Republic of Korea: Glucose Market 2025

Glucose Market Size in Republic of Korea

In 2021, the South Korean glucose market increased by 34% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption saw a noticeable expansion. Glucose consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Glucose Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of glucose and glucose syrup decreased by -5.1% to X tons in 2021. Over the period under review, exports, however, showed strong growth. The growth pace was the most rapid in 2014 with an increase of 80%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, glucose exports expanded slightly to $X in 2021. Overall, total exports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +39.5% against 2017 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 46%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Japan (X tons), Malaysia (X tons) and the Philippines (X tons) were the main destinations of glucose exports from South Korea, together accounting for 71% of total exports. Nigeria, the United Arab Emirates, Singapore, Vietnam, Australia, Hong Kong SAR and Indonesia lagged somewhat behind, together comprising a further 26%.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +301.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for glucose and glucose syrup exports from South Korea, comprising 41% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 17% share of total exports. It was followed by the Philippines, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+25.8% per year) and the Philippines (+6.5% per year).

Export Prices by Country

In 2021, the average glucose export price amounted to $X per ton, with an increase of 9.1% against the previous year. In general, the export price, however, recorded a noticeable decline. The growth pace was the most rapid in 2016 when the average export price increased by 33% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Malaysia ($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 the Philippines (+1.5%), while the prices for the other major destinations experienced a decline.

Glucose Imports

Imports into Republic of Korea

In 2021, overseas purchases of glucose and glucose syrup increased by 3.6% to X tons, rising for the second consecutive year after two years of decline. In general, imports recorded slight growth. The pace of growth was the most pronounced in 2016 with an increase of 242%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, glucose imports skyrocketed to $X in 2021. Overall, total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +53.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 128%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main supplier of glucose to South Korea, accounting for a 95% share of total imports. It was followed by France (X tons), with a 2.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +1.7%.

In value terms, China ($X) constituted the largest supplier of glucose and glucose syrup to South Korea, comprising 85% of total imports. The second position in the ranking was held by France ($X), with a 5.7% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +3.5%.

Import Prices by Country

The average glucose import price stood at $X per ton in 2021, with an increase of 40% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 France ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+8.8%).

Source: IndexBox Platform

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