Republic of Korea: Modified Starches Market 2024

Modified Starches Market Size in Republic of Korea

For the third consecutive year, the South Korean modified starches market recorded growth in sales value, which increased by 14% to $X in 2022. Overall, consumption, however, recorded a relatively flat trend pattern. Modified starches consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Modified Starches Production in Republic of Korea

In value terms, modified starches production totaled $X in 2022 estimated in export price. In general, production, however, saw a mild decrease. The growth pace was the most rapid in 2018 with an increase of 58%. Modified starches production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Modified Starches Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of dextrins and other modified starches, when their volume decreased by -33% to X tons. Over the period under review, exports continue to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 57%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, modified starches exports declined to $X in 2022. Overall, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2014 when exports increased by 56% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) were the main destinations of modified starches exports from South Korea, together comprising 50% of total exports. Thailand, Indonesia, Australia, the United States, India and the Philippines lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +339.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Taiwan (Chinese) ($X) and Indonesia ($X) constituted the largest markets for modified starches exported from South Korea worldwide, with a combined 53% share of total exports. The United States, Thailand, Vietnam, Australia, India and the Philippines lagged somewhat behind, together comprising a further 35%.

Australia, with a CAGR of +218.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average modified starches export price stood at $X per ton in 2022, rising by 29% against the previous year. In general, the export price posted strong growth. The most prominent rate of growth was recorded in 2018 an increase of 170%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($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 China (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Modified Starches Imports

Imports into Republic of Korea

For the third consecutive year, South Korea recorded growth in purchases abroad of dextrins and other modified starches, which increased by 13% to X tons in 2022. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, modified starches imports surged to $X in 2022. The total import value increased at an average annual rate of +3.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Thailand (X tons) constituted the largest modified starches supplier to South Korea, accounting for a 65% share of total imports. Moreover, modified starches imports from Thailand exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), ninefold. Germany (X tons) ranked third in terms of total imports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+0.5% per year) and Germany (+7.3% per year).

In value terms, Thailand ($X) constituted the largest supplier of dextrins and other modified starches to South Korea, comprising 57% of total imports. The second position in the ranking was held by the Netherlands ($X), with an 8.6% share of total imports. It was followed by the United States, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value from Thailand amounted to +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+0.4% per year) and the United States (+10.4% per year).

Import Prices by Country

In 2022, the average modified starches import price amounted to $X per ton, surging by 3.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2018 an increase of 8% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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