Republic of Korea: Inactive Yeast Market 2024

Inactive Yeast Market Size in Republic of Korea

After three years of growth, the South Korean inactive yeast market decreased by -2.3% to $X in 2021. Overall, consumption, however, showed a perceptible downturn. Inactive yeast consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Inactive Yeast Production in Republic of Korea

In value terms, inactive yeast production reduced to $X in 2021 estimated in export price. Overall, production showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when the production volume increased by 79% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Inactive Yeast Exports

Exports from Republic of Korea

In 2021, the amount of inactive yeasts and other dead single-cell micro-organisms exported from South Korea soared to X tons, jumping by 46% compared with the previous year's figure. In general, exports showed a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 61% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, inactive yeast exports soared to $X in 2021. Overall, total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +80.8% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons) was the main destination for inactive yeast exports from South Korea, accounting for a 40% share of total exports. Moreover, inactive yeast exports to the Netherlands exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), fourfold. Japan (X tons) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands stood at +45.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+57.5% per year) and Japan (-2.8% per year).

In value terms, the Netherlands ($X) remains the key foreign market for inactive yeasts and other dead single-cell micro-organisms exports from South Korea, comprising 48% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 11% share of total exports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to the Netherlands stood at +37.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+46.7% per year) and Japan (-9.2% per year).

Export Prices by Country

The average inactive yeast export price stood at $X per ton in 2021, declining by -4.9% against the previous year. In general, the export price showed a deep slump. The pace of growth was the most pronounced in 2018 an increase of 39% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 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 Norway ($X per ton), while the average price for exports to China ($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 Norway (+28.0%), while the prices for the other major destinations experienced a decline.

Inactive Yeast Imports

Imports into Republic of Korea

For the tenth year in a row, South Korea recorded growth in purchases abroad of inactive yeasts and other dead single-cell micro-organisms, which increased by 17% to X tons in 2021. Over the period under review, imports posted a significant increase. The growth pace was the most rapid in 2015 with an increase of 145%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, inactive yeast imports reached $X in 2021. Overall, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2015 when imports increased by 91%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Malaysia (X tons), China (X tons) and Vietnam (X tons) were the main suppliers of inactive yeast imports to South Korea, with a combined 45% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +144.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of inactive yeasts and other dead single-cell micro-organisms to South Korea, comprising 27% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by Estonia, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +26.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.6% per year) and Estonia (+20.3% per year).

Import Prices by Country

In 2021, the average inactive yeast import price amounted to $X per ton, falling by -9.9% against the previous year. In general, the import price saw a abrupt decline. The most prominent rate of growth was recorded in 2014 an increase of 4.9% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+10.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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