Republic of Korea: Agricultural Product Dryer Market 2024

Agricultural Product Dryer Market Size in Republic of Korea

In 2021, the South Korean agricultural product dryer market decreased by -20.5% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption showed a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Agricultural Product Dryer Production in Republic of Korea

In value terms, agricultural product dryer production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2019 with an increase of 49% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Agricultural Product Dryer Exports

Exports from Republic of Korea

In 2021, shipments abroad of dryers for the treatment of agricultural products was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, showed a mild descent. The growth pace was the most rapid in 2014 when exports increased by 253% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, agricultural product dryer exports soared to $X in 2021. Over the period under review, exports, however, saw a perceptible shrinkage. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X units), Japan (X units) and China (X units) were the main destinations of agricultural product dryer exports from South Korea, with a combined 61% share of total exports. Sri Lanka, Senegal, Indonesia, India, the United States, Vietnam, Australia, French Polynesia, Colombia and Armenia lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +46.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) remains the key foreign market for dryers for the treatment of agricultural products exports from South Korea, comprising 37% of total exports. The second position in the ranking was taken by China ($X), with an 18% share of total exports. It was followed by Japan, with an 18% share.

From 2012 to 2021, the average annual growth rate of value to the Philippines totaled +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-12.4% per year) and Japan (+0.3% per year).

Export Prices by Country

In 2021, the average agricultural product dryer export price amounted to $X per unit, rising by 5.2% against the previous year. Overall, the export price, however, saw a pronounced reduction. The pace of growth appeared the most rapid in 2019 an increase of 72% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 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 Armenia ($X per unit), while the average price for exports to French Polynesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Senegal (+15.1%), while the prices for the other major destinations experienced mixed trend patterns.

Agricultural Product Dryer Imports

Imports into Republic of Korea

Agricultural product dryer imports into South Korea shrank dramatically to X units in 2021, with a decrease of -19.6% against 2020 figures. Over the period under review, imports showed a abrupt contraction. The pace of growth appeared the most rapid in 2015 when imports increased by 391%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, agricultural product dryer imports shrank remarkably to $X in 2021. In general, imports saw a dramatic decrease. The most prominent rate of growth was recorded in 2015 with an increase of 596%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest agricultural product dryer supplier to South Korea, with a 78% share of total imports. Moreover, agricultural product dryer imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +1.5%.

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest agricultural product dryer suppliers to South Korea, together comprising 87% of total imports.

The United States, with a CAGR of +7.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average agricultural product dryer import price amounted to $X per unit, reducing by -48.1% against the previous year. Overall, the import price recorded a deep downturn. The most prominent rate of growth was recorded in 2013 an increase of 130%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+36.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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