2021, waning by -27.5% against the previous year.

What is the average import price for crude rape, colza or mustard oil in Republic of Korea?

In 2021, the average crude rapeseed oil import price amounted to $1,084 per ton, picking up by 32% against the previous year.

This report provides an in-depth analysis of the crude rapeseed oil market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 271 - Oil of Rapeseed or Canola oil

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

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This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
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How to make your supply chain more sustainable
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While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023