Republic of Korea: Hemp Tow Market 2025

Hemp Tow Market Size in Republic of Korea

In 2022, the South Korean hemp tow market increased by 61% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption enjoyed a significant expansion. Hemp tow consumption peaked in 2022 and is expected to retain growth in the near future.

Hemp Tow Production in Republic of Korea

In value terms, hemp tow production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt contraction. The growth pace was the most rapid in 2016 with an increase of 56% against the previous year. Hemp tow production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

In 2022, the average hemp tow yield in South Korea soared to X tons per ha, rising by 18% compared with 2021 figures. Over the period under review, the yield showed a significant increase. The growth pace was the most rapid in 2021 with an increase of 179%. Over the period under review, the average hemp tow yield hit record highs in 2022 and is likely to continue growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of hemp tow were harvested in South Korea; approximately reflecting 2021 figures. Overall, the harvested area recorded a slight increase. The most prominent rate of growth was recorded in 2013 when the harvested area increased by 20% against the previous year. The hemp tow harvested area peaked at X ha in 2017; however, from 2018 to 2022, the harvested area remained at a lower figure.

Hemp Tow Exports

Exports from Republic of Korea

In 2022, shipments abroad of hemp tow decreased by -98.9% to X kg for the first time since 2015, thus ending a six-year rising trend. Overall, exports continue to indicate a abrupt descent. The growth pace was the most rapid in 2019 when exports increased by 604%. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped sharply in the following year.

In value terms, hemp tow exports fell dramatically to $X in 2022. In general, exports faced a abrupt slump. The pace of growth was the most pronounced in 2017 when exports increased by 220% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then reduced markedly in the following year.

Exports by Country

China (X kg) was the main destination for hemp tow exports from South Korea, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at -7.4%.

In value terms, China ($X) also remains the key foreign market for hemp tow exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to -11.2%.

Export Prices by Country

The average hemp tow export price stood at $X per ton in 2022, with an increase of 206% against the previous year. Overall, the export price, however, recorded a noticeable slump. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -4.1% per year.

Hemp Tow Imports

Imports into Republic of Korea

In 2022, imports of hemp tow into South Korea fell markedly to X kg, dropping by -50.1% compared with 2021 figures. In general, imports recorded a dramatic slump. The pace of growth was the most pronounced in 2017 with an increase of 2,385%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, hemp tow imports declined significantly to $X in 2022. Over the period under review, imports continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2017 with an increase of 1,564%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X kg) was the main hemp tow supplier to South Korea, accounting for a 97% share of total imports. It was followed by Germany (X kg), with a 3.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -5.2%.

In value terms, China ($X) constituted the largest supplier of hemp tow to South Korea, comprising 99% of total imports. The second position in the ranking was taken by Germany ($X), with a 0.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -16.4%.

Import Prices by Country

In 2022, the average hemp tow import price amounted to $X per ton, rising by 65% against the previous year. Overall, the import price continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 147% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Germany stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritius (+4.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :