Report Update Nov 1, 2024

Republic of Korea - Ghee - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Ghee Market 2024

Ghee Market Size in Republic of Korea

The South Korean ghee market soared to $X in 2022, increasing by 105% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a significant expansion. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Ghee Exports

Exports from Republic of Korea

For the fourth consecutive year, South Korea recorded growth in overseas shipments of ghee, which increased by 110% to X kg in 2022. Overall, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 309%. Over the period under review, the exports hit record highs at X kg in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, ghee exports soared to $X in 2022. Over the period under review, exports enjoyed a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X kg) was the main destination for ghee exports from South Korea, with a 94% share of total exports. Moreover, ghee exports to Hong Kong SAR exceeded the volume sent to the second major destination, Malaysia (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +6.7%.

In value terms, Hong Kong SAR ($X) remains the key foreign market for ghee exports from South Korea, comprising 86% of total exports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to +7.6%.

Export Prices by Country

The average ghee export price stood at $X per ton in 2022, surging by 67% against the previous year. In general, the export price showed a slight expansion. The most prominent rate of growth was recorded in 2016 when the average export price increased by 283%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+7.9%), while the prices for the other major destinations experienced mixed trend patterns.

Ghee Imports

Imports into Republic of Korea

For the sixth year in a row, South Korea recorded growth in supplies from abroad of ghee, which increased by 58% to X tons in 2022. Overall, imports continue to indicate significant growth. The growth pace was the most rapid in 2015 when imports increased by 839% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, ghee imports soared to $X in 2022. In general, imports saw significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 568%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of ghee to South Korea, accounting for a 69% share of total imports. Moreover, ghee imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sevenfold. The third position in this ranking was held by France (X tons), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +160.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+156.5% per year) and France (+71.0% per year).

In value terms, the United States ($X) constituted the largest supplier of ghee to South Korea, comprising 61% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total imports. It was followed by France, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +136.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+128.3% per year) and France (+64.3% per year).

Import Prices by Country

In 2022, the average ghee import price amounted to $X per ton, with an increase of 50% against the previous year. In general, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 78%. The import price peaked in 2022 and is expected to retain growth in the near future.

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 New Zealand ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for ghee in the world?

India constituted the country with the largest volume of ghee consumption, comprising approx. 78% of total volume. Moreover, ghee consumption in India exceeded the figures recorded by the second-largest consumer, Pakistan, sevenfold.

What are the largest producers of ghee in the world?

India remains the largest ghee producing country worldwide, accounting for 78% of total volume. Moreover, ghee production in India exceeded the figures recorded by the second-largest producer, Pakistan, sevenfold. The third position in this ranking was occupied by New Zealand, with a 5.4% share.

What are the leading suppliers of ghee to Republic of Korea?

In value terms, the United States constituted the largest supplier of ghee to South Korea, comprising 47% of total imports. The second position in the ranking was occupied by New Zealand, with a 16% share of total imports. It was followed by France, with an 11% share.

What are the leading importers of ghee from Republic of Korea?

In value terms, Malaysia remains the key foreign market for ghee exports from South Korea, comprising 84% of total exports. The second position in the ranking was occupied by Guatemala, with a 16% share of total exports.

What is the average export price for ghee in Republic of Korea?

The average ghee export price stood at $2,665 per ton in 2021, dropping by -40.4% against the previous year.

What is the average import price for ghee in Republic of Korea?

In 2021, the average ghee import price amounted to $3,797 per ton, declining by -25.3% against the previous year.

This report provides an in-depth analysis of the ghee 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 887 - Ghee from Cow Milk
FCL 953 - Ghee, from Buffalo Milk

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:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

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
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

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. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. 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, PRODUCING ANIMALS AND YIELD
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. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Producing Animals Slaughtered, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023